IT In Financial Organizations Essay Example | Topics and Well Written Essays - 2500 words

IT In Financial Organizations - Essay Example Various technologies have been invented to automate certain business functions of an organization. The type of technology depends totally on the type of operation and the organization's infrastructure support. The financial institutions have adapted to various advanced technologies so as to enhance the services they provide to the customers dependent on the upgraded business processes. Many financial institutions collect the information related to individual customers such as their personal details and their financial details associated with the institutions and various businesses carried out over a period of time. This is information is then processed and then certain data can be obtained automatically by implementing certain technologies. Asset Management serves the investment needs of institutions, governments and government agencies around the world. An asset can be defined as anything owned by an individual that has a cash value, including property, goods, savings, and investments. Asset management, therefore, refers to the management of the assets by money managing teams. Though the major emphasis is on managing the investment portfolios of a company, asset management also includes management of physical assets such as money, equipment and property, as also the non-tangible assets such as information and the workflow processes (ittoolkit, 2007). Assets, in any commercial set up, include the monetary investments, plants, infrastructure and its human resources. Asset management is, therefore, a process that aims at the optimum utilization of resources for maximum returns at the minimum investment or costs. The first priority of any asset management team is to identify the company's 'assets' or resources. Once these are identified, the team can then focus on the business process or, in other words, understand the functioning of the tangible or non-tangible assets (netsimplicity, 2005). Preparing the monetary investment portfolios is an important aspect of asset management. The investment portfolios give a clear picture of the income- expenditure ratio, as well as the financial status of a company. Based on the study, the asset management team can remove deficiencies, or modify the investment structure to maximize returns. Property, plant, and equipment are the tangible assets of the company. Asset management involves the study and analysis of the actual property on which the plant is built and all the equipment that is required to run the business. Plant and equipment need effective management. Their depreciation values needs to be studied. Their analysis helps the team to arrive at a decision whether to repair or replace machinery in order to reduce running costs. Human Resources include the non-tangible resources of the company. Managing human resources involves studying individuals, departments; divisions, planning for improvement of skills, improving comfort level and security, and, thereby evolving a policy for maximum output by the employees (Cole, 2006). Ensuring accurate tax and paying for these on time is also one of the ways which companies consider an attractive option rendered by asset management. Depreciation, amortization,