Business Report: Monash University

Introduction

Automatic identification system (AIS) and enterprise resource planning (ERP) are the important systems to grow in your field. ERP systems are typically largest and most demanding information systems which firms implement for the major departures from the individual department. The area which I choose for my business report is Education and by narrow downing the sector the organization which is took is Monash University. Monash University is one of leading university in Australia. It provides its services all over the world. Monash is ranked under 100 universities of world. At Monash they make difference in everything they do. Monash has good intentions to do for students therefore they have impact locally and internationally Monash has its universities in four countries and they want to expand it globally to serve the more students (Monash, 2018). It’s an optimistic approach university who feels that future will be more advance and successful for the education. The university named Monash after the name of John Monash. He has done great work for its nation. The main aim they are getting by providing the quality education and by in 10% of top ranked university of the world. The main purpose of this business report to explain the importance of AIS/ERP to the university that how it can have made their business more effective by implementing these systems. So, it helps the organization to organize its system as well if they work effectively it will reduce the time become more productive. Monash has good IT system but after adopting AIS/ERP they will become more successful.

Business Policies

Business policies are the very important for the organization to grow and keep the business financially sound and minimum the market risk for the organization.

Every business must take care of six policies which help it to be more productive as compare to its competitors. In all this the AIS/ERP systems help to develop these policies more effectively and efficiently. Monash has good policies for the university but with the time it must develop its strong ERP system to be more productive. As the simple return policy of the Monash is that the student admitted in university and if he did not feel it attractive he can exit the university with the refund policy of the university. But by using the ERP system they can made all the process online they showed to the students that how they can choose and leave the subject or university because in ERP system it connected to the all departments of university where hr. department remove the student from system and account refund its dues. It’s done in less time without disturbing others. In Monash without the ERP system it’s difficult for students to approach the college because they can access only with in university but by using the system it become easy to access 24/7.

One more policy is about work place safety rules where without ERP it’s difficult for the Monash to check and balance about all the employees, as well inform them about the new announcements. With ERP they can manage it easily by giving the employees code so they can see all the announcements and benefits by own. In university it is also difficult to control the use of devices. With ERP they control the use of devices by using systems. By using ERP system Monash can also make your disciplinary policy effective. The late payment policy is also made more productive by giving continuous pop ups and reminder that students follow the deadlines of fees assignments and projects.

All these policies are important for the organization to get the productive outcome and minimize the risks of failure

Business Requirements

Business requirements are the critical activities of an organization which need to be performed on priority to meet the overall objectives of organization and the rest of solution are independent.  To meet the business requirements a business requirement documents is made which include all the solution for organization. Monash has also its business requirement document which has all the business solution for the university and its documentation

The business requirement document process usually has four steps like define, measure, improve and control the culture. Monash BRD explains its interests and the extent they can follow those interest. What processes they need to follow in the university to make it more successful. By which methods they can control over all solutions. They can make their websites more attractive and friendly to use that if a customer come shop online he/she get so impressed by the presentation that must buy something from it or at least find it interesting to visit again Monash. Can make their website more creative by adding “meet the team” page. Adding a “Meet the Team” page or section to your website is an easy, effective way to give Monash an accessible face. It gives prospects an idea of who exactly they’ll be working with, and shows potential employees that you’re proud of the people on your team.

The Monash business requirements must include the following points which help them to grow in the industry of education. As Monash is in education business so its requirements for the business is select the business education standard for its students, recruit the best teacher from all over the world to deliver the quality education. The Monash needs to have the best the best it systems which easily connect its all the students, teachers and departments. Being leaders in education industry, Monash need to be more advanced in term of all the aspects of its competitors. The Monash needs to have more number of advance soft wares which can meet these challenges

The main aim of the organization is work on four basic benefits to use the best business requirements

  • Monash need to have more number of talented students who seek the good opportunity from university and serve the world. By having more numbers in the institute secure the chance of failure in the industry. If this requirement well executed it will help the business to get benefit.
  • Monash well defined business requirements is the lay out the organization charter develop the critical business strategy or business goals to have the good IT system which look after all this process. This overall process helps to get the more out the business.
  • If the BRD document is well managing it help Monash to take next step because it aligns all the steps by priority so it’s easy to select.
  • Good quality of Business requirements that captured early not only makes the organization successful but also saves the cost. Which can help the organization to

Grow or spend on some other sector.

System Requirements

The system requirements are the certain software, hardware and components in a computer. All the business needs certain of activities in the software and they develop their software according to that. Some systems have numbers of things for performance the internet connection and notable screens Business requirements are the critical activities of an organization which need to be performed on priority to meet the overall objectives of organization and the rest of solution are independent.  To meet the business requirements a business requirement documents is made which include all the solution for organization. Monash has also its business requirement document which has all the business solution for the university and its documentation.

In the case of Monash, the system requirements may be varying as compare to the other businesses. As we know that there is no doubt that way level of knowledge is dramatically change in recent decades. The process of learning is become more efficient and information gathering has become easier with high speed of internet. Managing a university is a difficult task that requires a large workforce. So same as others Monash also requires right system solution can simplify and improve the process. There are three main challenges which system solutions need to achieve and features to achieve.

Software Selection

If we look in the market there are numbers of software available at this this stage the selection of software is a big task but if we look the requirements of Monash we will come to know must look on these steps:

  • Analyze your academic priorities
  • Communication and collaboration
  • Customization
  • Data security
  • Scalability
  • Reliability
  • Pricing
  • Time to market
  • Integration
  • Support

By looking the requirements, the best software, I found in market and choose for Monash is ERP software. The reasons for choosing is because it is trending in market. ERP software has the entire feature which is required for the academic institute. This software will help the organization by certain ways: Data breaches is the main problem which one of biggest ERP solution software also faces that data breaching, hacking or spying IT company can ensure all the aspects about the software but it’s the one there all lack because there is no proper method by which you can stop it but now companies are working on it strictly to minimizing the all risks. Credit cards and our personal matter are not secure in all.

Centralization and management of system

Monash needs to gather, store and analyze the lot of data and the information of students. It has already digitalized the data but with ERP solutions they need to make it more efficient. The software makes the possible to store the data across all the departments. The students, teachers and other staff can easily have updated the information in short time and can easily access by any of the department.  Monash management provide with the secure solution that provide the control access to store information. They can centralize the information for your departments like library institute and labs.

Monash need the systems which do all these works more effectively and efficiently and its ERP for this university.

Simplified the data gathering

When Monash has ERP software, you can offer your students to convince of submitting information and assignments online. They feel more convinced to study in such universities where they have such methods which make the study easy. It omits a lot of other resources which you need to require for such process. ERP made other tasks also easy like submitting fees, curse enrolments and other such activities in this way Monash can cut a lot of paper work and mailing cost. If a student comes to university he need a human resource who gives him challenge form of fee then other human who submit the fee and by ERP he can easily review his fee and submit online.

Improved resource management

Monash ERP software allow it’s to track the inventory and the resource they are using therefore they can easily look after their finances. Generation of reports becomes easier and transparency improves. The new educational ERP solutions can minimize the work force and you can directly do on software which saves the money and time both for the university. For the students and teachers, it also beneficial and make them to more focused on the studies. Well ERP solutions can help dramatically additional institute. As the simple return policy of the Monash is that the student admitted in university and if he did not feel it attractive he can exit the university with the refund policy of the university. But by using the ERP system they can made all the process online they showed to the students that how they can choose and leave the subject or university because in ERP system it connected to the all departments of university where HR department remove the student from system and account refund its dues. It’s done in less time without disturbing others. In Monash without the ERP system it’s difficult for students to approach the college because they can access only with in university but by using the system it become easy to access 24/7.

Challenges

Monash must some challenges that if wants to have the modern ERP system in the university.

It involves a lot of cost. The ERP software is expensive and especially if we customized the software it increases the cost. The next point is which raises the question the amount we are paying for the software is pay the same in return.

But for the Monash it’s not a big challenge to invest in the ERP system because it will give him a good return in back. As it is growing the business in other countries too it will be fruitful to Monash to invest in it.

Vendor Selection

Enterprise resource planning (ERP) system is valuable software for the organization. ERP directly impact every single part of the business. There are numbers of ERP software in the market to get the best one is difficult task for the organization which fits in your systems.

Before buying the ERP software you must go through the ultimate cheat sheet of ERP then you will come to know that there are numbers of the factors which need to be considered before choosing the ERP vendor. As we know ERP is an expensive and o time consuming process so we have been to be very careful before purchasing and make the right choice.

The factors which are important while choosing the vendors are

Vendor’s reputations

  • In recent years what changes he bring organizationally
  • What he is offering now in which products he deals most recently and what changes he will bring in future
  • From when the company is in industry and who they maintain it
  • Does he already produce the ERP solution in such big amount that you require if ye how is that working?
  • The future of the ERP providers are they for short time
  • System functionalities and ease to use
  • What will be the true cost of ERP solution 
  • What kind of support and training will be providing
  • vendor comparison and sourcing
  • ERP vendor recommendations

Monash can choose the ERP vendor by focusing on all the points. If a vendor ha answers of this entire question he will be chosen for buying of the ERP. I will suggest NetSuite as the vendor for Monash because they are big name in ERP industry and provide the best solutions which educational institutes requires

Strategies to improves business

As discussed earlier there are so many ways by which companies and organizations which made their work more effective

  • Store business data in usable format.
  • Automate customer service process for employees
  • Scale available resources
  • Standardization process

Store business data in usable format

The most way by which companies can get benefited is by improving the customers experience by the data which they have in the software. They store data in a manage format that whenever they needed they easily approach its saves the times as well as made the client happy. Quickly gets the information and responds accordingly which increase the customer’s satisfaction.

Automate customer service process for employees

By using the ERP system, the main benefit for companies is to check the customer’s experience. Company can easily analyze that which are their services after using that the clients feel more satisfied and who they can improve the service to make the customers satisfied.  They can serve more people in less time and make planning for the future.

Scale available resources

One more benefit about ERP about which people do not know much is ability to scale the IT companies of business up or down as needed. That means that if a company requires to stores more or wants to access the additional power they can get it by connecting the cloud? It’s an advantage you don’t need to do all the process again for storing or information you can easily access. Or sometime if you need lees capabilities of IT that can slow down the scale. It helps you in both ways. Before buying the ERP software you must go through the ultimate cheat sheet of ERP then you will come to know that there are numbers of the factors which need to be considered before choosing the ERP vendor. As we know ERP is an expensive and o time consuming process so we have been to be very careful before purchasing and make the right choice.

Standardization process

 Again, the one of greatest challenge is making to provide the customers with same experience all the time. But with the data we have we can check that what clients wants and how we will deliver them on time. It made their experience same all the time. In Partially planned buying customers decides to buy the product. In Unplanned buying customers plans to purchase at time as a substitute of any past or future of buying that exclusively depends how much product appeal consumer. It can be viewed as a thoughtless buying behavior. At the time of making purchase decision he may like some specification of the product but also thinks that he should also look forward to the alternatives he is not fully capable to make the decision about the purchase.

Potential Security Risks and Data Breaches

The ERP solution is the best way to provide the solution as possible in terms of managing the software to provide as comprehensive solutions as possible in term of managing the full range of financial and operational risk. But there are five types of the potential security risk which you can face in ERP solutions software

  • Outdated, unsupported software can lead to crashes and integration issues
  • Insufficient reporting capability can lead to external reporting and loss of data control
  • Technical personnel and providers have access to make large scale change to program behavior
  • Delayed updates can lead to the software vulnerabilities
  • Lack of compliances with the security standards

These are the expected the expected risk which can be faced in a security of ERP. But   It involves a lot of cost. The ERP software is expensive and especially if we customized the software it increases the cost. The next point is which raises the question the amount we are paying for the software is pay the same in return. So, we must choose the best ERP system to avoid all these. There is a risk involve in gathering together though e.g. if you are carrying the all eggs in one basket that can be understandable but do not spill the basket otherwise it will damage every egg. It’s important for the software companies to do it with the great care that which do not carry all risks

Data breaches is the main problem which one of biggest ERP solution software also faces that data breaching, hacking or spying IT company can ensure all the aspects about the software but it’s the one there all lack because there is no proper method by which you can stop it but now companies are working on it strictly to minimizing the all risks. Credit cards and our personal matter are not secure in all. Monash needs to be very care full regarding these matters they to pay great attention towards it so in future they do not face any of such risk and don’t affect their security by these flaws.

Risks Mitigated

Every risk has its solutions to minimize or remove it. If we look at all the risk the ERP companies have solid solutions towards risk that they do not affect you in long run.

Those are changing the password frequently by the time it stolen if you keep on changing it will be hard for others to use it again. limit the data they any one access they can be done in the jobs, make log of everything it will be easy for your today or yesterday access, maintain a fire wall, encrypt your data, track use of social networks, control external storage by the access of employees

Conclusion

After making this business report we come to know about the importance of ERP solutions software in the educational organization. Monash leading university of the world needs to update the systems to compete its competitors in the market. As we know they have a good ERP system and manage the operations in four other countries they operate. We also conclude that there is not always a god side of thing which we are offering but there are always some drawbacks of it. There are certain ways y avoids the risks we get the maximum of it. By selecting the ERP is not an easy task there is a list of factors we need to focus and made that life time investment. It’s also noted that there is a lot of competition in market regarding vendors of ERP the factors are discussed which also take care of while perching the ERP solution software.

References

Monash university, 2018. retrieved from http://www.monash.edu