Just In Time Delivery: Inventory strategy that a company uses to increase the efficiency and decrease the waste only by receiving the goods which are useful in production process. This reduces the inventory cost is the Just In Time Delivery (Laudon & Laudon, 2016). The demands of the customers are forecasted accurately by this method if Just in Time Delivery. The supply system of inventory represents a shift from older method in this strategy. The producers carry large inventories when there is a high demand that is to be fulfilled.
E-Commerce: E-Commerce is known as the electronic commerce which is the process of selling and buying services and goods over a network that is electronic mainly via internet. This process of e-commerce also helps to transmit data or funds over the internet. The areas where transaction occurs in e-commerce are business to consumer, consumer to business, business to business and consumer to consumer. The process of electronic commerce is known as electronic business.
SaaS: The service that allows the users to use and connect to apps that are cloud based via Internet is known as SaaS (Software as a service). Examples of Software as a service provider are email, office tools and calendaring. Software as a service gives a software solution that is complete those are purchased on a basis that depends on pay-as-you-go from a provider that provides cloud service. The app of the cloud service is rented for an organization and the users of the organization uses the app to connect through the Internet mainly with the web browser. The data center of the service provider locates all the application software, application data, infrastructure and middle ware. There is a service agreement in which all the software and hardware are managed by the service provider. The service provider also ensures the security and the availability of the application that is being used and all the data also. The service provided by Software as a service provides the organization with all the application at minimum cost.
Strategic Planning: Strategic Planning is the process in which a future that is desired is envisioned and the vision that is desired is translated into goals that are broadly defined and also the objectives and steps that are needed to reach the desired future that is envisioned. The process of strategic planning involves a plan that is strategic, as document that helps to control all the decisions and objectives that are taken by the organization to achieve its goals and all the ways that are needed to acquire the goal. The process of strategic planning gives guidance to the leaders of the organization to take decisions that help them to move forward with their decision making.
Supply Chain Systems: The system in which deals with organization, information, resources, people and activities that helps to move a service or a product from supplier to all its customers is known as supply chain system. The process of supply chain includes the activity of transforming natural resources, components of raw material in to a fine finished product which are delivered to all the end customers.
Decision Support System (DSS): An information system that is computer based which gives support to all the organizational and business activities of decision making is known as decision support system. The levels which involve planning, operations and management are served by decision support system that is carried out usually in middle and higher management system. The unstructured and the semi structured problems of decision making that are taken by the people and all the problems that changes rapidly that are not specified easily in advance is done by decision support system. The process of decision support system are human powered or computerized or may be a combination of both.
Cloud Infrastructure: The infrastructure that involves software and hardware components that consists of server, network, visualization and storage software is the cloud infrastructure. These software are used to support all the requirements that are needed in computing device in a model of cloud computing.
Web 2: World Wide Web 2.0 is a website that focuses mainly on the content, interoperability and usability that are generated by user for all the end users. The website works with all products, devices and systems of the Internet.
Extranet: A network that is controlled privately which allows the vendors, suppliers and partners to access a group of customers that are authorized is an extranet network. The extranet is subset of information that is accessible from the intranet of an organization. A similar kind of network that is similar to extranet is DMZ. The extranet assures access to all the authorized parties that needs services which do not grants access to the network of organization. The private network of an organization is extranet.
Big Data Analysis: The process in which large data and varied data sets are analyzed in the Big Data analysis. Big data helps to uncover the hidden partners, market trends, gives customer preferences and also correlated with unknown relations.
The key elements of data mining are:
Large amount of data: The information technology of Data mining helps to acquire all the data without the involvement of the client or the customer (Turban, Volonino & Wood, 2014). This process was not possible in earlier data mining process.
Provide data that are incomplete: People do not give complete information in the surveys that are conducted by data mining because they fear that their information would be stolen by this process.
Data structures that are complicated: Techniques for collecting information are used in data mining process. Data is collected via technology or manually. A complication may arise in determining and understanding the data structure.
The significance of Reserve Stock Level is important in all the industries because it is not possible to get advance information about the certainty of the stock that will be needed in production or to supply the customers. Demand for products is variable that are affected by seasonal effects. The best process that a business holds makes forecast that are accurate.
- The business that is faced by Liberty Wines is that as the business of Liberty Wines increased, the facility of the Information Technology was not able to handle the great amount of data. The system that Liberty wines were using was very slow and effort on the maintenance was required. The employee productivity decreased which affected the business processes.
- The IT infrastructure of Liberty Wines was insufficient that impacted negatively in the competitive advantage. The loss of customers occurred due to insufficient infrastructure of IT. The orders that were placed by their clients were no placed on time.
- Server visualization of Liberty Wines decreased the physical servers and all the application of liberty Wines ran faster by better visualization that results in making customer services better and also managed the inventory management.
- The mission of FinCEN was to provide a safeguard to the financial system which was abuses to financial crimes. The problems that were limiting the fighting ability against financial crime was having problem in gathering the data, analyzing them and delivering all those data at effective time to all users.
- To achieve the mission of FinCEN, major upgrade was done by FinCEN. Their first goal was to provide a safeguard to the financial system from money laundering that was evolving and also the threat of national securities. Their second goal was to maximize the sharing of financial intelligence in between their foreign and domestic partners in private and government industries. FinCEN upgraded its capabilities by launching Bank Secrecy Act (BSA).
- The financial intelligence depends on collection of data, analyzation of data and keeps the entire data secret from outside so that no one will be able to read those data.
- The potential activities that are illicit are identified by relationships and patterns. This process of intelligence has provided a greater speed and also ability that helps to detect the money launderers.
- The financial crime that was detected by FinCEN was that it was not able to gather data effectively, analyze the data and also deliver them to the users. FinCEN was suffering from lack of standardization and validation and also suffered from inconsistent quality of data.
Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.
Turban, E., Volonino, L., & Wood, G. R. (2014). Information Technology for Managment: Digital Strategies for Insight, Action and Sustainable Performance. Wiley.