Process-driven data and information quality management in the financial service sector

Highly regulated sectors face challenges on data and information quality management (DIQM) to conform to increasing regulations. With the financial service sector, as the most highly regulated industry, we are interested in current and future DIQM challenges. For a sustaining improvement, data quality should be managed process-driven. Process-driven data quality management (PDDQM) provides continuous improvement of data quality by redesigning processes that create or modify data. Therefore, business process management (BPM) is a basis for PDDQM. In an information systems’ context, enterprise resource planning (ERP) systems offer a platform for integrating processes and data. We examine market developments and IT trends by conducting semi-structured expert interviews with participants in IT-strategic decision making. We present current trends in the insurance sector and identify three main DIQM challenges: The IT-independent management of data, an increasing need to engage in PDDQM, and guiding existing and future measures by a data governance framework

Participative enterprise modelling for balanced scorecard implementation

Balanced Scorecards (BSC) have been established as a valuable and practicable instrument addressing major management problems in organisations. BSC are commonly IT-supported and found a conceptual basis for management information systems. They are often applied to IT-Controlling, and they are also repeatedly applied to specify requirements towards the corporate IT architecture. However, BSC implementation often struggles when it comes to discovering and documenting organisational knowledge that is not easily accessible or not of sufficient quality. On the other hand, Enterprise modelling (EM) seeks to solve organisational design problems in, for instance, business process reengineering, strategy planning, enterprise integration, and information systems development. Here, participative EM methods lead to improved quality as well as to consensus and to increased acceptance of the business decisions. At this juncture, participative EM can support BSC implementation projects that comprise activities requiring the discovery and documentation of organisational knowledge that is not easily accessible or not of sufficient quality. For that reason, the aim of this paper is to integrate participative EM approaches, taking Enterprise Knowledge Development (EKD) as an example, and BSC implementation. In order to operationalise this conceptual improvement, we will perform a stepwise analysis of BSC implementation processes and identify shortcomings that are able to be addressed with the help of participative enterprise modelling

Supporting Virtual Enterprise Systems Using Agent Coordination

International audienceOpen environments like the Internet or corporate intranets enable a large number of interested enterprises to access, filter, process, and present information on an as-needed basis. These environments support modern applications, such as virtual enterprises and inter-organizational workflow management systems, which involve a number of heterogeneous resources, services, and processes. However, any execution of a virtual enterprise system would yield to disjoining and error-prone behavior without appropriate techniques to coordinate the various business processes. This paper reports on the design and implementation of a flexible agent-based framework for supporting the coordination of virtual enterprises and workflow management systems. The paper also shows how an agent coordination infrastructure, which is explained by social constraints, can impact on the engineering of highly dynamic virtual enterprises and workflow management systems by presenting a simple case study

Analyzing financial factors to improve production and business efficiency

In order to complete this paper, the authors would like to thank Thai Nguyen Iron and Steel Joint Stock Company for their support in discussing and providing necessary information related to the article, thank SHB Commercial Joint Stock Bank for supporting the review of the paper and financial results for the authors in the research process. The authors also thank the Faculty of Economic Information Systems, Thai Nguyen University of Information and Communication Technology.Purpose: The paper’s aim is to analyze the business and production activities of an enterprise on researching and analyzing financial situation and factors affecting financial indices. On this basis, the article gives a panoramic view of the current financial situation and offers effective solutions to manage finances. Design/Methodology/Approach: In this article we have conducted a survey and analyzed the reality of the financial situation of TISCO in the period of 2016-2018. On that basis, the authors proposed an effective financial management solution for TISCO. Findings: On the basis of analyzing the advantages of an enterprise financial factor analysis methods the paper took advantage of the strengths of the existing method combined with testing analysis, descriptive statistics and charts to assess the current situation and give general and specific overview of the financial situation of large Vietnamese enterprises such as TISCO. The paper suggests a solution for the corporate restructuring of TISCO. Practical implications: Based on the methods of financial factor analysis combined with descriptive statistical analysis the article has been applied to analyze and assess the actual financial situation in large enterprises in Vietnam and make recommendations on corporate financial management to help businesses operate more effectively. Originality/Value: The authors have conducted research and applied the analysis of the financial reality of a large enterprise that is now in a period of great loss. This article gives an accurate, honest and objective assessment of the reality of TISCO making effective recommendations on corporate financial management.peer-reviewe

METHODOLOGICAL BASES AND PRINCIPLES OF FORMATION OF THE ORGANIZATIONAL STRUCTURE OF THE ENTERPRISE BY THE GOLDEN RATIO THEORY

The relevance of the study of business process management at manufacturing enterprises is determined by the presence of uncertainty and the existence of risks, in particular, structural risks. The timeliness and value of the abovementioned problem are also determined by the low level of implementation of risk management at enterprises. The provision of mechanisms for increasing the level of risk management is an extremely relevant problem of the modern economy, and the construction of risk optimization models is one of the main in the system of factors that affect the effective operation of the enterprise and the prospects for its development. The purpose of the article is to determine principles of formation and approaches to the construction of an “ideal” organizational structure of a manufacturing enterprise. The application of such principles will allow conducting effective management of a production enterprise. Methodology. Development of economic systems requires from industrial enterprises to develop new approaches to business process management, contributes to the spread of innovation in all spheres of production, forms a new image of structures, and provides their competitiveness in the domestic and world markets. An important area of research is the management of business processes of the enterprise, which will provide conditions for the development and effective operation of production enterprises on the basis of new knowledge, technologies, and effective management. The study was carried out based on the activity of PJSC “Shpolyansky Foodstuffs Plant” for 2014–2018. The practical result of the research conducted is recommendations for the implementation of the risk management system at the manufacturing enterprise, and as a stage – building an “ideal” organizational structure that will allow timely responding to the problems of risk management. Originality. Enterprises combine many business processes that carry out thousands of operations, therefore, it is relevant to develop effective approaches suitable for their detailed description, analysis of the features of operation, optimization, control, diagnosis of problem situations, and the formation of measures for their elimination, management of structural risks. This requires the creation of effective tools for solving these tasks

Definition of the concept "economic security of the enterprise": main approaches and features

У статті проведено контент-аналіз і систематизацію наукових поглядів щодо сутності поняття "економічна безпека підприємства", а також розвиток понятійного апарату теорії менеджменту за рахунок дефініції економічної безпеки як об’єкта управління. На основі систематизації наукових поглядів на сутність поняття "економічна безпека підприємства" узагальнено різні підходи щодо цієї дефініції, а саме "економічна безпека підприємства" розглядається: як стан ефективного використання (ресурсів, потенціалу, діяльності); як стан захищеності (потенціалу підприємства, діяльності підприємства, інтересів тощо); як комплекс (економічних відносин, заходів, властивостей тощо); як характеристика (діяльності, досягнутих та очікуваних результатів діяльності тощо); як розвиток (збалансований і безупинний) тощо. Запропоноване авторське уточнене визначення терміна "економічна безпека підприємства" як комплексної характеристики стану захищеності економічних інтересів підприємства та їхньої узгодженості з наявним потенціалом і заявленими цілями, що дає змогу протистояти різним негативним факторам у процесі економічної діяльності.Ensuring sustainable development of an enterprise is impossible without an effective system of its economic security based on a developed and implemented development strategy. Under the conditions of socio-economic and political instability, dynamic external environment and unstable development of the national economy, domestic enterprises face many threats to their functioning. Therefore, business entities have to ensure the stability of operations by avoiding or eliminating threats and risks, as well as the efficiency of operations through sound management of resources and business processes. In this regard, the issue of further developing the conceptual apparatus becomes more relevant, which will make it possible to form appropriate economic security management systems at the enterprise. The purpose of the study is content analysis and systematization of scientific views on the essence of the concept of “economic security of the enterprise”, as well as the development of the conceptual apparatus of management theory through the definition of economic security as a management object which will reflect the author’s interpretation of this category and open prospects for further research. On the basis of content analysis and systematization of scientific views regarding the essence of the concept of “economic security of the enterprise” different approaches to this definition were generalized, namely “economic security of the enterprise” is considered: as a state of efficient use (resources, potential, activity); as a state of security (enterprise potential, enterprise activity, interests, etc.); as a complex (economic relations, activities, properties, etc.); as a characteristic (activities, achieved and expected results of activities, etc.); as development (balanced and continuous) and the like. Treating sustainability as a long-term equilibrium between the existing and prospective potential of the enterprise and the goals of its development, we consider it advisable to introduce a characteristic of their consistency, deviation from which causes fluctuations in equilibrium. Thus, it is appropriate to use an integrated approach, according to which the economic security of the enterprise is considered as a complex characteristic of the state of protection of the economic interests of the enterprise and their consistency with the existing potential and stated goals, which makes it possible to counter various negative factors in the process of economic activity. Thus, consideration of the economic security of the enterprise from the point of view of cost-oriented management makes it possible to determine the objects of security management at the enterprise, and the structuring of business processes, resources, factors is the basis for the formation of a fundamentally new concept of “economic security of the enterprise”

Іmprovement financial management of enterprise taking into account technologies for attracting additional financial resources

Economy in Ukraine is experiencing a crisis today. The consequences of the crisis affect the economic activity of an enterprise. One of the possible tools to improve the financial management of an enterprise is to optimize the business process of financial support. Since one of the key indicators of efficiency of economic activity of an airport is passenger traffic, its forecasting is one of the main sources of relevant information for effective financial management of an enterprise. This is proposed to be achieved through the quality management of the subsidiary process of selecting the optimal proposal for attracting additional financial resources. The subject of research in the article is theoretical and methodological approaches to attracting additional financial resources to finance the economic activities of an enterprise. The goal is to generalize the theoretical foundations and provide applied recommendations for improving the financial management of an enterprise on the basis of attracting technologies of additional financial resources. A set of methods of scientific cognition was used, which ensured the conceptual unity of the study, as well as the fundamental provisions of the theory of finance and probability theory and mathematical statistics and the method of functional modeling SADT (IDEF0). The following results were obtained: Two main disadvantages of the subsidiary process have been identified: a high risk of choosing a suboptimal option and a long time spent on choosing the optimal option for attracting additional financial resources. Based on the Holt-Winters multiplicative model, the shortcomings of the process of selecting the optimal proposal for attracting additional financial resources were corrected. This made it possible to identify the optimal sources of attracting additional financial resources necessary for the effective financial management of the enterprise. Conclusions: Crisis situations are an integral part of the functioning of an enterprise in modern conditions. The crisis situation reflects contradictions in the functioning and development of the enterprise and causes the onset of the crisis. In order to prevent it, the enterprise management system faces an important task of implementing anti-crisis mechanisms which would take into account the specifics of economic activity, as well as industry, environmental conditions, market conditions, and form of ownership. The organization of crisis management is a necessary procedure in the management system, as it allows grouping and improving the processes of independent elements of complex economic systems and business processes

Pre-defined and Optional Staging for the Deployment of Enterprise Systems: a case study and a framework

The effective deployment of enterprise systems has been a major challenge for many organisations. Customising the new system, changing business processes, and integrating multiple information sources are all difficult tasks. As such, they are typically done in carefully planned stages in a process known as phased implementation. Using ideas from Option Theory, this article critiques aspects of phased implementation. One customer relationship management (CRM) project and its phased implementation are described in detail and ten other enterprise system deployments are summarised as a basis for the observation that almost all deployment stages are pre-defined operational steps rather than decision points. However, Option Theory suggests that optional stages, to be used only when risk materialises, should be integral parts of project plans. Although such optional stages are often more valuable than pre-defined stages, the evidence presented in this article shows that they are only rarely utilised. Therefore, a simple framework is presented; it first identifies risks related to the deployment of enterprise systems, then identifies optional stages that can mitigate these risks, and finally compares the costs and benefits of both pre-defined and optional stages

Knowledge sharing via enterprise intranets

Successful enterprises are those that consistently create new knowledge, disseminate it widely throughout the enterprise and quickly embed it in new technologies and products. These ‘knowledge-creating’ enterprises understand what knowledge is and what they should do to exploit it. In other words, they successfully manage and share their knowledge throughout their enterprise. When launching a knowledge management initiative, it is important to identify which knowledge management processes are most relevant to the enterprise’s environment and systems, and steps should be taken to support these activities and integrate them into daily operations. Broader elements and issues should also be identified and recognised for the influence they have on the knowledge management process. For example that enterprises should encourage individuals to interact, to work together on projects, or to share their ideas on an informal basis and systems are needed to codify the knowledge of individuals so that others can use it. Applying these elements involves: information technology; formal and informal structures; and specific knowledge management tools. Another important factor in the success of a knowledge management project is to ground knowledge management and knowledge sharing within the context of the enterprise’s business strategy seeing that the intranet can assist in the creation of economic value and competitive advantage for the enterprise. The knowledge sharing or knowledge contribution part of the knowledge management process seems to be the most difficult for enterprises. Knowledge sharing often takes place in enterprises via employees’ informal networks. Knowledge management could turn this informal, ad hoc process into a more systematic process. Creating a corporate culture where knowledge is valued and shared effectively is a challenge. Part of the solution could be for an enterprise to be aware of their specific corporate culture and how it influences their behaviour and attitude towards knowledge sharing. Because the employee’s behaviour determines the sharing of knowledge, leadership has an important role to play and they could use various motivational practices to encourage knowledge sharing. Leadership should commit to creating an environment, within which employees are able to share, assess and experiment with new knowledge gained. The corporate intranet could be used as such an environment, but employees need to be trained to use their knowledge management IT tools, making it as easy as possible for employees to contribute to the enterprise knowledge base. Effective intranet usage should be embedded in the enterprise’s general corporate and knowledge sharing culture. The intranet should be seen as an essential part of the enterprise’s knowledge management system and should be designed to suit and enhance the enterprise knowledge sharing activities and culture. It is also important that intranets should be evaluated regularly to determine its current contribution to as well as future potential of the knowledge sharing capability of the enterprise. The importance of evaluating and measuring the enterprise intranet and various measurement tools were discussed in depth, which consequently led to the formulation of an intranet evaluation tool in the form of a questionnaire. The prototype questionnaire was compiled by using measurement tools developed previously. The questionnaire brought together the concepts of knowledge management, knowledge sharing cultures and intranet functionalities. The evaluation tool was then applied to measure the effectiveness of a management consulting business’s intranet in enhancing the enterprise’s knowledge sharing culture. Recommendations were made to enterprises use the questionnaire when using the questionnaire in similar environments. An intranet represents a tool of potentially high value to any enterprise, but in order to realise this value, the intranets should be properly measured and managed and every employee needs to take ownership and buy into the concept of the intranet as a knowledge sharing enabler. This calls for an employee to be motivated to participate in knowledge sharing, so that they can experience the value they could add and receive by using the intranet for knowledge sharing activities.Prof. P.A. van Brakel Mnr. J.A. Ko

The Enterprise architecture and modeling of manufacturing business process of in Goriške opekarne, PLC

Inspite of persisting economic crisis some companies still try to invest in informatics and information technology systems. They are fully aware of the fact that this kind of support executes process improvements that optimize businesss. Further on a successful productivity is based on a precisely formed working strategy,which is a starting point for development of informatics and business architecture framework. This will enable the business process the achievement of production aims and remarkable competitive advantage. In this thesis I am going to present enterprise architecture along with specially modeled business process for manufacturing of brick products in the company of Goriške Opekarne. Enterprise architecture is based on arcitecture framework ArchiMate. The tools Archi has been used for modeling. It supports the creating of ArchMate models. Various viewpoints for different users according to different architecture layers are presented as well. For successful business process management we have to create high quality models. A model of business process of production in notation BPMN 2.0 is constructed on the basis of existing present situation. The tools being used are Oracle BPM Composer and Oracle JDeveloper. Modeling of business architecture is a base for upgrading the existing information system . It will lead to informatization of the production process and consequently the improvement of other business systems