management project and need the explanation and answer to help me learn.
The proff need from 10-15 page as attached for a system in ,y company need tp development, one of user of studypool answer the project as attached but is not enough, hee needs more details, attached the inqury and the project was done and need more details
Requirements: 10-15 pages
Management Information Systems: 604 BUSE Each student should choose a realistic electronic system and evaluate this system. The project consists of the following: The report must contain an explanation of the justifications and reasons for the orientations or choices chosen by the student as elements in the evaluation of the system. Here are some of the requirements needed to complete the evaluation of the system being chosen: The chosen system: – One page on the idea of the system and justifications for its choice Evaluation of System Planning Elements After Commissioning: – The aim of the system – Elements of expected success – Obstacles and difficulties and ways to avoid them or reduce their impact. – Determine the audience or the beneficiary category – Determine the sponsor of the system (model and source of revenue or project financing) – General operations plan in the system – System marketing plan – Requirements for procedures for dealing with the system (payment, complaints, suggestions, …..) System Analysis and Design Evaluation: Evaluate the following: – Input – Processing – outputs Here, the elements of the system must be evaluated and their interrelationship to achieve the objective of the system. Evaluate some supporting points: – The reference for the system, an introductory page about the means of supporting and assisting the beneficiaries of the system, a page about work policies, privacy policies, and the intellectual property of the system – Diagram of the various operations Must: The evaluation of the project should be in the field of management information systems
MIS Case Study
Student Name
Institutional Affiliation
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QUESTION ONE
Sales and Distribution
Summit Electric Supply understands the significance of Sales and Distribution to their revenue generation and customer satisfaction goals, thus making this process essential to business. Summit Electric Supply prides itself on managing high volumes of transactions efficiently while offering exceptional customer service (Bai, 2019). Customer orders must be received, processed accurately and quickly, managed for product availability and pricing, and timely delivered to customers for full customer satisfaction and retention. Efficient sales order fulfillment processes are essential in providing a positive customer experience and increasing retention rates. Summit Electric Supply’s customers demand fast turnaround times, prioritizing speedy order processing with accurate fulfillment. Sales and Distribution include maintaining customer relationships by responding quickly to inquiries, providing product information, and quickly resolving any issues or complaints (Bai, 2019). Satisfied customers are more likely to continue doing business with Summit Electric Supply and recommend us to others, leading to long-term success for the company.
Inventory Management
Summit Electric Supply considers Inventory Management an essential practice, given its large inventory of SKUs (stock-keeping units) and their requirement for real-time visibility into inventory levels. Summit Electric Supply must ensure it carries an inventory management program capable of meeting customer demands efficiently to prevent stockouts, avoid overstocking, reduce carrying costs, and optimize working capital. Summit Electric Supply’s wide variety of products requires it to manage its inventory across multiple locations accurately, which means monitoring stock levels, replenishing when necessary, and working closely with suppliers to ensure timely deliveries (Lacity et al., 2018). Real-time inventory visibility is critical for swift order fulfillment, as it allows companies to inform customers of product availability and make accurate promises about delivery timelines. Effective inventory management requires understanding product demand patterns, forecasting future demand, and optimizing stock levels accordingly (Lacity et al., 2018). By maintaining adequate levels without overstocking, Summit Electric Supply can lower costs while improving operational efficiency.
Financial Management
Financial Management at Summit Electric Supply is an essential business process that ensures its financial health, profitability, and regulatory compliance. This consideration involves numerous activities like financial planning, budgeting, accounting, reporting, and cash management (Lacity et al., 2018). Accurate financial data and reporting are indispensable to making informed business decisions and tracking company performance. Summit Electric Supply can use an ERP system with built-in financial management capabilities to improve financial processes, eliminate manual data entry and reconciliation tasks, and increase the accuracy and efficiency of financial reporting (Lacity et al., 2018). Financial management encompasses accounts payable and receivable functions as well. Effective accounts payable management ensures timely payments to suppliers, maintains positive vendor relationships, and prevents disruptions in the supply chain (Lacity et al., 2018). On the other hand, effective accounts receivable management ensures timely collections from customers, minimizing cash flow issues and reducing risks for bad debts.
QUESTION TWO
Lack of System Integration
Summit’s old systems consisted of separate platforms for sales entries, purchase orders, and backend reporting; integration between these was handled manually in batches limiting real-time data visibility and hindering efficient information flow between departments (Yan et al., 2020). Due to this ineffective system integration, there were discrepancies, delays in data processing, increased errors risk as well as reduced operational efficiency due to employees needing more time on manual data entry or reconciliation tasks as well as slower decision-making because accurate or up-to-date information was not easily available to make timely decisions (Yan et al., 2020).
Scalability and Inventory Visibility
Summit was limited by its legacy systems only to manage a limited number of locations and could only allow certain numbers to appear on documents. As Summit experienced rapid expansion, its limitations became a bottleneck to its management of expanding operations (Yan et al., 2020). Due to a lack of scalability, repetitive document number ranges resulted in difficulty in tracking and referencing historical data accurately. Summit needed to improve its systems that did not offer real-time inventory visibility, an essential function for wholesale distributors like themselves. Summit could not accurately track inventory levels in real-time, resulting in delayed or inaccurate product availability information that caused potential stockouts or overstocking, negatively impacting customer satisfaction as Summit struggled to keep its delivery promises (Yan et al., 2020). Furthermore, without visibility of inventory management practices, increased risk factors like inefficient inventory control, excess carrying costs, and missed sales opportunities.
Inefficient Chargeback Processing
Due to Summit’s legacy systems’ limitations, chargeback processing took much work. There were hundreds or even thousands of chargeback agreements with manufacturers; employees had to manually review customer invoices to identify eligible chargebacks (Yan et al., 2020). Summit was burdened by chargeback processing that took months, required extensive manual effort, and involved high paper consumption. This inefficiency directly impacted their revenue. A flawed process led to missed chargeback opportunities and revenue potential being lost due to delayed invoicing and outdated paper documentation, causing additional delays for vendor responses and reconciliation, impairing cash flow management, hampering cash flow management, and impacting overall financial performance (Yan et al., 2020).
QUESTION THREE
Streamlined Sales Order Processing
Thanks to automated tasks such as order entry, pricing, and availability checks, Summit Electric Supply’s sales order processing became more streamlined and efficient with its new ERP system. This automation reduced manual data entry, eliminating repetitive tasks, saving time, and improving accuracy. ERP system enabled real-time visibility of product availability, enabling sales representatives to identify stock levels quickly and offer customers accurate promises about order fulfillment (Thieme et al., 2023). This real-time information empowered sales team members to offer superior customer service, promptly respond to inquiries, and meet delivery deadlines more reliably than before. Streamlined order processing increased operational efficiency and led to customer retention and loyalty increases.
Enhanced Inventory Management
Summit Electric Supply’s ERP system greatly enhanced inventory management. Real-time visibility into inventory levels, locations, and movements enabled real-time optimization of stocks while reducing carrying costs to avoid stockouts or overstocks. Summit used accurate and timely inventory data to make more informed decisions regarding replenishment and procurement (Thieme et al., 2023). Their system enabled automated reorder point calculations and notifications when inventory dropped below predefined levels. This proactive inventory management approach ensured minimal stockouts and greater demand forecasting and inventory planning capabilities with their ERP system (Thieme et al., 2023). By analyzing historical sales data and trends, Summit could anticipate fluctuations in demand and adjust inventory levels accordingly, optimizing inventory management to reduce excess inventory levels while simultaneously optimizing working capital utilization and increasing operational efficiency.
Improved Business Intelligence and Reporting
At Summit Electric Supply, the ERP system enhanced decision-making processes through improved business intelligence and reporting capabilities. Consolidating various data sources into one centralized repository for accurate, up-to-date information enhanced the decision-making processes at Summit (Somers et al., 2020). Through the ERP system’s reporting and analytics tools, Summit gained valuable insights into its business metrics, such as sales channel profitability, manufacturer efficiency, customer loyalty, and branch profitability. This system enabled managers to conduct what-if scenarios and undertake detailed analyses of sales performance, supplier performance, and delivery times, providing them with all the information needed to make informed decisions, identify areas for improvement, and create strategic plans. ERP system business intelligence capabilities also enabled timely and accurate financial reporting (Thieme et al., 2023). Automating financial processes like budgeting, accounting, and reporting, enabled management to reduce manual effort while improving data accuracy and ensuring regulatory compliance. Accurate financial data enabled them to closely monitor financial performance and identify trends for growth opportunities at their company.
QUESTION FOUR
Improved Order Processing and Timely Delivery
The new ERP system improved the order processing workflow, leading to quicker and more effective order fulfillment. Summit sales representatives benefit from real-time visibility into product availability and accurate pricing to respond quickly to customer inquiries while fulfilling delivery promises accurately (Somers et al., 2020). ERP system gives sales representatives real-time information on inventory levels, locations, and movements to check stock availability while speaking to customers. Real-time visibility ensures customers receive up-to-the-minute product availability information, helping reduce the chances of order delays or backorders. With such confidence in its accuracy, they can make informed decisions regarding project timelines more easily. Summit’s ERP system facilitates effective order processing, which ensures timely processing and delivery for customer satisfaction and project timeline support (Somers et al., 2020). Our reliable delivery ensures that customers get what they need when needed.
Accurate Product Tracking and Tracing
Summit Electric Supply supplies various electrical products, such as wire and cable. Their new ERP system incorporates batch management functionality, enabling them to treat wire reels as batches rather than individual products. This feature allows accurate tracking and tracing of products to their respective reel and manufacturer (Somers et al., 2020). When customers buy lengths of wire from us, we can enter it into the system, linking it with its respective reel number and batch info. The Summit can utilize this feature to identify other customers who purchased wire from the same reel, providing valuable insights into the usage and demand of product lines. Additionally, the system allows the tracing of wire back to its manufacturer for quality control and accountability in case of issues or recalls. Accurate product tracking and tracing provide customers numerous advantages, including verifying product authenticity, supporting warranty claims, and creating supply chain transparency (Somers et al., 2020). Customers can have confidence in knowing the origin and quality of the products purchased from Summit, which builds trust between themselves and Summit as a provider and fosters stronger relationships between themselves and them.
QUESTION FIVE
Old Process for Handling Chargebacks
At Summit Electric Supply, the old process for handling chargebacks was manual and time-consuming. Employees needed to manually review customer invoices to identify chargebacks eligible for the claim; this involved searching through invoices manually while also searching through manufacturers to identify applicable chargeback contracts (Perboli et al., 2018). Once Summit employees identified chargebacks, employees manually inputted them into a Microsoft Excel spreadsheet – an effort which required significant manual effort and was prone to mistakes; it also took considerable time as employees reviewed invoices manually before inputting data; often this took up to one month and led to delayed claim submissions or missed revenue opportunities due to missed chargebacks (Perboli et al., 2018). Furthermore, Summit relied heavily on paper documentation as proof of chargebacks were submitted as paper copies to vendors as proof. Unfortunately, this hindered efficiency, accuracy, and timely reconciliation efforts between parties involved, further diminishing efficiency, accuracy, and reconciliation efforts between parties involved in this effort (Perboli et al., 2018).
New Process for Handling Chargebacks
Summit Electric Supply introduced an automated process for handling chargebacks as part of their new ERP system to address the inefficiencies of their previous system. At the end of each business day, Summit’s Paybacks and Chargebacks application of its ERP system automatically reviews its billing activity to compare any chargeback agreements stored within it (Perboli et al., 2018). Once a match is identified, a separate chargeback document is produced from within the customer invoice. Additionally, this system keeps track of chargeback agreements with various vendors to ensure their terms and conditions are considered. This system aggregates a vendor’s chargebacks daily or monthly, depending on their type. Once identified, this information and any necessary chargeback documentation are sent back to them. The new system facilitates faster chargeback processing while improving accuracy by automating identification and claim submission processes. Electronic data exchange with vendors enables quick claim submission and approval, eliminating delays associated with manual processing (Perboli et al., 2018). Providing vendors with accurate documentation guarantees transparency while decreasing disputes or reconciliation issues.
References
Bai, C., & Sarkis, J. (2019). A grey-based DEMATEL model for evaluating business process management critical success factors. International Journal of Production Economics, 146(1), 281-292.
Lacity, M. C., Solomon, S., Yan, A., & Willcocks, L. P. (2018). Business process outsourcing studies: a critical review and research directions. Journal of information technology, 26(4), 221–258.
Perboli, G., Musso, S., & Rosano, M. (2018). Blockchain in logistics and supply chain: A lean approach for designing real-world use cases. Ieee Access, 6, 62018-62028.
Somers, T. M., Nelson, K., & Ragowsky, A. (2020). Enterprise Resource Planning (ERP) for the Next Millenium: Development of an Integrative Framework and Implications for Research. AMCIS 2000 Proceedings, p. 211.
Thieme, C. A., Rokseth, B., & Utne, I. B. (2023). Risk-informed control systems for improved operational performance and decision-making. Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability, 237(2), 332-354.
Yan, Y., Qian, Y., Sharif, H., & Tipper, D. (2020). A survey on smart grid communication infrastructures: Motivations, requirements, and challenges. IEEE communications surveys & Tutorials, 15(1), 5–20.
Evaluation of a Customer Relationship Management (CRM) System
Student’s Name
Institution Affiliation
Professor’s Name
Course Name
Date
Evaluation of a Customer Relationship Management (CRM) System
The chosen system for evaluation is a Customer Relationship Management (CRM) system. This system is intended to assist businesses with successfully overseeing client cooperations, smooth out deals cycles, and improve consumer loyalty (Tien et al., 2021). The justification for choosing a CRM system depends on its capability to further develop by and large business execution, reinforce client connections, and streamline deals and promoting endeavors.
Evaluation of System Planning Elements After Commissioning:
Aim of the System
The primary objective of the CRM system is to centralize customer data and provide tools and functionalities to enhance customer interactions, improve sales forecasting, and drive business growth. It aims to increase customer satisfaction, loyalty, and retention while boosting sales productivity and revenue. Moreover, implementing a customer relationship management system is to put in line and optimize customer relations, sales processes, and marketing strategies. At the same time, centralizing customer information is a process that allows for achieving CRM goals. This implies that businesses can govern and manage their daily proceeding for client information, history of purchase, likes, and dislikes, and interactions. Therefore, the availability of this information is a big step for the institution as it will help them have valuable insights regarding customers’ needs, trends, and such behavior. Consequently, this leads to the organization understanding their clients better and knowing what best suits them.
Additionally, the fact that the business opts to enhance customer interactions is another milestone. The business achieves this step by making sure they manage their clients’ interactions by using platforms such as emails, phone calls, and social media, as well as holding live chat sessions with their clients. This implies that the organization can gain and provide more customized communication to the clients when they best deserve it. As a result, this leads to more intimate communication connections between the clients and the business. Thus, creating loyalty and trust.
It is important to note that improving sales prediction and performance is another significant step in achieving CRM. This is because it entails the tracking as well as the alignment of the sales procedures. Moreover, it gives the business organization the insights necessary to expand its operations. This is primarily because they provide real-time access to sales information which is essential in identifying the trends and changes that may occur in the sales process.
Elements of Expected Success
Enhanced customer satisfaction and loyalty through personalized interactions and tailored offers.
We have improved sales and marketing effectiveness through better lead management, targeting, and segmentation.
It has increased the efficiency and productivity of sales teams through streamlined processes and automation.
Better customer data management, enabling data-driven decision-making and strategic planning.
Stronger customer relationships and increased customer lifetime value.
Obstacles and Difficulties and Ways to Mitigate Them
Resistance to change: Address resistance by providing comprehensive training and ongoing support to employees during system implementation.
Data quality issues: Implement data cleansing processes and establish data governance protocols to ensure data accuracy and integrity.
Integration challenges: Plan and execute a well-defined integration strategy, considering existing systems and ensuring seamless data flow between applications.
Adoption and utilization: Develop a change management plan to encourage user adoption and highlight the benefits of the CRM system to all stakeholders.
Audience or Beneficiary Category
The primary beneficiaries of the CRM system are sales and marketing teams, customer service representatives, and management personnel. It also indirectly benefits customers by improving the quality of their interactions with the company and providing personalized experiences.
Sponsor of the System
The system may be sponsored by the organization, allocating resources from the IT and other relevant departments. Alternatively, it can be supported by external vendors or service providers who offer CRM solutions as a part of their revenue-generating products.
General Operations Plan in the System
The CRM system will capture and store customer data, track customer interactions and activities, manage sales pipelines, automate marketing campaigns, and generate reports and analytics to drive decision-making. Moreover, it will capture the nature of relationships between the organization and the clients. This will include the monitoring of the platforms that are necessary for communication such as emails, live chats etc.
System Marketing Plan
The system’s marketing plan will focus on educating stakeholders about the benefits of implementing a CRM system, highlighting its potential to improve customer relationships, boost sales performance, and enhance overall business efficiency.
Requirements for Procedures for Dealing with the System
The system should include procedures for handling various aspects such as customer inquiries, complaints, payment processing, and suggestions. It should facilitate efficient communication and collaboration between departments involved in customer interactions.
Evaluation of System Analysis and Design
Input
The CRM system demonstrates strong capabilities in capturing and incorporating data from various sources. It effectively integrates data from customer interactions, website forms, social media platforms, and third-party integrations.
Processing
The CRM system exhibits robust data processing capabilities. It enables seamless data retrieval for quick access to relevant information. Additionally, the system offers advanced analytics and reporting functionalities, allowing for data analysis and visualization to derive actionable insights. The automation features streamline processes, reducing manual effort and enhancing overall efficiency.
Outputs
The CRM system excels in generating meaningful results to support decision-making and improve business performance. It produces comprehensive customer profiles, consolidating information from various sources to provide a complete view of each customer (Suoniemi et al., 2021). The system’s sales reports offer valuable insights into sales performance, pipeline analysis, and revenue tracking. The analytics dashboards visually represent key performance indicators, enabling quick and informed decision-making.
Supporting Points
Support and Assistance:
The CRM system provides comprehensive support mechanisms for smooth operations and user satisfaction. It offers a range of training resources, including user guides, online tutorials, and training modules, to familiarize employees with the system’s functionalities (Chatterjee et al., 2020) These resources are designed to enhance user competence and promote efficient utilization of the CRM system.
Work Policies, Privacy Policies, and Intellectual Property
The CRM system implements work policies that govern employee and stakeholder usage and access rights. These policies outline the authorized use of the system, specifying user roles, permissions, and responsibilities. By enforcing appropriate work policies, the system ensures that users access and utilize the system within predefined boundaries, promoting data security and integrity.
Regarding privacy policies, the CRM system adheres to pertinent security guidelines and data protection regulations. It employs industry-standard encryption protocols to safeguard sensitive customer data, ensuring its confidentiality and preventing unauthorized access.
Diagram of Various Operations
Conclusion
It is important to note that developing and implementing a Customer Relationship Management (CRM) system is a positive process whose contribution to the business world is of great essence. As a business organization, it is essential to note that all the necessary processes must be addressed to produce a successful and prosperous business venture. It is also important to note that various issues must be dealt with to avoid and overcome apparent challenges in the business world. Coming up with a marketing plan is a good step that gives the organization a formula that will be followed for the entire business period. Therefore, the whole process of implementing the CRM system would require keen intervention and follow-up. However, there is the need to ensure that the necessary guidelines will govern the process to ensure maximum following of guidelines.
References
Chatterjee, S., Nguyen, B., Ghosh, S. K., Bhattacharjee, K. K., & Chaudhuri, S. (2020). Adoption of artificial intelligence integrated CRM system: an empirical study of Indian organizations. The Bottom Line, 33(4), 359-375.
Suoniemi, S., Terho, H., Zablah, A., Olkkonen, R., & Straub, D. W. (2021). The impact of firm-level and project-level it capabilities on CRM system quality and organizational productivity. Journal of Business Research, 127, 108-122.
Tien, N. H., Diem, P. T., Vu, N. T., Nhan, V. K., Bien, B. X., & Hung, N. T. (2021). The strategy of CRM system development at Mega Market Vietnam. International journal multidisciplinary research and growth evaluation, 2(4), 802-806.
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