Automation A management information system MIS is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of management in a company. It is usually also possible to obtain special reports from the system easily. The main purpose of the MIS is to give managers feedback about their own performance; top management can monitor the company as a whole. Information displayed by the MIS typically shows "actual" data over against "planned" results and results from a year before; thus it measures progress against goals.
How does outsourcing affect Barclays bank customer service? Introduction The term outsourcing is not a novel concept in the business world.
Since decades now the companies around the world are incorporating the strategies of outsourcing in their business to primarily reduce the overwhelming operational costs. To remain at competitive edge within their industry of operations, companies outsource the peripheral activities, keeping only the core functionalities in house.
However, with increase in technological advancements and advent of latest information and communication mediums, the recent decades have seen huge surge in outsourcing of even the strategic services like customer-services.
Specially in the banking sector, where the interaction with customers is one of the core functionality of the bank official, the outsourcing has brought tremendous change in the common perception of banking industry. The outsourcing of customer service has its own share of positive as well as negative influences on the company business.
Barclays bank is a large bank with its operations across the globe. The organization has to manage the customers from different cultural and social background. Barclays has been using outsouricng to manage its customer service.
There are both advantages and disadvantages of outsouricng for Barclays bank.
This report concentrates on the literature review of the effects of outsourcing of customer services with respect to the Barclays Bank. The analysis of advantages and disadvantages of the process of outsourcing is thoroughly conducted in this report.
Analysis of Literature Outsourcing According to the management literature there are various different approaches adopted for defining the outsourcing.
Mainly companies outsource those activities which could be done by some other party with lower cost, in lesser time or in a much better way Mudambi and Venzin, Another important definition of the term outsourcing is that it is a process of allocation of responsibilities and risks for completion of certain duties or services to an outside party Ashley, In short the outsourcing could be understood as the act of job or function delegation to the third party, with the understanding that it would do it in quicker, cheaper and better way.
Outsourcing can be classified as internal outsourcing and external outsourcing, according to the extent of control on the performance of the job which is outsourced.
The outsourcing is said to be internal outsourcing when there the job is relocated within the business organization in order to ensure control on its performance. The external outsourcing however, is complete delegation of performance of certain distinct or mutually connected jobs to the entity outside the business organisation Yakhlef, In the literature of management, there is lot of misunderstanding in how outsourcing is perceived.
From the point of view of the external entities, outsourcing could be perceived as the important contribution by external entities and vendors to the specific jobs associated with the core functions of the company Loh and Venkatraman, Further the outsourcing explains the high reliance on exterior sources for completion of various internal activities that generates value for the company Lei, Thus the outsourcing is viewed and defined by various scholars and researchers in different perspectives.
Nevertheless, outsourcing cannot be only seen as the function of procuring activity from external sources. It has long term business implications and hence the is important in strategic management decisions.
Among various types of outsourcing, the most common one is the based on the fundamentals of substitution. In this type the service or production job in-house is discontinued and given to some external entity.Money management menu item level 3; Buying your first home your computer or mobile device.
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Management Information Systems in the Banking Sector 70, views.
Share; Like Ishan Parekh, Intern. Follow Published WHAT IS HUMAN RESOURCE MANAGEMENT SYSTEM? The systems and processes involving Human Resource Management and Information technology comprise the Human Resource Management System (HRMS). A management information system (MIS) is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of.
Management Information System (MIS) in Banking Sector In a banking business environment characterized by a battle for the customer, where the need to grow in volume has given way to selective growth strategies (rather than messages about a slowing of new business), an undeniable competitive.
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