Management: Customer Service And Information Technology Essay Example
Management: Customer Service And Information Technology Essay Example

Management: Customer Service And Information Technology Essay Example

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  • Pages: 10 (2523 words)
  • Published: January 1, 2018
  • Type: Research Paper
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Cable successfully used two technological advancements to identify dissatisfied customers and prevent customer churn. Additionally, Bryan Cave, a third entity, aimed to provide clients with alternative fixed and adjustable pricing options instead of their usual hourly fee arrangement. However, the law firm faced challenges with complex and confusing spreadsheets for fee tracking and profit analysis.

By implementing business intelligent tools, the company enabled lawyers to monitor budgets in real time, making it easier to make immediate adjustments (Textbook, peg. 6). This not only enhanced the law firm's profitability but also boosted fee earners' efficiency. Additionally, Bryan Cave law firm experienced improved availability, accessibility, and presentation of information by utilizing Bal technology. As a result, they were able to offer customized and innovative services to their clients. The question remains: which other professions could benefit from adopting similar technologies and how?

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Develop two different possibilities. Many professions, such as the Bryan Cave law firm, can benefit from business intelligence tools. In the banking industry, the use of these tools is essential for remaining competitive. With the competitive nature and increasing regulatory legislation in financial institutions, monitoring customer behaviors regarding banking product consumption is crucial for retaining customers. Business intelligence tools are being created and offered to banks to assist in monitoring, analyzing accounts, and determining customer profitability.

This tool, designed for banks, aims to enhance marketing efforts by analyzing customers' current behavior and product usage. It also evaluates the competitiveness of existing product fees in comparison to competitors and assists in identifying lucrative customers. Additionally, it aids financial institutions in making informed decisions about adjusting fees.

Chemical Bank is using a business intelligence tool

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to assist commercial lenders in evaluating the profitability of potential customers and comparing them to their loan portfolio. This tool takes into account factors such as market conditions, financial statements, and the customer's business plan in order to determine if the loan rate is appropriate. It also helps identify opportunities for bundling multiple products for customers who frequently use various offerings from the bank.

Chemical Bank is currently exploring the implementation of an innovative business intelligence tool known as data cube. These data cubes would be derived from various reports for regional sales managers, enabling them to effectively manipulate the data for strategic planning and staffing solutions. BBS software company stands to gain from utilizing business intelligence tools as well. BBS& A offers tax software and assessing software to several Michigan townships and cities, all of which can communicate with one another. Based on personal experience, the program is truly remarkable.

In order to maintain current clients, BBS & A can utilize survey research to determine areas of improvement for each client and simplify ACH transactions. This approach would enable the company to customize its software to meet the specific needs of each customer. At my workplace, the township, we required a method to input credit card payments from BBS & A into our tax program. Initially, only checks and cash were accepted through the software. However, after completing the survey and submitting it online, I was promptly contacted by the program developers who made the necessary adjustments. These modifications allowed me to effectively record credit card payments made by township clients.

I was pleased with the outcome and BBS & A decided to

keep my township as one of their clients. Case Study 3: Cable created a forecast model to improve the identification of customers who may switch to another company soon. Apart from the actions mentioned in the case, what other steps could be taken if this information was accessible? Provide examples. Would you consider allowing certain customers to leave nonetheless? Why? Cable employed two software programs, Spa's statistical software and Spa's Dimensions survey research software, to analyze customer dissatisfaction.

The statistical software of Spa reveals the frequency of occurrence and duration of problem resolution. The survey research software of Dimensions indicates that customer dissatisfaction typically occurs after 9 months of service and that most customers switch between 12-14 months. The drawback is the delay in identifying problems until 7-9 months. To prevent customer attrition, it is suggested to proactively identify and fix problems by sending monthly satisfaction surveys. Incentives such as lucky prizes can be offered to encourage better response rates.

Keep customers engaged by offering money saving tips along with their monthly bill. Some examples of tips that can enhance customer retention include suggesting family plans instead of individual plans to save costs. Additionally, educate customers about the advantages of testing services instead of making expensive phone calls. Promote the benefits of bundled plans for phone, cable, and TV compared to individual plans. Moreover, provide tips on increasing the lifespan of Cable-provided products. Send newsletters highlighting new products and services, explaining their usefulness to customers and showcasing their superiority over competitors.

Providing monthly or quarterly benefits to customers fosters loyalty towards a company's services. Nevertheless, I am hesitant to sever ties with

customers unless they are financially unstable in the long term. This is because each customer presents a potential job opportunity, and attracting new customers necessitates substantial advertising resources. Moreover, a contented customer can generate more business through positive word-of-mouth, whereas negative remarks from an unsatisfied customer can greatly affect a company's reputation.

Over the past 40 years, information system applications in business have expanded in various ways. Initially, before 1960, these systems were mainly used for transactions, processing data, record-keeping, and accounting purposes.

However, significant changes occurred in the managerial realm. In the 1970s, management reporting became crucial as it allowed for generating managerial decisions based on predefined reports.

In the following decade, the introduction of Decision Support Systems revolutionized decision-making by utilizing raw data and unique inputs and styles.

From the 1990s to the 2000s, strategic end user support gained importance in corporate activities. This included elements like end user computing and executive information catering to critical sections of organizations. Additionally, artificial intelligence was utilized for strategy building while expert systems provided knowledge to end users. Furthermore, strategic information on product and service placement in a competitive world was also incorporated.

Enterprise Resource Planning (ERP) is a comprehensive system that covers multiple areas of business including manufacturing, supply, sales, HR, inventory management, and marketing. It integrates business intelligence to obtain a deeper insight into competitor activities. Furthermore, ERP goes beyond vendors and customers by encompassing global networking, e-commerce, and the advancement of internet, intranet, and extranet. In the coming years, the speed and reliability of information systems will be crucial.

The text discusses various challenges in business, such as ethical issues, storage of personal information, and missing

or incorrect data. Examples of these challenges include insider trading in the stock market, corruption in news corporations, and problems with credit card and insurance companies. However, the author notes that there are difficulties with formatting on the page editor, such as automatic numbering and lack of bullet point support. The author welcomes suggestions or ideas to address this formatting problem.

I have encountered the same formatting issue with indenting. Instead of typing directly in this editor, I've been using a Microsoft Word document to type the text and then copying and pasting it here.

How can information technology benefit a company in its business processes, decision making, and gaining a competitive advantage? Please provide examples to support your answer.

According to the textbook, "information technology has the ability to enhance the efficiency and effectiveness of business processes and decision-making for all types of businesses" (Textbook, p. ). By incorporating information technology early on in the decision-making process and collaborating with different business units, companies can strengthen their competitive position by creating innovative solutions to deliver in the marketplace. It is also crucial to involve IT specialists or strategists (depending on how they are titled within companies) at the initial stages of decision-making processes.

Understanding the importance of IT in managerial decision-making empowers managers to enhance their decision-making abilities, gaining a competitive edge. For example, when choosing which product line to add to their retail store, managers can utilize computer-generated reports for decision support. The goal is to sustain profitability and outperform local competitors. Nevertheless, if managers were to evaluate these reports only after purchasing the product line, it would demonstrate inadequate decision-making skills

and leadership.

In the strategic planning process of a company, it is important to consider carrying only those product lines that customers will actually purchase. Managers should collaborate with information technology specialists to determine how IT will contribute to both short-term and long-term strategic initiatives. Information technology systems play a crucial role in various business processes like product development, customer support, and commerce transactions (Textbook, up. -9). As a Retail Sales Manager for Chemical Bank, I work closely with IT representatives and other teams to develop new initiatives and projects that align with the company's strategic plans. Our recent mission has been to increase the rental of services and products by customers at a rate of 70%. To achieve this goal, I have sought IT support in training my staff and developing data reporting measures for monitoring progress.

Financial institutions require a robust product lineup and customer service centers to achieve success and remain competitive. Information technology is vital in assisting financial institutions in comprehending customer needs, meeting their expectations, and staying informed about industry developments.

The use of the internet, intranets, and extranets has greatly influenced business processes in today's corporate landscape. These technologies have transformed communication methods, productivity levels, and global engagement for employees and businesses alike.

The Internet, intranets, and extranets have significantly altered the work environment and employee productivity in businesses. With these technologies, employees can now work remotely and engage in discussion groups, regardless of their whereabouts. Intranets allow employees to access business applications from any location as long as they are connected to the company's network.

Employees at Chemical Bank, the financial institution where I work, have the advantage

of accessing loan documents required for closing a loan instantly from their desktop cue, rather than waiting for inter-office mail delivery from the loan department. This efficient process is available in real time to all 142 branches, enabling quicker inclusion of loans on the bank's book and improving customer service by reducing wait times.

Moreover, both the intranet and extranet contribute to enhancing employee productivity and fostering the sharing of ideas. The extranet functions as a link connecting a company with its customers/vendors, offering a collaborative work platform and supporting essential business applications. Conversely, the Internet plays a critical role in contemporary corporate settings by facilitating the exchange of ideas, products, and services. E-commerce is particularly crucial for businesses as it involves conducting transactional activities over computer networks. Through the Internet, companies can advertise, market, and sell their offerings to cultivate customer loyalty.

The incorporation of online shopping and payment methods has significantly improved business sales and customer satisfaction. A prime example is Kohl's department stores, where they have implemented kiosks in their physical locations. These kiosks serve as an internet-based sales platform, allowing customers to utilize them for assistance if they cannot find a specific size or if an item is out of stock. Customers can purchase products using their Kohl's charge card and receive all relevant discounts. The purchased item will be promptly delivered to the customer's home.

Previously, customers would spend around twenty minutes searching for a sales representative to contact another store and find the desired item. They were then offered the option of either collecting the item from a different store or having it delivered to a local store, which

meant an extra trip for them. This process was inconvenient and did not provide excellent customer service. In contrast, the kiosk guarantees prompt service and encourages customer loyalty.

Finally, the Internet can provide market research and data that can support a company in various aspects, ranging from product development to service delivery. This support is crucial for businesses to make managerial decisions and determine business processes. For instance, financial institutions like Chemical Bank are using marketing firms to perform Internet research to assess the brand loyalty of banking products or to conduct online surveys and gather data on their existing range of products.

Monitoring Backbone and Twitter allows businesses to track the number of "clicks" on their website and gather feedback about their service. However, big companies often struggle in their use of information technology. The reason for their failure lies in their inability to adopt effective strategies for applying this technology. To succeed, big companies need to prioritize efficiency and effectiveness by fully understanding the implications and capabilities of their information technology and effectively incorporating it into their daily business practices.

In order to appreciate the value of information technology, organizations need knowledgeable individuals who are updated on the latest technological innovations and their functions. Sadly, many large companies do not recognize the potential of their existing data, causing them to overlook the importance of information technology. Instead of solely focusing on efficiency, organizations should evaluate IT effectiveness in supporting their business processes.

Management of large companies often overlooks the potential benefits of utilizing information technology in enhancing the organizational structure, culture, and overall business value. It is crucial for management to play a significant

role in driving and facilitating this change to effectively serve the business and customers. Providing comprehensive training for employees on new technologies is another essential aspect that big companies should focus on to avoid failure and ensure efficient delivery of services.

For instance, Jackie Barrett, the Vice President and CIO of Con-Way, Inc., has experienced improvements in her organization by implementing Agile development practices. By adopting these practices, Barrett has enhanced both the business and the employees, particularly in the IT department. This has resulted in reduced project development time and improved communication among stakeholders. Barrett successfully advocated for changes in the IT department by demonstrating how delivering high-priority functionality faster would benefit the overall business.

In the textbook, it was emphasized that the benefits for companies and their stakeholders were constantly reiterated. When company presidents consider change to benefit the company, it ultimately benefits the employees and customers as well (Textbook Pl 9). To demonstrate responsible use of information systems, managers must be accountable for all aspects of the corporation and make timely decisions that promote the business and its employees.

Managers are responsible for overseeing and collaborating closely with employees on the information system. Their primary objective is to safeguard the system, which involves implementing password restrictions to prevent unauthorized access to sensitive data. Furthermore, using non-company computers poses a significant security risk through viruses and spam. Therefore, prioritizing information system security is crucial before making any changes or taking action. Managers should also monitor their employees' work and evaluate its impact on the system's effectiveness.

When a manager is well-aware of their duties and responsibilities for ensuring an efficient business, delivering these

liabilities through the information system becomes problem-free. Managers, as end users, must be vigilant in identifying and not overlooking any flaws or mistakes that occur. By implementing these strategies, managers and employees can work together smoothly, without jeopardizing the security of the information system.

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