More and more chief managers of banks come to the conclusion that they need a business portal built on the base of modern information technologies and the process approach. Complexity, scales and volumes of objectives of banking business are enlarging all the time that’s why old traditional management tools become ineffective. The advantages of business portals are described in the article.
The necessity and aims of business portals for management
- Time saving. You don’t need to train new employees and to answer the same questions on current activities of the bank all the time. All topical issues, rules, instructions and answers to questions are put into a business portal.
- The opportunity to see up-to-date, accurate and full information on the work of the bank, all its business processes, divisions and systems. That means that there is an opportunity to be aware about all processes of the bank and to make quick and correct management decisions, such as business process optimization, improvement, re-engineering or automation.
- Saving of the knowledge on business processes and expert experience in a business portal. When one of key employees is not available or lost, all information on actions implemented will be kept in a portal. This will help to provide successful optimization of business processes and other projects in case the staff structure is changed. This minimizes operational risks of the bank and guarantees replaceability of employees.
- Lowering of costs of the bank on the development and updating of standardized documents, implementing of tasks on business process optimization and business modeling in general.
Thanks to opportunities of business portals, executive bank managers are able to check the following information daily:
- Work schedules of projects and delegated objectives: what is implemented in time and which deadlines are missed?
- The degree of implementation of the bank strategies and strategic objectives, plan-fact analysis. What objectives are fulfilled and which need extra attention.
- Current indexes of KPI business processes. How effectively business processes are fulfilled and which of them need business process optimization.
- Effectiveness of employees and their responsibility areas.
- Operational risks. All mistakes, defects and fails which have been occurred for previous periods.
- Changes in organization structure of the bank and in the structure of branch network.
- Changes in system architecture of the bank (the list, the connection and the development directions of information systems of the bank and its applications).
- Products and services, working with customers.
- Analytical models for the support of decision-making.
- Feedback of employees
- And many other things, such as reports of project teams, results of business process optimization, etc.
According to this information, executive manager makes management decisions: sets necessary objectives, provides resources, stimulates or punishes employees.