The Importance of Information to Barclays Bank (PLC)AbstractThis topic presents a discussion on the importance of information to Barclays Bank and how it has led to changes in its business processes and new products within the banking industry. To enable us understand the basics and familiarize us with the stages, developments and importance of information and its applications in the organization. It also identifies various problems which can hamper efficient use of Information and it finally recommends that organizations, public and private; commercial and non-commercial must endeavour to set up a good Information unit within their Organizations to enable adequate information set up at the disposal of their management needs.
Business firms continuously seek these opportunities for the improvement, and effectiveness to achieve their desired objectives and goals. IntroductionWith the current competitive market share, fast changing and saturated business atmosphere represented by retreating consumer devotion, the necessity to be customer focused is more vital than in the previous years. Technology is being used by firms as a key tool in enhancing the flow of information within their various business units, assisting the employees to better understand the ever dynamic and increasing wants and needs of their customers, Barclays Bank not an exception. Information helps in approach to achieving business goals in which technology for managing information and knowledge facilitates and enables execution of activities in and across value chains and supporting decision making underlying those activities” (Singh & Holsapple, 2000). Information and communications technologyThe banking business has undergone tremendous changes in the past few years.
There are many changes in variety and amount of products offered due to the mergers or branching and achievement of banks.
The amount of competition and information technology development within a harsh business atmosphere has led to the restructure of the retail banking industries. The recent advance in information systems and technologies presents innovative ways of administering banks relationships within the global banking environment. However, most banks are unsure of how to efficiently adapt with this these developments. This has been revealed by quite a number of information technology aspects studies conducted in the banking industry (Mitchell and Sparks, 1988). Barclays Bank Management Information OverviewBarclays Bank (PLC) is one of the major service providers engaged in investment banking, commercial and retail banking, credit and debit cards, investment and wealth management services, with a broad international presence in Asia, Europe, USA and Africa.
Barclays bank boasts of over 300 years history of banking experience expertise and operation in over fifty countries and an average of 135, 000 employees. It is the leading and the third largest Bank in the United Kingdom. In the (2008) list, Barclays bank is ranked to be the 25th largest company by Forbes global 2000.
It is he largest financial service provider globally with an estimate of 3.7 trillion dollars in assets. (Detamonitor). In order to be at par with their competitors, Barclays Bank has made it a priority to adapt to the current technologies that assists in Information flow. With the advent of information machinery in every part of the organization, company’s are in a position to tackle and manage information and data in their business with ease. Business acumen is a significant aspect in any firm. This can be created by the already existing information in the enterprise.
It will be very difficult for an organization to make use of business intelligence if at all they do not know how to make use of the existing information. Accessible project information should be properly structured by removing the unnecessary data, and then reserved in the database primarily meant for that use. This data is then scrutinized with the necessary apparatus to acquire the business aptitude. As a result of this, the management will equip itself with up-to date useful information on the fiscal performance of the organization, foretell their business performances and even put their future plans in place.
All these can only be achieved in an enterprise by having the adequate knowledge of how to use information in the management set up. For any organization interested in managing data and information, there will always be available enterprise tools such as document management, software development, database management, warehousing servers and financial performance management tools. Document management system is a must to implement for any organization dealing mostly with documents for the productivity improvement. This will enhance the instant search of documents and your clients will be content to get an improved and efficient service from the organization.