Posted at 12.28.2018
Great Eastern started to operate in 26 August 1908 as a branch office of THE FANTASTIC Eastern Life Assurance Company Limited. It has the distinction to be the oldest life insurance coverage company in Malaysia and Singapore which is had subsidiary of Great Eastern Holdings Small (GEH) and its parent or guardian company is Oversea-Chinese Banking Corporation Limited (OCBC). It was transferred to a locally incorporated open public company, Great Eastern Life Assurance (Malaysia) Berhad. THE PRINCIPLE Exec Officer, CEO of Great Eastern is Mr. Koh Yaw Hui.
Great Eastern was qualified as the Oldest and Largest Life Insurer in Malaysia by the Malaysia Book of Information in 1998. It is the largest & most established insurance provider in the country with 24 branch offices nationwide and a solid service network of more than 17, 000 agents. These locations include Alor Setar, Batu Pahat, Bintulu, Ipoh, Klang, Melaka, Penang etc. The main office located at Jalan Ampang, Kuala Lumpur. Besides that they also grow their business to China, Indonesia and Brunei. According to statistic, Great Eastern is the major group and market leader in Malaysia and Singapore with the full total property of $45 billion and 3million policyholder.
Among the 16 insurance firms in Malaysia, Great Eastern is the major in term of property and biggest in term of market show compare to other competition. The slogan of Great Eastern is Life is excellent! and the objective of Great Eastern is to make life great by giving financial security, and promoting good health insurance and meaningful human relationships and their eyesight is usually to be the key financial provider in Asia.
As a company focused on the 'people' business, it always provides solution on financial planning, coverage and cost savings to meet their customers needs. Generations of people, families and businesses have been and will continue being assured of these financial security with the company's full range of products such as life insurance plan, investment-linked ideas, mortgage protection, business protection, employee benefits, medical care insurance and group health benefit plans. Great Eastern offers full selection of products to the potential customers whether individuals, young families or organizations.
Great Eastern offers flexible and affordable group health advantages and protection plans to both the corporate and public sector's employees. Customers can purchase the merchandise and services provided by the company according with their needs through the agents. Now a day, Great Eastern is on the track to becoming the primary financial provider in Asia. Further, Great Eastern is ready to be the only choice of financial service agency in your community and beyond relating of integrity, effort and engagement. Thus, Great Eastern has introduced a variety of products to meet consumer needs. Those products may classify into several categories as life insurance coverage, health coverage, investment-link, old age planning and keeping plan.
Great Eastern continues to forge ahead through the greater use of proven leading-edge systems to boost their business functions to create a unique customer support experience, and deliver higher value to their clients. On the website, they offer e-Connect facilities to allow policyholders to obtain their coverage information on-line. It'll decrease the cost for searching the information.
In order to smoothen the procedure and better deal with their gigantic customer foundation, Great eastern has adopts many It (IT) and information system (IS) from the market-leading insurer and help transform the business procedure. Different system employed by different department such as top management, midsection management and operational management.
Every department will used different information system based on the function and operations. The info systems implemented by Great Eastern are outsourcings also in-house development. It means that they purchase the relevant software and hardware from the market most of enough time to save lots of their cost and also develop the in-house software to execute the specific job and easier to meet up with the business requirement. With the help of current IT which is, the company are able to perform their business effectively and consistency. Besides that it will resulted in higher-level of performance, stability and scalability of company and it provides greater value with their clients.
Senior Management Team
1. Loke Kah Meng Professional V. President & Brain Customer Management
2. Margaret Fong Senior V. Chief executive & Head Operations
3. Lee Pooi Hor Senior V. Chief executive & Brain Information Technology
4. Michelle Tan Yee Ming Mind, Group Audit
5. Koh Yaw Hui LEADER Officer
6. Cheong Soo Ching Senior V. Leader & Head Risk Management
7. Nancy Lim Senior V. Chief executive & Head Individuals Capital
8. Chan Choong Tho Main Investment Officer
9. Yong Chee Keong Senior V. President & Head Customer Acquisition
10. Bruce Lee Professional V. President & Head Money & Corporate
11. Sophia Chng Appointed Actuary
12. Liza Hanim Vice Leader & Company Secretary
b) Explore and review the current application of IT/IS
- Across different degrees of management
- Across different efficient units
Great Eastern is a company that people going to do research. Great Eastern is the most significant insurance company in Malaysia and the business had stepped on a century with the supporting from customers. You will find over 3 million policyholders for the company. The company has used sophisticate system to perform the business. Great Eastern using different information technology and information system to carry their business day-to-day plus they used the info system to manage the company better and efficiency. Basically the company used Oracle ERP system which is Oracle E-Business Collection to manage whole enterprise. The company contain different departments such as Funding and Accounting department, Individuals Source department, Sales and Marketing department and Customer Romance Management department. Each department used different information systems for his or her procedures but all the systems are linked to the Oracle E- Business Collection system.
Oracle E-Business Suite
Financials RECRUITING Tasks CRM SCM
There are numerous systems employed by the company and the main information system utilized by the finance department is Oracle Financials (OFIN). The primary user of this information system is all the staff in Fund department. Oracle Financials (OFIN) is one of an organization under the Oracle E-Business Suite and it includes five modules or also known as Oracle Applications. The five applications of the Oracle Financials are Oracle Basic Ledger, Oracle Payables, Oracle Receivables, Oracle Assets and Oracle Cash Management. Besides using Oracle Financials (OFIN), the company also use other communication system and office system to perform their daily business. The communication systems used by the company are E-mail, MSN, and Skype. The communication software allowed the employees and manager connect to one another and the office they are using is Microsoft Office 2007 such as Microsoft Word, Microsoft Excel and Microsoft PowerPoint. The application of system and software will change when it come across different level of management.
By using Oracle E-Business Collection, it can help Great Eastern to reduce the cost of automating centralizing global transfer procedures and produced streamline reporting across its branch office buildings in Malaysia. The management said that the info maintenance cost of the business have been reduced by 35% after integrated the machine. Oracle provides new alternatives that help financial institutions include Great Eastern to improve customer intimacy, build competitive gain among competitor, reduce costs by automating and centralizing the transactional processes and mitigate organization risk and it is constantly on the build its financial services leadership. Great Eastern use Oracle E-Business Collection Financials to support their business is because it can fits global financial reporting such as International Financial Reporting Standard (IFRS) and tax requirements by using only one accounting, banking, taxes and obligations model. Besides that, it delivers pre-integrated financial and industry-specific operations and it makes Great Eastern easy to operate distributed services across their businesses and areas. As it provides very consistent procedure and financial information to an individual, it helps the company make the right decision on investment and business decisions with integrated performance management and business cleverness.
The management of Great Eastern had divided into three categories that happen to be executive management, middle management and functional management. The professional management includes the highest management positions in the business such as CEO and CIO, who's primarily responsible for tactical decision making also known as unstructured decisions that centre on the company's overall goals. Every decision is important and non-routine. They will determine the permanent aims, resources and policies of the business such like where to invest, approve the administrative centre budget and oversee the center management.
While the middle management of Great Eastern such as Fund Department director is in charge of implementing the tactical decision such as create a budgeting plan and investment proposal. They make semi-structured decisions that happen to be short-range decision and will oversee operational management. The past layer in the venture are operational management includes all the staff who involved with daily transaction. They have to determine how to handle the specific jobs set by professional and midsection management decision makers. They need to monitor the deal carefully and ought to follow the task. In cases like this, the staffs of the fantastic Eastern need to record the orders make by policyholders and make sure the info is right.
Oracle Applications is installed and connect to the servers of an excellent eastern. All of the staff from different degrees of management in the business include CEO, department administrator and normal employees will get a consumer name and the security password to connect to the server. Basically, they hook up to the servers in their LAN by using their browsers. The user will receive a menu to choose their responsibility before they check out obtain another menu of functions to execute.
The individual may type in the data or what's happening at the company ground needs in a form in applications. In this example the applications will not allowed to continue further if there is any errors because the errors will be arrested at every step. The outputs will be a dozens of information in an alternative format for Business Intellect so that the users can make educated decisions predicated on timely information as well as for decision makers; they'll understand better what's actually going on.
The fives modules of Oracle Financials are Oracle Standard Ledger, Oracle Investments, Oracle Payables, Oracle Receivables and Oracle Cash Management.
General Ledger (GL)
Cash Management (CM)
Oracle General Ledger
Oracle Basic Ledger is the most scalable standard ledger and the speediest on the market. It can post 40 million journal lines per hour and therefore help the business cut down the time in getting ready the financial article. It is the main module which can be used to control the accounting and financial information of Great Eastern. The Oracle Basic Ledger will inform the business that how much profit they may have generate, how much expenditures they may have incurred, how much assets and liabilities of the business. Everything flows from different modules into Oracle Basic Ledger module which manages the accounting and helps the management to make decision.
Oracle General Ledger provides highly computerized financial handling and real time visibility to financial results. Besides, Oracle General Ledger also can support different kinds of journal control options. The system allows tailoring the chart up to 30 segments and 25 heroes per segment. An individual just can enter in the segments they would like to enquiry then your system will show the results. Another feature of the system is the chart of accounts will be guaranteed and prevent other people to access and retrieve the private data. Besides, Oracle Standard Ledger can also support different kinds of journal control options. The user can combine journals and plan the publications to be produced automatically and it offers spreadsheet integration for journals, reporting, costs and money rates.
The second module of Oracle Financials (OFIN) is Oracle Assets which is employed to manage the investments of Great Eastern. The belongings could be anything like laptop and computer in the company. By using Oracle Resources, the property management would be computerized and accounting jobs would be simplified. Standard accounting, functional, and registry information are available to help ease reconciliation and evaluation. Oracle Assets allowed the user to specify the depreciation rules based on the regulatory and business needs. The company can choose the method to in line with the needs.
Great Eastern is a worldwide enterprise; the company is concentrate on the business in South East Asia. Different country used different depreciation rules to estimate the depreciation charges. As the company expands internationally, Great Eastern need an integrated, flexible system grows up exponentially. In this situation, Oracle Assets supports organic reporting requirements includes worldwide financial and duty requirements. Great Eastern can obey any regulatory requirements from other country by using flexible user-defined rules to analyze depreciation charge.
The third module is Oracle Payables which is employed to control the vendors or the suppliers of the business. The exchange record or data need to enter in by the functional level includes what gets the company purchased from which merchant? When to pay the suppliers? Will the business pay promptly? What methods they used for payment such as by credit or cash? All of the transactions between your company and distributor will be record in the Oracle Payables. Within the Payment Process Demand window, it will show the details about the suppliers with the Great Eastern. It shows the amount, the name of supplier, time of purchased and the schedule of payments. The timetable of payments include the payment money, amount remaining, savings given, interest anticipated and also total amount payable.
With the assistance of Oracle Payables, it will optimize the payment strategies of the business. The center management is given the tools to control the cash flow, oversee the operational management to reduce the errors and the issues of overpayments. Besides that, the machine also helps to get rid of the inefficiencies with the standard reports that allow the manager to eliminate exactly the same or double payments. Other ways is Oracle Payables provides real-time, appropriate cash position and speculate information therefore the manager can programs the payment and expenses properly. So in overall, Oracle Payables can improves the margins, infuse corporate and business and fiscal self-discipline, and optimizes business connections between Great Eastern and their suppliers.
The fourth module of Oracle Financials is Oracle Receivables. Quite simply, the info for Oracle Receivables not much different compared to Oracle payables. The difference is this technique is used to manage the clients or receivables so that it will tell the business that the name of the customers, items bought from the customers such as what insurance policy purchased by the customers. Besides that it would state the payment methods utilized by the clients and the time of payment created by customers. Employing this system, it'll show the credit rating of the customers due to the pass payment created by them. All of the deals between Great Eastern and their customers will be noted in this system.
In the Oracle Receivables streamlines invoice access, it shows the name of the clients, address, contact number, policy quantity, types of payment, amount of prime, deadline, interest anticipated if any and etc. Besides that, it allows the business to increase their cashflow and lessen the bad credit debt through Oracle Receivables system and better control for the director. Oracle Receivables allows company to look globalization. With this technique, Great Eastern gets the flexibility to react to the global market needs, support any regulatory requirements therefore present documents in customers words and also enhanced customer romantic relationship. With the flexibility, it can help the business to compute the money gain or loss automatically so the finance staffs they no need do the intricate calculation independently and also in a position to record in multiple currencies.
Oracle Cash Management
The previous module of Oracle Financials is Oracle Cash Management. It can help the business to reconcile the bank statement and it will explains to that whether standard bank has made error not, just how many bank accounts the business have and also what's the status of the lender bank account. It allows Great Eastern to manage the firm's liquidity and control of cash. Oracle Cash Management gives the company directs access to expected cash moves from their operational systems. Utilizing the company can review enterprise wide cash requirements, cash management and money exposures more quickly, to ensure liquidity and ideal use of cash resources. Since it provides versatility in cash forecasting, in various currencies, different firm as well as for multiple schedules, the middle and senior management may use the system to forecast the money move in future predicated on forecasted ventures for example fantastic purchases and invoices which may be create a cashflow in future.
Besides that, real-time cash setting will decrease the idle cash. Real time cash positioning is important to prevent overdrafts of bank or investment company balance and helps the company deal with their liquidity effectively.
c) Explain the way the use of such IT/IS program can help change or control the business decision making and business process.
General Ledger (GL)
Cash Management (CM)
Great Eastern Finance department got used Oracle E-Business Collection to automate their general ledger and accounts payable and receivable control, cash management and as well as their fixed possessions. Oracle E-business Suite able to help the business automate budgeting, purchasing and any forecasting process include future cash flow and thus enable online repayment to the distributor or vendor. Without the information system, they need to do all financial budgeting and forecasting job by hand utilizing the Microsoft Excel spreadsheets and it will cause frustrating and the info produced may well not be appropriate and limited. Each module in the Oracle Financials will talk to each other means that information in one module will flow to each other although they are standalone software. In cases like this, the management is better to retrieve different information from different area.
By using standardized software, it simplifies interdepartmental posting of data as well as information and they are able to get everything they need. Besides that, the information system will also help manage the organization risk and reduce compliance costs. All of the modules will link together and it'll provide sufficient reliable information for the management of Funding division to make any short term or permanent decisions. For example, the Oracle Financials modules are linked to one another, the Finance director can make reference to different modules at exactly the same time to forecast future cash flow and control the daily transfer far better. The manager could use the software to make a right investment decision in the business.
Great Eastern used Oracle E-Business Collection to boost their budgeting and planning. The Finance administrator of Great Eastern gets into department budget and submits for the senior management to approve. Utilizing the Oracle Cash Management and Oracle Belongings, the user can immediately prepare the financial budget and forecast article after approved.
For Oracle Resources, operational management which involves Money staffs have to enter the original cost of the belongings, the useful life of the investments, and the most crucial step is to find the depreciation method that your company complied with to be able to determine the exact depreciation amount for every single year.
By using the Oracle Investments, it gives the business and division more accurate awareness of capital ventures and then the middle management like Finance manager will has better control over their capital investment. After the Finance manager questions for the ad-hoc survey, he may use the powerful Property Inquiry to gain access to the information he looking for, including deal history of the clients, financial details, depreciation profile, capital project details and financial details. The senior management of Great Eastern able to optimize their accounting and taxes strategies by projecting depreciation bills with what-if depreciation analysis. Along with the assist of Oracle Property, it drives better decision making and able to optimized business processes at lowest cost.
Oracle Cash Management
For oracle Cash Management, the functional management will go into all the past business deal data into Oracle Cash Management including the cash inflow and cash outflow then your system will compute the net earnings. The center management they only go into the duration they heading to forecast for example 3 months from now, in addition they need to find the forecast currency then the system can do the calculation and forecast the future cashflow of the company. The Finance administrator can base on the forecasted result and determine how to allocate the cash and exactly how much to invest in which area to increase the revenue of company. An individual can do their budgeting and forecasting without rely on the hard copy record, because all the info will easily and quickly arises on time that will increase the exactness of forecast. It will also make sure the exact information of the companys assets between Finance department and line of business will help the manager make better decision on budgeting. Minus the assist of the machine, it might take up to 2 weeks to help make the report open to the supervisor.
After planning the budget and forecast report, it'll helps the Money manager to have an clearer picture on how to allocate the money in different part of assets such as stocks market, bond, product trust or deposits. In addition, Oracle Cash Management can build a cash forecast based on forecasted deals like spectacular order and invoices. With this, an individual in Finance team can analysis days gone by transactions from the clients and suppliers such as receipt and previous payments into future. Once the budget and forecast report was approved, the budget data will be upload into Oracle General Ledger for combo. After that the budget is ready to use by the Funding team. Besides that, the month-end record also can be created inside a day allowed the faster reaction to inquiry by the Fund manager.
Oracle Standard Ledger
Finance office staffs are employing Oracle Basic Ledger and Oracle Cash Management to done their day-to-day business exchange include oversee the invoicing, budgeting and also company cash flow. The Oracle applications are included with one another, it creates the financial information more secure and reliable and stored in a single database. It gives the higher awareness to the manager into financial issues. Basically the manager will have assured in making any financial decisions because the data provided is appropriate which is the latest one regarded as up-to-date data.
Operational management in Great Eastern Fund department used the Oracle Basic Ledger to enter in the daily accounting business deal. The funding staffs just need to enter the correct data like the premium amount; expenditures and amount lay claim from policyholders then the system will help them to perform the task. Because the system performs the task in automatic way, it'll decrease the error make by people and increase the efficiency. For middle management, they will oversee the functional level.
Since Oracle General Ledger provides adaptable chart of accounts and reporting set ups, the finance department manager can predicated on the record and decide. Oracle Basic Ledger allows the middle management to truly have a complete control and versatility to design their own graph of accounts. They need to know the quantity of insurance high grade delay or accrue by the policyholders and send the notifications to reminder them to pay off. Furthermore, they can control the budget and expenditures made by the department based on the accounting record. Oracle Standard Ledger also provides versatility to the management level to response to their inquiry. The manager only enters the segment they need then your system will show the result to manager. From the effect, the manager will know the balance of the profile, the amount paid to the suppliers and received from customers.
The mature management use Oracle General Ledger to be sure of the profitability income growth of the fantastic Eastern. The CEO of the company can use the system to check the total amount each month because the machine supplies the feature of automated month-end close processing. It allows the older management to optimize the use of resources they have such as, cash, belongings and budget to generate more income for company in future.
From the accounting record, Money department will know the profitability earnings growth in the past; it can help the company to make smarter decision in the foreseeable future and fully make use of the resources that the company has to generate higher revenue by referring to the accounting record produced by Oracle Basic Ledger. Oracle Basic Ledgers FINANCIAL RECORD Generator (FSG) improves the accurately and timeliness of financial reporting. FSG supports many outcome options includes PDF, HTML, text message and spreadsheet outputs. In addition, the staffs are allowed to create quality reports by defining the survey layouts using word processing program and leveraging formatting features like change the font size, shade and adding logo.
Oracle Receivables is a module which allows the Finance office to control all the transfer made by the customers. The staffs have to get into the info of the customers like name, policy number, date, types of acquisitions and amount of acquisitions in order to reduce the error. Oracle Receivables can do computation with data, determine the high grade amount need to pay by the policyholders and determine the interest due if the policyholders failed to pay the top quality on time. The task will be automated so it will help to decrease the personal error and provide more appropriate and timely data. Predicated on this technique, the functional management will send the notification letter to the customers and tell the clients when they have to pay the high quality. Simply the information from this system will move to Microsoft Office- Microsoft Phrase in getting ready the notification for customers.
In order to optimize customer relationships with the company and provide tactical information, Oracle Receivables allows the funding staffs to streamline invoicing and receipt. The info type in will be saved in the database and possible for user to get data the next time. In addition, it will allow management know the credit rating of the clients and they also will always concentrate on the devoted customers after they create new product. Along with the assist of Oracle Receivables, the center management know who is improbable to make repayment on time and they will find out the solutions try to increased the relationship between the customers with business and reducing the time and effort necessary to process customer repayments thus deal with disputes.
By using Oracle Receivables, the mature management of the company can provides variety of convenient obligations to the clients to make payment like using credit card, debit credit card, check or cash. This will likely encourage timely repayment and reduce their day sales remarkable (DSO).
Oracle Payables are offer with the purchase for suppliers. Employing this system, it'll tell the company when they need to pay to the suppliers. Oracle Payables will show the total amount, time frame and the name of person or company that the business should pay on time in order to keep up a good credit history and trustworthily form the creditor. With the help of Oracle Payables, it will optimize the payment strategies of the enterprise. The middle management is given the tools to control the cash movement, oversee the operational management to reduce the errors and the issues of overpayments.
The management level can based on this system decide what types of payment they ought to pay first and what the repayment method is. This technique supports distributed services operation which encourages best practice for Great Eastern. Besides that, Oracle Payables also provide full range support for Great Eastern including forex ventures and also future day payment. So in overall, Oracle Payables can enhances the margins, infuse corporate and fiscal self-discipline, and optimizes business interactions between Great Eastern and their suppliers.
Office and communication system
For Office Automation System (OAS), Great Eastern Financing office using Microsoft Office 2007 in perform their daily business. It really is designed to boost the production of data personnel at work by assisting the coordinating and communicating activities of the normal office. The most frequent office tools employed by the funding staffs are Microsoft Term and Microsoft Excel. The staffs are using Microsoft Word to prepare the report and letter or document required by the manager. Essentially, the financial article of Oracle Financials will connect to Microsoft Phrase and PDF straight so the staffs you don't need to prepare again the statement by their own. The Money staffs use Microsoft Excel to do some simple calculation like the total high grade amount paid by the customers, the every month collection, interest repayment and etc. Besides that, they also used Microsoft PowerPoint when there is a conference of the division. The presenter will show the slides by using Microsoft PowerPoint to make it more interesting.
Besides that, the company also uses communication software to be able to communicate with each level of the department. The most frequent communication way is to use E-mail. Each staffs in the company from minimum to top management receive their own E-mail address for inner use and exterior use. For the inner use, the colleague can send the doc, notice or information through E-mail to some other so this will reduce the use of newspaper and save a lot of times because they you don't need to inform one by one. Other communication system like MSN is hardly ever using by the business since it may increase some honest problem to the venture.
d). Evaluate areas of talents and weaknesses for the current IT/IS program used.
Strengths of Oracle Financials:
Oracle offers a comprehensive treatment for the customers. With Oracle Financials, Oracle would be able to deliver best-of-breed financial applications to customers and that might be able to increase the solid efficiency and cut down the operating costs greatly. Under Oracle Financials, there are 5 modules which contain General Ledger, Account Receivables, Account Payables, Property Management and Cash Management. This built in solution would be able to improve visibility into business, financial, and compliance performance over the enterprise. The breadth and depth of Oracle available systems are unprecedented. Great Eastern only use the Oracle Financials treatment for provide their current business needs. However, in the case when Great Eastern has future growth plan, their might need to buy additional systems. There may be when the situation develops as new systems might not exactly have the ability to integrate into existing system. Lack of integration would bring about disjointed processes, often with manual dependencies, and high operating overheads. Oracle can ease integration problem by offering their own application from other breadth of products that would able to serve the ongoing business expansion demand.
Superior Performance Level
Oracle is well known for its ERP superior performance level. Based on the research of PricewaterhouseCoopers Global Best Practices, Oracle employs the best practices among the software industry. As a direct evaluation with the performance of industry median value, Oracle ERP performance definitely has the upper palm. This advantages is outlined in key financial process standard of Oracle Financials. Oracle Financials only incurs a cost of $2. 64 for every single of the invoices processed as the median value of industry is $5. 18. That is clearly a 49% improvement as compared to the common industry standard. In addition, Oracle Financials also have the ability to process 12, 122 invoices per FTE per yr. This value is impressing as Oracle Financials have the ability to outnumber the industry median value by 4, 539 as the industry average only process 7, 583 invoices per FTE per 12 months. In the end, Oracle Financials offers a competitive advantage over its peers as it manages to achieve a 50% improvement in performance level on an overall evaluation basis.
High Efficiency and Flexibility
Oracle Financials can meet global financial reporting and taxes requirements with sole accounting, duty, banking and repayments model. Furthermore, it also makes it easy to use shared services across businesses and parts. In term of the complex view, it can provide flexibility in creating financial studies with providing extremely flexible chart of accounts structure (20+ segments with multilevel hierarchical structure possible). Oracle Financials also supply end user with many options that let them to designate the accounting and handling behavior of several (but not all) aspects of the operations within the machine. Moreover, additionally, it may drive down the cost in making financial processes and has higher capacity in generating huge level of transaction processing. With all the deployment of Oracle Financials, program performance increased and requirements for reporting and handling large amount of data were met. Backup businesses were streamlined, maintenance downtime was decreased and there is a reduction in monthly closing circuit time. In the end, with the high efficiency and versatility that Oracle Financials can provide, its thorough features can be configured to beat almost every business scenario a company can go through.
Oracle is the major enterprise software company on earth. Oracle has a wide range of products and a strong presence in the program market. Essentially, with the knowledge, skills and experience that Oracle possesses, Oracle can produce a thorough features and top quality system. In this manner, Oracle customers can be confident for the integrity of the system as Oracle has the tendency to provide the best service experience to their customers based on their historical track record. The worthiness of established organization will also give a degree of certainty to the clients. Customers would be likely to get support and services from Oracle rather easily. This also creates a less strenuous environment for firms to outsource for talented workers to keep and support their existing system. This is because of the fact that stronger brand company will attract sufficient supply of individuals to be trained as qualified staff and in a position to satisfy the demand of system maintenance and support services. Quite simply, company that purchased Oracle Financials would be able to enjoy a less expensive for maintenance and support services. They also dont need to fret about insufficient support services on a continuing basis.
Weaknesses of Oracle Financials:
Cost of Software
The cost of Oracle Financials is quite high given its detailed solution provided. As an example, the license fees for Oracle Financials that designed for 5 users cost around $USD 4, 595 per 12 months. In addition, to get additional software update permit and support fees, an expense of $USD 1, 010. 90 need to be recharged annually. The Oracle solution is only suitable for some international or multinational company as highlighted by its top quality charges. The overwhelming cost will definitely defer any interest from small or medium businesses. A higher end pricing will incur additional expenses for firms and therefore trigger affordability issue as company will routinely have a limited IT budget to spend on each financial 12 months.
Oracle is infamous because of its application steadiness. The lists of patches on Oracle support website are limitless. In the event of primary release or major upgrade, Oracle application might encounter continual system breakdown. It is understandable in the case of every major upgrade, the system might contain a high amount of bugs. The true problem is after new upgrade being installed that solve the prior errors, it have a tendency to create another new insect. It looks like the procedure of replacing the machine with new patches or up grade will go on forever. Oracle system tends to stabilize only after several patches being released. However, the negative experience that endured and cost that incurred in the process is irreplaceable. Furthermore, Oracle seems to be willing to place the end users to do a Question and Answer test in their software that gives them feedback to improve their system. After all, the firms which may have spent much money on the application will expect to get some solid and well tested system. Overall, if Oracle didnt treat these issues any soon, these issues will generate a poor image of Oracle that is irresponsible to gaining new upgrade that compromise the system quality.
High Explicit Cost
Oracle Financial is an extremely complex and integrated application. To be able to operate it effectively, the firm must provide extensive and comprehensive training to the finish user. Quite simply, additional surcharges must be included to cover the training cost for personnel. Moreover, gleam cost that is from the implementation. To use such a sophisticated application successfully, an implementation team contains specialists and job administrator must be recruited. All these will donate to an increased explicit cost.
High Usage of Resources
The capacity to size and customize should be the strength of the system. Nevertheless, regarding Oracle Financials, it'll trigger a lot more trouble and wastage in term of resources and period to the company. Customization allows something to be revised accordingly to support the business enterprise needs. The organization can definitely customise the logics of the applications; however, the cost that incurred along the way is incredibly high. The firm should employ a large amount of developers and a good mass amount of end users to totally test them out. The problem is highlighted in the event the firm applies patches or installs new upgrades; this special customization may potentially screw up the organization system. In order to take preventive dimension, the firm should recruit developers and customers to consistently test these customizations in new surroundings to be sure they'll still work. Over time, the firm will simply waste great amount of resources to keep addressing this issue.
Persistent security issues have been raised over the Oracle Financials. For example, the security issue of remote authentication protocol has been raised. There is a security flaws in oracle database 9i and 10i that permit the attackers to start brute-force attacks resistant to the remote authentication protocol. By transferring specially constructed data during the authentication handshake, there is a likelihood that attackers could probably push targeted database servers to downgrade the protocol they deploy during authentication. The protocols of earlier version than 9i are possibly less secure, so attackers could easily get an advantage. In addition, exploiting this flaw efficiently will enable them to downgrade the protocol used during challenge-response authentication process. This will help them in further episodes, as they are in a position to perform offline brute-force problems against captured authentication traffic. With this intrusion, attackers might catch the organization valuable and confidential data that can be exploited.
e) Development and answers to replace existing IT/IS applications.
Solutions for Cost of Software
Limited IT finances always impose constraint on a company ability to purchase IT/IS applications. Oracle can try to abolish fixed rates strategy on IT/IS applications and create a customized package for every customer. Oracle can charge customers based on their specific bundle and thus get rid of the affordability issue. Eliminated affordability issue would allow small and mid-size to own a competitive IT/IS application. In this manner, Oracle can extend their market range and the affect of the company. In addition, Oracle can also give some discount on software update price or annual software revisions and support services cost to dedicated customers. It is easier to extract revenues from existing customers than to consider clients. Oracle would be able to entice a faithful customer like Great Eastern to continue their working romance on an ongoing basis. Great Eastern can also benefit from this offer in the sense that reduced maintenance and support services price would improve the profitability of Great Eastern. Furthermore, Oracle can also provide some preferential treatment to customers. For example, it may expand the FOC (free of charge) maintenance period to customer that has just bought their product. This goal is ideal for provide wide range of incentives to their customer and improve customer retention rate.
Solutions for Stableness Problem
Oracle stability concern has a significant implication on the scalability of Oracle Financials. WHEN I mentioned above, the worthiness of customization of Oracle Financials has been severely influenced by the steadiness problem. The organization needs to incur a higher cost to be able to customize the machine. In my opinion, Oracle should put emphasis on addressing the machine balance problem. Oracle should extend beta-testing period to ensure the dependability and security of the particular system. An extended beta-testing period will increase the probability to recognize any defects in the system. In case of detecting any defect in the system, Oracle would be able to debug the problems instantly. Oracle would be able to control the machine defect rate and manage to deliver a more secure system to consumers. Finally, Oracle can also recruit software tester to conduct an extensive examination into that particular system. Software tester will attempt to identify potential defect and inform Oracle on the possible solution.
Solutions for High Explicit Cost
As a result of the complexity of Oracle Financials, the cost associated with maintaining and supporting the system is incredibly high. Great Eastern must pay out a large sum of money to repay training cost for personnel, addition surcharges and so on. For me, Oracle should put their priority on providing sufficient and complete support services to their customers on an ongoing basis. In other words, Oracle should add more resources such as human resources on supporting customers. As an example, Oracle might consider to assemble project implementation team to supervise the execution project for new customer. In this way, Oracle will help firm to reduce the explicit cost from the temporarily recruitment of staff for the implementation project. Furthermore, Oracle can also consider introduce interactive online support system with their customer. This will automate support functions and act in response quickly to customer needs. All these enhancement measures will increase customers satisfaction and reduce their frustration.
Solutions for High Ingestion of Resources
Customization is a function in which scaling the prevailing system to become compatible to the business enterprise needs and therefore create more value for the organization. The high cost associated with system customization is discouraging the firm to employ this technique. First of all, Oracle should focus on solving the regular patching and update issue which cause trouble with their customers. Oracle must increase the system screening period and get to deliver a far more stable and reliable program for customers. Once this issue has been solved, the firm continues to be necessary to commit an enormous sum of resources to keep up and support the system on a continuing basis. Therefore, since customization engaged high cost, Oracle will offer a more immediate solution to replace customization. Oracle makes it possible for more add-on functions to the machine and thus reducing the necessity for specific customization. This measure is cost saving while keeping the compatibility between the system and the firm business needs.
Solutions for Security Concerns
Software security threats emerged persistently because the introduction of internet. In essence, this has posed great challenges to the software company. As a recommendation, Oracle can retain the services of software security consulting firm to acquire some professional tips on how to take care of security threats. Software security staff have insight knowledge in security protection issues and in a position to offer extensive solution to ease security threats. They could identify security loopholes successfully and present advice in creating a strong and secured system. Furthermore, security consulting company contains a professional management team to control the security. As a result, Oracle customers will feel convenient and secure with their database. Furthermore, Oracle can also form an in-house software security department to keep an eye on security threats. In-house security team can help to observing the problem and tracking possible security threats. This can enable Oracle to neutralize the security threats before it implode. Last but not least, Oracle could also post an incentive centered system to outsiders that assurance rewards in case of finding a security threats. At the same time, Oracle must always fixed and alleviate security imperfections within the system immediately to ensure their system security is ideal.
In todays business context, the business world is keep evolving and ever changing. Todays evolving business surroundings has set a new standard and demand for enterprises. It needs the enterprises to not only adapt to the existing business environment, but also anticipate change and answer proactively. It has put focus on effectively aligning people, process, data and technology so that enables businesses to keep pace with the existing demands, while preparing for the future. Oracle Financials is the application form that Great Eastern experienced chosen to achieve this imperative need and succeed in this environment.
Great Eastern is one the most prominent insurance company on earth. In the age of information driven money, Great Eastern has deployed Oracle Financials as one of the way to amplify their competitive edge through improved operating efficiency and lowered operating cost. The nature of insurance company such as Great Eastern requires considerable usage of financial structured information systems to assist them in their day-to-day business functions. Therefore, the deployment of Oracle Financials will allow Great Eastern to improve visibility, control and efficiency while offering as a base once and for all governance and constant growth.
It should be noted that there are some zero certain portion of Oracle Financials. As an instance, the top quality charges of Oracle Financials is served as an obstacle for certain mid-size companies. Nevertheless, the high end rates of Oracle Financials is justified by its superior performance level and associated benefits that it can deliver. Furthermore, Oracle Financials steadiness problems, high explicit cost, high intake of resources and security issues have been raised as time passes. These issues have imposed negative affect on the worthiness of Oracle Financials.
However, we've included several enhancements that may further consolidate the value of Oracle Financials. As an example, Oracle could provide a more extensive support services to their customers in order tackle the problem of high explicit cost and intake of resources. Besides, Oracle can also employ the service of security consulting firm to create a stronger safeguard force because of their customers. Oracle can also resolve the stability problem by allocate more resources on beta-testing and thus minimize the problem of buggy software.
After taking into consideration the benefits and weaknesses of Oracle Financials, it ought to be realized that the advantages of Oracle Financials evidently outweigh it deficiencies. Its deficiencies didn't undermine the trustworthiness and central value of Oracle Financials. In essence, Great Eastern should continue to deploy Oracle Financials as their main financial based mostly information systems to be able to thrive in age information driven fund.