Assignment 3: Improving Transactional Processing in AI
Intro-
As you know, technology is changing at a rapid pace. Because of these changes, AIS applications must be updated to adapt to technology’s changes. Changes must be made to a firm’s revenue, expenditure, human resources / payroll cycle, and financial report in order to keep the firm competitive.
Revenue (sales to cash collection) cycle
Innovative Changes Install invoiceless billing Company’s can enhance their revenue cycle by offering invoiceless billing or auto-draft. The instant benefits that a company could see would be cost savings from postage and print charges but also lower transaction fees charges to intermediaries like Visa/Mastercard etc. s. Additional benefits include a quicker turn around time for accounts which enables management to make better forecasting assumptions. Setting up the systems that allows for auto draft is only practical if you get consumers to adhere to it. Verizion Wireless iniated an ill advised plan to charge consumer’s $2 a month if they did not sign up for autodraft, the following week the rescinded the policy after consumer pushback. Companies must build poilicies and campaigns to entice consumers to agree with auto draft. Policies should focus on security and protecting consumer information as consumer will be reluctant to give account information out for fear it may be disclosed to unwanted parties. Companies also must train staff on billing disputes and processes. Contols such as validity checks can be programmed into the system to assure the correct draft is scheduled to the correct account. Real-time Credit Approval-Credit Manager System Installing a system that allows real time credit approval based on current information could generate additional sales and ease the way companies do business