...• Cognizant 20-20 Insights How Cloud Computing Impacts Trade Finance Executive Summary As worldwide trade gradually recovers, the financial climate enablers remain challenging. Affordability, accessibility and adherence to newer, stricter Basel regulations stand as unabated hurdles in the path to rapid recovery of trade finance.1 According to a survey conducted by International Chamber of Commerce (ICC) in 2010, a total of about 42.9 million transactions were registered, representing a 5.81% increase over 2009 — a slight gain after the previous year’s fall. Technological innovations are bound to play a crucial role in accelerating the recovery process through the streamlining of front-end to back-end processes, enabling trade finance institutions to offer customized, low cost, value-added solutions that meet the requirements of geographically diverse customer segments. This paper discusses a key technological advancement, cloud computing, which is already making inroads at leading trade finance software players. This development enables a bank to build a strong trade finance architecture for maximizing profitability, a goal which starts with making such services more affordable and accessible to customers. Within trade finance and other corporate transaction banking services, financial institutions are moving ahead to reap the benefits from lower-cost private cloud services. These cloud services offer dedicated solutions with rigorous security controls, freeing both banks...
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...TECHNOLOGY Why Cloud Computing Matters to Finance By Ron Gill, CMA, CFM When was the last time you upgraded your ERP system? If the answer is “not in recent memory,” then you aren’t alone. About two-thirds of mid-sized businesses are running old versions of their enterprise resource planning (ERP) system—in some cases, it’s software that’s three or more versions old. This is the legacy of decades of on-premise (in-house) software deployments, incremental releases that never seemed worth the pain of a major upgrade migration project, and fear of losing critical customization. January 2011 I S T R AT E G I C F I N A N C E 43 TECHNOLOGY But in the midst of rapidly changing revenue recognition rules and a constantly evolving regulatory environment, it’s more important than ever to have your business systems reflect the current business environment. At NetSuite, at the time of this writing (December 2010), we’re running the company on the current version of NetSuite’s cloud ERP solution—2010.2—that was released in October 2010. In fact, every other business running its financials on NetSuite’s cloud ERP—from the smallest business that started using it more than 10 years ago to the largest enterprise that signed up last quarter—is also running on the latest version of the software. In contrast, the fact that the bulk of finance organizations are running traditional, on-premise accounting systems that are too painful to upgrade is just one data point that the era...
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...The Influence of Internet Finance for SME Financing in China Introduction Currently, SME (Small And Medium-size enterprises) is the foundation of promoting national economy development, constructing the subject of market economy and promoting the development of social stability in China (Wang, 2011). In recent years, the economic situation has experienced dramatic change and this huge variation stimulates financing needs of SMEs in China greatly. Nevertheless, the majority of SMEs have financing difficulties due to their personal limitations and insufficient external support. As a result, it is hard for them to have a further development. With the advent of the information technology revolution, Internet Finance is considered as a new effective way to solve the financial difficulties of SMEs and it brings about many positive influences, although there are some negative aspects to improve. This essay will firstly inform background information about the reasons for SME financing difficulty as well as Internet finance’s current condition. Additionally, it will give evidence for the main argument that there are more positive influences than negative influences of Internet finance on minor enterprises’ financing issue. Finally, some practical suggestions will be put forward, helping Chinese SMEs to find the optimal choice in financing. Background There are more SMEs in China than before in accordance with the relevant statistics. According to Wang (2011), SMEs account for 99...
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...organisations has been growing rapidly. In a survey conducted by Mimecast across the U.S. and Canada on cloud computing adoption by businesses, it has been found that 51 percent of the business ventures have already adopted cloud computing. The survey also indicated that 66 percent of enterprises are considering about the adoption of cloud computing. (Ward and Sipior, 2010) Cloud based accounting information system brings operational and cost efficiency to the organization by enabling enterprises to store, access and share information at lower costs and with greater flexibility.(BHIMANI and WILLCOCKS, 2014) However, data security and privacy are two of the major concerns in terms of the extensive use of cloud computing in enterprises. (Lia et al., 2011). Overview of cloud computing Cloud computing is an information technology service model where computing services (both hardware and software) are delivered on-demand to customers over a network in a selfservice fashion, independent of device and location. (Prasad et al., 2013). Two terms are closely interlinked with the cloud computing are “Software-as-a-Service,” or “SaaS,” and “Application Service Provider,” or “ASP.” Both terms refer to software delivered via the Internet in a multitenant model. In other words, multiple customers are accessing the same software at the same time. (Lee and Jr., 2012). Cloud computing provides wide range of services to its customers ranging from basic computational resources to customised application...
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...INFORMATION SYSTEMS AND SOFTWARE APPLICATIONS Irene Anderson BIS/219 BUSINESS INFORMATION SYSTEMS DECEMBER 8, 2010 ROBERT ALLEN INFORMATION SYSTEMS AND SOFTWARE APPLICATIONS In today’s business world, information systems and software applications are used in every department from accounting to human resources. Successful organizations use these tools to survive in today’s computing environment. The types of information systems within an organization are 1) Accounting IS, 2) Finance IS 3) PCM IS, 4) Marketing IS, and 5) Marketing IS. These types of information systems collects, processes, stores, analyze, and disseminate information for specific purpose. For each information system in the organization, a specific software application is used by employees to perform a business task such as HRMS under HR IS, INTACCT under Accounting/Finance IS and QuickBase under marketing IS. “Human Resources Information Systems (HRIS) is a software or online solution for data entry, data tracking, and data information needs of the Human Resources, payroll, management, and accounting functions within a business. It is typically packaged as a database.” An example of HRIS application software is Human Resources Management System or HRMS. HRMS is a software application that helps an employer handle a host of human resources functions. It is a database program that tracks employee attendance, performance reviews, training systems, employee’s skills and workplace preferences. This...
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...workers is in North America and Latin America is to exceed 212 million (Proformative.com, 2012). More accountants are using smart phones for work; mobile access allows firms to connect with clients outside of regular business hours, and other locations. Smartphone’s are quickly being adopted by the accounting professional, many still think of the Smartphone as just a mobile phone with additional features such as texting and music player. However with the advancements of the phone it would be more accurate to say that it is a small computer that can also act as a phone (Jagst, 2011). Of course laptops will continue to play an important role in the accounting practice of the future, but the tablet computer will be much bigger. Mobile computing will continue to develop in the accounting profession with applications improving on a daily basis....
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...Programming(RM 33) * Mathematics for economics (RM 1) * Software Economics(RM 1) * Media and Society (RM 1) * Marketing(RM 2) * Human Resource Development (RM 2) * Human Rights and Development (RM 2) | * Business Communication/Communication Skills(Gym, RMs 36, 33, 2) * Project Planning and Management Software(Project) * Public Finance(RM 1) * Intermediate macroeconomics 2(RM 1) * Project Appraisal(RM 1) * Wood based Materials &Processes I(RM 1) * Financial Management(RM 1) | WEDNESDAY24/06/2015 | * Media Law(RM 1) * Introduction to Business( Gym) * Introduction to Public Administration(RM 36) * Intermediate microeconomics 1(RM 1) * Cyber Law(Gym) * Food security in Developing Countries(RM 33) * Risk Management(RM 2) * Project Design 1(RM 2) | * Sociology of Education(Gym) * Managerial Accounting (Gym) * Geographical Information Systems(RM 33) * Writing for Media (RM 2) * Ethics in Human Resources(RM 33) * NGOs and Development(RM 1) * Introduction to Social and Cultural Anthropology(RM 1) * Development psychology(RM 1) * Fundamentals of Information Security (RM 1) * Electronics For Computing 2(RM 36) * Project Portfolio Management (RM 2) * Wood...
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...information technology there is always room for improvement that will keep them in the latest technology to serve the business. Cloud computing and other complementary assets have become the norm in the growth of social networking. Businesses have incorporated Cloud computing models into their technology systems taking on Cloud and transitioning away from customary information technologies. Going to the Cloud and embracing this new technology is being taken hold by businesses, and how businesses, such as DeVry utilize and expand this technology to impact and improve the quality of service they give to their customers. This paper will explore the technology being used and the changes that are being implemented. Definition of Cloud Computing Cloud Computing is proving to be a benefit for many businesses. The cloud computing model allows for business to store data on a Web-based server and the user to view those services while the infrastructure that delivers these services are invisible, or in the cloud. According to IBM Academic Initiative (2009) Cloud Computing is a “Model for delivering Internet based information and technology” (pg. 1). With Cloud computing, Universities can...
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...MBA‐Evening CLOUD COMPUTING Cloud computing is a significant advancement in the delivery of information technology and services. By providing on demand access to a shared pool of computing resources in a self-service, dynamically scaled and metered manner, cloud computing offers compelling advantages in cost, speed and efficiency. Cloud Computing is a technology that uses the internet and central remote servers to maintain data and applications. Cloud computing allows consumers and businesses to use applications without installation and access their personal files at any computer with internet access. This technology allows for much more efficient computing by centralizing data storage, processing and bandwidth. A simple example of cloud computing is Yahoo email, Gmail, or Hotmail etc. All you need is just an internet connection and you can start sending emails. The server and email management software is all on the cloud (internet) and is totally managed by the cloud service provider Yahoo, Google etc. The consumer gets to use the software alone and enjoy the benefits. Cloud computing is broken down into three segments: "application" "storage" and "connectivity." Each segment serves a different purpose and offers different products for businesses and individuals around the world. In June 2011, a study conducted by VersionOne found that 91% of senior IT professionals actually don't know what cloud computing is and two-thirds of senior finance professionals are clear...
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...Cloud Computing and How it is Changing Modern Business Thomas A. Schaak ITT Technical Institute Abstract Cloud computing is a recently developed technology that is rapidly changing how users interact with technology and with data. The cloud allows users to wirelessly connect to data servers and perform many tasks without ever having to physically connect to a system. Keywords: Cloud Computing, Networking, Wireless Systems Cloud Computing and How it is Changing Modern Business Cloud Computing is rapidly becoming more popular in business and casual settings. The cloud is always available, and needs minimal training and pre-requisite knowledge to interact with. It grants the user a broad network access with minimal drawbacks, as it can be accessed through most mobile devices such as phones, laptops, and tablets. This makes it very appealing to both customers and the vendors. To be more specific, the cloud offers resource pooling, rapid elasticity, and measured service. Resource pooling means that all the data is stored on one single server, where all users can interact with this at the same time. This is helpful to business because it makes transmitting data to the company or to clients is now incredibly simple and only uses one server. Rapid elasticity is a term that means the server can rapidly change its size to suit its needs. This means if there is a sudden influx of data being sent and received, the cloud can increase its size and maximum bandwidth to properly suite...
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...information to improve efficiency and effectiveness of decision making, including systems termed decision support systems, expert systems, and executive information systems.ref name=obrien/> Many business schools (or colleges of business administration within universities) have an MIS department, alongside departments of accounting, finance, management, marketing, and may award degrees (at undergrad, masters, and PhD levels) in MIS. Kenneth and Jane Laudon identify five eras of Management Information System evolution corresponding to the five phases in the development of computing technology: 1) mainframe and minicomputer computing, 2) personal computers, 3) client/server networks, 4) enterprise computing, and 5) cloud computing.[3] The first era (mainframe and minicomputer) was ruled by IBM and their mainframe computers; these computers would often take up whole rooms and require teams to run them — IBM supplied the hardware and the software. As technology advanced, these computers were able to handle greater capacities and therefore reduce their cost. Smaller, more affordable minicomputers allowed larger businesses to run their own computing centers in-house. The second era (personal computer) began in 1965 as microprocessors started to compete with mainframes and...
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...comprises of modules which aim on the required aspect of the enterprise business activities which include Human resources, Finance, procurement and logistics. The use of ERP software is to coordinate and integrate all the various departments within the university and perform reliable functions across departments on to a one computer system that provides unique assistance to everyone’s particular needs. ERP Software will help the university to exchange different set of data thereby facilitating effective and efficient interaction within departments. This software will run the university’s server networks to connect to more powerful services to fit their data while each module performs different functions or specific data processing. Below are some of the ERP Modules examples: 1. Financial Management 2. Procurement 3. Sales, distribution and logistics 4. Student administration 5. Supply chain management 6. Human resources management The university needs to set up a structure on a client-server architecture which would include presentations, access to internet connectivity, applications and database layers. In order for the university to analyze the key or major concerns which currently affect the growth of the institution, they need to vigorously look into the following problems: 1. Problem arising from the dean of computing academic department on campus This will allow the server to coordinate all the various...
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...Migrating IT service to the “cloud.” Student’s Name: Course Title: Professor’s Name: Institution: Department Date: Introduction Cloud computing promises a revolutionary move in the provisioning of computing resources within an enterprise. An IT network of a company maintained by an IT manager and technician may be forced to migrate to the cloud when its capacity to hold the expanding needs of its workforce goes beyond control. The US National Institute of Standards and Technology (NIST) defines cloud computing as a model for enabling convenient, on-demand network access to a shared pool of configurable resources of computing that can spontaneously be provisioned and released with reduced management effort or service provider interaction (Mell and Grance, 2011: 2). This paper will focus on a project dealing with migration of an IT company to the cloud. As a project manager it is essential to keep an eye on what is happening during the project and foreseeing the general procurement of that newly remotely hosted service. Project Scope It is worth in noting that the strategy for acquiring cloud migration services should align with the strategy of the Federal Data center consolidation initiative. This project's overall goal is to implement the migration of workloads and the applications to the cloud, including the provision of cloud service environment which is essential. To achieve the objective, the cloud migration services must comply with the applicable business...
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...Headquartered in Chicago, Illinois, Personal Trainer is about to enter the International Market by expanding into Toronto, Canada. This entry will be their first implementation of the “SuperCenter” business model. This model will include features not currently found in their other fitness centers such as a health food store, a teen center, and special programs for various ages of child care, and computer café where members can have online access to customized training programs and progress reports. Included in the “SuperCenter” model will be the basic services offered at all centers like a large exercise area with state-of-the-art equipment, a swimming pool, snack bar, child care, and a sporting goods shop. Business Processes The finance side of the business utilizes account payable, receivable, and general ledger software by BumbleBee, a popular accounting package. A user productivity system for word processing and membership management is provided by the Microsoft Office productivity suite of Word, Excel, Access, PowerPoint, Outlook and Publisher. Business Processes: Accounts Payable: Pay for goods received from suppliers or service providors Accounts Receivable: Receive payments from customers with accounts General Ledger: Process transactions of accounting system to assets, liabilities, revenue, and expenses Membership Lists: Collect membership information POS Sales: Receive payment from customers for reduction...
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...Cloud computing is a technology that uses the internet and central remote servers to maintain data and applications. Cloud computing allows consumers and businesses to use applications without installation and access their personal files at any computer with internet access. This technology allows for much more efficient computing by centralizing storage, memory, processing and bandwidth. A simple example of cloud computing is Yahoo email, Gmail, or Hotmail etc. You dont need a software or a server to use them. All a consumer would need is just an internet connection and you can start sending emails. The server and email management software is all on the cloud ( internet) and is totally managed by the cloud service provider Yahoo , Google etc. The consumer gets to use the software alone and enjoy the benefits. The analogy is , 'If you need milk , would you buy a cow ?' All the users or consumers need is to get the benefits of using the software or hardware of the computer like sending emails etc. Just to get this benefit (milk) why should a consumer buy a (cow) software /hardware ? Cloud computing is broken down into three segments: "application" "storage" and "connectivity." Each segment serves a different purpose and offers different products for businesses and individuals around the world. In June 2011, a study conducted by VersionOne found that 91% of senior IT professionals actually don't know what cloud computing is and two-thirds of senior finance professionals...
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