Strategic Information Management Literature Review

Question: Discuss about theStrategic Information Managementfor Literature Review. Answer: Introduction Strategic information system are modern day information systems which help an organization to become more organized and in the process making them more efficient. The objective of a strategic information system is to provide organization some competitive advantage over the peers in the long run. This paper will explore the various concepts of strategic information system in the form of a literature review and will then look at the important softwares that are available in this category. Literature Review The world of Strategic Information Management is one of the most important aspects of information technology. Strategic information systems across businesses help in recording, storing, reporting, analyzing and processing of all kind of data that is generated in the organization. There are various tools which are offered by the systems to put in key indicators which the company wants to track on a regular basis. This will help organizations to recognize the opportunities which are available in the system and then help point areas which can help in increasing operational efficiencies (Arvidsson, 2014). This is where we come down to procurement cycle which is one of the major cycle in the whole ecosystem. The procurement cycle starts from recognizing the need for such a system; looking out for options; working out with vendors; appointing a consultant which can also be one of the vendors; looking at the options of customization; involving complete CXO suite to implement the system; doi ng cost-benefit analysis; evaluating the various price points which need to be seen; final procurement. Some of the other factors that need to be looked at are the fact how the vendor will integrate your historical data sources into the system at the first time. It is because of the fact that organizations have a lot of historical data which they also want to see in the system, and hence they become an important discussion with the vendor before taking any implementation decision. In the early days of the Strategic information system, the adoption was only seen among large corporation. The modules available were more standard in nature with minimum chances of any customization. However as the system has evolved and products have moved to the much more mature stage, there has been increased customization during the implementation of the system. However since implementation and Software information system has also moved higher on the learning curve, this has led to a lot of customization module to be implemented in the system. In the modern day Software information systems, vendors work closely as the consultant with the organization before installing any system. A Lot of customer requirements are closely studied, then customized into the system before implementing it into the clients end. This has happened more because of the fact that vendors now are more organized and want to focus more on consultancy and implementation, rather than implementation and then mo re changes in the system in the form of support (Peppard, 2014). Some of the key benefits provide by Strategic information systems are providing competitive advantages to the organizations, creating internal databases for an organization to provides them efficient marketing leads, lowering the costs of the company in business management, providing critical information for proper decision making. It is very important for an organization to create modern day channels which can be leveraged by the organization in the long run. Strategic information systems work across the value chain and intends to provide customers with help across the systems of the organizations. As per recent journals (Peppard, 2014) written customer are now engaging a lot with Strategic information system to build a strong business support for the organization. In modern day strategic information system, a lot of processing capabilities have been built in. Some of them provide support to use big data technologies, some of them have gone far and built in some of the big data technologies. Since the world if moving towards more interconnected systems, due to advent rise of smart devices, the point when a data is created are having far ahead implications. This is where modern day Strategic information systems are very advanced and as per few journals, many of the companies actually fail to completely utilize the benefits provided by strategic information systems. The organizations need to decide what kind of strategic information systems they want to adopt. It can range from financial systems, operational systems and focused strategic systems (Arvidsson, 2014). As per recent peer reviewed journals it has been seen that nowadays it has been seen that the enterprise resource planning (ERP) systems are providing some tools and functionalities of Strategic information system. This is happening because vendors at times intend to provide comprehensive suite to organizations. It has also been seen that some small and medium sized organizations (SMEs) are increasingly adopting Strategic information management solutions which are scalable in nature. For such organizations what matters the most is scalability of the system. There is no point in installing Strategic information management and on a later day treat it as a legacy system when the organization size has increased and there is a requirement of a new system. This is where we come down to procurement cycle which is one of the major cycle in the whole ecosystem. The procurement cycle starts from recognizing the need of such a system; looking out for options; working out with vendors; appointing a consultant which can also be one of the vendors; looking at the options of customization; involving complete CXO suite to implement the system; doing cost benefit analysis; evaluating the various price points which need to be seen; final procurement. Some of the other factors that need to be looked at are the fact how the vendor will integrate your historical data sources into the system at the first time. It is because of the fact that organizations have lot of historical data which they also want to see in the system and hence they become an important discussion with the vendor before taking any implementation decision. Some of the cost aspects which any organization needs to take care of are hidden costs in the system; implementation charges; support charges for the future; any future AMC charges. These charges of Strategic information management systems are still known to any CIO, but the cost of failure of any aspect of the system is to be evaluated. What if the system is adopted and after 1 year there is an incidence of failure? In an agile organization non availability of data even for one day can completely destroy the brand image of the organization, if the data is client front data. Some of the famous vendors in the space are SAP, global eprocure, FullStep, Bravo Solutions, Emptoris, Curtis Fitch, Pool4 Tool, SAS, Solver, Oracle, Adaptive Insights. As per Gartner Vendor cycle they fall on different level of maturity cycle. The scope of the paper does not require each vendor and their products to be studied in detail. Given below are some vendors of strategic information systems in the business, however the focused area under this suite is performance management. Conclusion The world of Strategic Information management is one of the most important aspect of information technology. Strategic information systems across businesses help in recording, storing, reporting, analyzing and processing of all kind of data that is generated in the organization. There are various tools which are offered by the systems to put in key indicators which the company wants to track on the regular basis. This will help organizations to recognize the opportunities which are available in the system and then help pin point areas which can help in increasing operational efficiencies. This is where we come down to procurement cycle which is one of the major cycle in the whole ecosystem. As per recent peer reviewed journals it has been seen that nowadays it has been seen that the enterprise resource planning (ERP) systems are providing some tools and functionalities of Strategic information system. This is happening because vendors at times intend to provide comprehensive suite to organizations. It has also been seen that some small and medium sized organizations (SMEs) are increasingly adopting Strategic information management solutions which are scalable in nature. For such organizations what matters the most is scalability of the system. There is no point in installing Strategic information management and on a later day treat it as a legacy system when the organization size has increased and there is a requirement of a new system. Some of the key benefits provides by Strategic information systems are providing competitive advantages to the organizations, creating internal databases for organization to provide them efficient marketing leads, lowering the costs of the company in business management, providing critical information for proper decision making. It is very important for an organization to create modern day channels which can be leveraged by the organization in the long run. Strategic information systems work across the value chain and intends to provide customers with help across the systems of the organizations. As per recent journals written customer are now engaging a lot with Strategic information system to build a strong business support for the organization. References Arvidsson, V., Holmstrm, J. and Lyytinen, K., 2014. Information systems use as strategy practice: A multi-dimensional view of strategic information system implementation and use.The Journal of Strategic Information Systems,23(1), pp.45-61 Barringer, B., 2012.Entrepreneurship: Successfully Launching New Ventures, (2012) Cassidy, A., 2016.A practical guide to information systems strategic planning. CRC press Du, J., Cook, W.D., Liang, L. and Zhu, J., 2014. Fixed cost and resource allocation based on DEA cross-efficiency.European Journal of Operational Research,235(1), pp.206-214 Galliers, R.D. and Leidner, D.E., 2014.Strategic information management: challenges and strategies in managing information systems. Routledge Haux, R., Winter, A., Ammenwerth, E. and Brigl, B., 2013.Strategic information management in hospitals: an introduction to hospital information systems. Springer Science Business Media Lederer, A.L., 2013. The Information Systems Planning Process Meeting the challenges of information systems planning.Strategic Information Management,216 Margolies, A. and Hoddinott, J., 2015. Costing alternative transfer modalities.Journal of Development Effectiveness,7(1), pp.1-16 Peppard, J., Galliers, R.D. and Thorogood, A., 2014. Information systems strategy as practice: Micro strategy and strategizing for IS. Strategic Inf. Sys.,23(1), pp.1-10 Stillwell, J., Geertman, S. and Openshaw, S. eds., 2013.Geographical Information and Planning: European Perspectives. Springer Science Business Media Ward, J. and Peppard, J., 2016.The Strategic Management of Information Systems: Building a Digital Strategy. John Wiley Sons