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Citigroup case study
Citigroup case study
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The “How Citigroup Measures Itself” business case in the Electronic Commerce text book focuses on how Global Corporate Investment and Banking (GCIB), which was a newly formed division of Citigroup, developed an internal system to monitor all IT and EC projects for all organizations that were brought together to form GCIB. The system, called Mystic (My Systems and Technology Information Center), was developed because of a need for reliable productivity checks and measures for all organizations within GCIB. Mystic's primary function is monitoring the performance of Citigroup GCIB's IT staff corporate-wide, while allowing project sponsors from the business side to check the status of their projects. Mystic provides a complete set of metrics and an all-around view of all IT and EC projects, with numerous tracking options including by project owner, delivery date, and budget. The metrics generated by Mystic, which allow tracking of expenditures and performance by individual, group, and department, are tailored to each individual's hierarchical level within the organization, but everyone can monitor their colleagues' performance. According to the text, the productivity benefits resulting from the Mystic portal include a 15% improvement in on-time delivery and a 50% increase in project load within all organizations throughout GCIB as mentioned in the text. There are multiple activities performed by Mystic that work in unison to increase productivity. First, by tracking metrics for every employee, project, and manager, it gives users a set of performance management tools that helps develop goals for the organization and lets individual users know where they stand in respect to those goals. Mystic also manages Citigroup's technology assets from both external vendors and applications developed in-house. Another feature of Mystic is the Reusable Asset Manager (RAM) that tracks reusable code components by who developed them, what they are, what they do and where they're being used. This provides developers with an inventory of code components they can reuse to expedite future development projects. The text noted, “In 2003, RAM helped the IT staff identify reusable software components worth a total of $117 million, resulting in a significant savings to the business and improved quality and time-to-market.” Data tracking and organization within Mystic assists Citigroup GCIB's IT managers with watching key projects in their portfolio. Last but not least, Mystic has Knowledge Centres that provide a complete collection of internal development expertise. When a specialist in a specific technology is recognized, part of their job is to write down their knowledge of the system and function as an in-house specialist to other Citigroup developers.
...as a good option to fix their current existing system and expertise their employees due to which they could have got the appropriate intellectual personnel with the success of the project.
We focus on managing our business as efficiently as possible to continually improve the quality of our service and invest in growth
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Overall, how effective is the partnership between IT and the business at Hefty Hardware? Identify
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According to Fortune Magazine, Wells Fargo’s fake accounts became one of the biggest corporate scandals of 2016. What happened? Wells Fargo employees made fake accounts without consent of the bank’s customers. The reason that the employees created these fake accounts was to meet sales quotas set by executives of the bank. The employees thought they could open and close these accounts before a customer would notice, but these workers thought wrong. This misconduct was thought to have started in 2011 until 2015. We discover later down the timeline that the timeframe claim wasn’t completely accurate.
Third Star Financial Services is an “un-banked” business that was built from a foundation of several money transfer operations that can be transact through an agent or an online facility since 1996. Third Star’s goal and objective is to develop and implement an enterprise architecture platform for the organization that is more streamlined and leaned with consistent policies and procedures throughout the company. A consolidated, centralized and standardized single version of the business structure and a modernize technology that can provide ease and flexibilities to their new and existing customers, in addition to their support staff and management teams.
Information Technology (IT) is a foundation for conducting business today. It plays a critical role in increasing productivity of firms and entire nation. It is proven that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies' survival and even existence without use of IT is unimaginable. IT has become the largest component of capital investment for companies in the United States and many other countries.
The Balanced Scorecard has emerged in recent years as a performance measurement system in various organizations. This paper will discuss the origin and concept of the balanced scorecard and how it was first implemented. We will then review the criticisms on the balanced scorecard methodology as well as analyse the strengths and weaknesses of this performance measurement tool.
Effectively integrating information technology (IT) into an organization’s business processes is critical if the organization wants to increase productivity and remain profitable. IT includes items such as the systems software, application software, computer hardware, and the networks and databases that help manage the organization’s information. When implementing quality standards and processes that are forever changing in the IT world, organizations must balance these changes while continuing to rapidly implement new systems technologies in order to stay competitive.
MidSouth Chamber of Commerce is an organization that rely heavily on their information systems. Lassiter, Hedges and Kovecki who has no information technology background were taken into computing operations. Introducing a new system is not an easy task until an organization has senior IT professionals and backup plans. In the end, it was the lack of proper management and lacked intimate knowledge of information systems made them depend on outside persons to make decisions that caused all these problems.
Today, there is a range of computerised systems in the market that business can use to keep track of their finances; few of the most recognised for their performance are Sage, Microsoft Dynamics, Oracle, QuickBooks, SA...