Managing Finance and Information Assignment

Managing Finance And Information Assignment

Financial Plan is at the end in Appendix

Managing Finance and Information Assignment

Introduction

Information Technology (IT) was described by Chaffey and Wood (, p. 42) as “technology resources used for business information management”. These resources include software, hardware and telecommunication networks used for managing information. According to Benemati et al. , IT is changing rapidly and considering the increasing strategic impact of IT on business operations, its successful management is of utmost importance. Irani and Love suggested that for IT management to be successful, it must be perceived as an iterative business process capable of providing organisational learning throughout the lifecycle of the technology. However, even when IT is managed successfully, the question arises, as to what role IT plays in the achievement of organisational strategic goals and objectives. (Chaffey, 2005, 55-59)

In response to this question, Venkatraman et al. and Franz and Klepper postulated that the proper role of IT in an organisation is usually epitomised as a fit or alignment with the strategic goals of the organisation. Therefore, IT can only be appropriately aligned when infrastructure put in place to implement the IT strategy is adequate; the strategy supports the organisation's strategy and business processes.

Notwithstanding, the role of IT in attaining the organisation's strategic objectives differs amongst firms. This study will explore the experiences of John Nicholls Builders Ltd, a Cornish building firm with about 175 employees, and their attempt to achieve their strategic development goals through integrated IT systems. They believed that an integrated IT system could be of benefit to the company by improving working practises, making the flow of information smoother and more efficient, reducing duplication of internal processes and improving competitive advantage, especially when bidding for contracts. (Benemati, 1997, 276-288)

This study was made possible through funding by the Teaching Company Scheme (TCS) now known as Knowledge Transfer Partnership (KTP). It is a Government initiative financed by the Department of Trade and Industry aimed at improving competitiveness and wealth creation of the UK by stimulating innovation in business through collaborative partnerships with the UK knowledge base. The project started in the later part of 2002 with John Nicholls forming a TCS in partnership with the University of Plymouth; the duration of the project was to be 2 years. A Knowledge Transfer Associate (KTA), Rhodri Richards, was appointed to implement the project objectives. He was deemed suitable because he holds an M.Sc in Computing and has a background as a quantity surveyor. The KTA was able to draw on expertise from both the University and John Nicholls Builders as required. (Irani and Love, 2003, 45)

The primary aim of the project was to develop and implement an integrated IT system to serve the strategic development goals of the firm. These goals were to achieve better cost control, contract pricing, project planning and management, taking into consideration the typically cyclical nature of the building industry.

Information Management

In order to understand the issues pertaining to this study, it was imperative to conduct an initial assessment ...