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Chapter 14

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Information Technology Management
ITM 102

Chapter 14Enhancing Decision MakingOpening Case Libro Financial Groups Dashboard Provides Better Lending ProcessesLibro is a financial group that delivers a full range of chequing savings investments RRSP insurance and loan products along with financial coaching and advice for consumers and farm and business owners The companys customer focus is so strong that Libro refers to its customers as owners trying to make its owners successful has involved many innovative projectsSince implementation with Covarity Libro has been able to automate the underwriting and ongoing monitoring of commercial loans achieve greater consistency in risk management improve efficiency and offer its borrowers a broader range of servicesLibro Financial Group managers focus on growth and making new loans is supplemented with the ability to monitor the loan and track collateral security The Covarity Dashboard has two main components the Lender Dashboard and the Borrower Dashboard Dashboard benefit from being able to access timely information that lets them effectively manage their risk For many financial institutions the marginbased lending processes are not well defined leading to poor audits loans going bad high risk exposure time consuming analysis and labour intensive paper based systemLibra financial Groups dashboards are a powerful illustration of how information systems improve decision makingManagement was unable to make good decisions about how and when to notify loan clients of their loan statement because the required data were difficult to access Libra opted for a business intelligence solution that could extract consolidate and analyze data and present the data in a user friendly format 141 Decision Making and Information SystemsDecision making in businesses used to limited to management Lower level employees are responsible for these decisions as information systems make information available to lower level of the businessDecisions are made at all levels of the firm and that some of these decisions are common routine and numerous Improving hundreds of thousands of small decisions adds up to a large annual value for the businessDecisions are classified as structured semistructured and unstructured Unstructured are those in which the decision maker must provide judgement evaluation and insight to solve the problem These decisions are novel nonroutine and there is no well understood or agreedon procedure Structured decisions are repetitive routine and they involve a definite procedure for handling them so that they do not have to be treated each time as if they were new Many decisions have elements of both types of decisions and are semi structured where only part of the problem has a clearcut answer provided by an accepted procedure Structured decisions are more prevalent at lower organizational levels while unstructured problems are more common at higher levels of the firm Unstructured decisions situations can be establishing the firms five or ten year goals or deicing new markets to enter
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