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Importance of Workflow Process in Financial System

Importance of Workflow Process in Financial System
and do not necessarily reflect the views of UK Essays.
2.2 Research questions
Key research questions will be:

  • How important is the implementation of the workflow process within the financial system (SAP)?
  • What weakness or issues are evident in the current process in relation to purchases orders approvals?
  • How efficient is the current approval process and how trustworthy?
  • What are the most important activities the management can take to improve the current process?
  • Does the company’s DOA policy align with the current PO process?

2.3 Significance of the project
SRG will benefit on having purchases orders workflow electronic process, include quicker, more efficient and correct procurement, enhancing overall supply chain visibility and competence and combined business processes. Technology is the main support for all business processes across modern corporations. Electronic process using available technology has become fundamental substance that creates, supports, and constrains the business processes in all most important organizations. (Sehgal V. , 2010)
Understanding what is working in the current process what needs to be improved and the lessons learned from that understanding will guarantee that automation of purchase orders workflow process will improves operations management, creating a competitive advantage.  For SRG the use of the workflow system for non-stock purchase orders approvals aids to guarantee that documents are managed and approved in a constant and effective routine. (Sehgal V. , 2010)

  1. Project related literature summary

3.1 Focus on MBA Specialization: Operation Management
A literary review for this project has focussed on Operation Management, process design and analysis from the current MBA course.
An initial understanding of the project subject is based on the textbook for Operations Management, Suresh N. Kumar, 2009 and ‘Operations and Process Management; Principles and Practice for Strategic Impact, Slack, N, Brandon-Jones, A, Johnston, R & Betts, A 2012.
Monks, 2004 (cited on Suresh N. Kumar, 2009, p.9) outlines that ‘Operations Management as the process whereby resources, flowing within a defined system, are collective and converted by a organized way to add value in accord with policies communicated by  management’.
Recognition and constant valuation of process change are encouraged through an innovative situation. (Grover V, 2008).
The Operations Management goals can be classified into customer service and resource Utilisation. (Suresh N. Kumar, 2009).  Management by processes offers utensils which might improve and restructure workflow as they contemplate the requirements of the participants involved (customers, shareholders, staff, suppliers,). (Climent C, Mula, J & Hernandez, 2009).
Other areas in the literature consist of business process reengineering, Hammer and Champy (1993, p. 32), cited on   (Wang W. Chan H K.& Pauleen D, 2010)   BPR is ”the important rethinking and essential redesign of business processes to accomplish improvements in critical existing procedures of performance, such as cost, quality, service, and speed”.
A preliminary list of relevant literature is referenced in section 7.

  1. Planned Methodology

4.1 Method
This proposal is for a case of study to evaluate the implementation of purchase orders workflow process within financial system, using interviews for primary data as styled by Saunders. M. Lewis P & Thornhill, 2016.

  1. Data Collection

A rational methodology will be used to analyse the qualitative research method in conjunction with the existing literature. This project will attempt to deliver a best solution to the issue outlined.
Thus, primary data will be collected from interviews with currents system users, managers and purchases orders requesters and creators.
Secondary data will be collected from internal company documents such existing delegation of authority policy, current workflow for non-stock purchases orders approval, purchases orders documents created and approved in the last twelve months.
A sequence of structure interviews having eight questions based on obtaining a better understanding of the current process will be conducted to allow qualitative data to be composed.  Twenty (20) minutes interviews will be piloted with 6-8 employees (that includes purchases orders creator and approvers, purchases orders requestors, managers across the organization).  Review and analysis of the interviews and documentation will give indication of current process weaknesses in order to provide relevant recommendations.

4.3 Process

Figure 3 below outlines the planned overall process:

  1. Ethical Considerations

This project will fulfil with the requirements of ethical conduct of research defined in the project learning materials.
Interviews will follow ethical rules and all interviewees will sign consent forms as per the AIB guidelines and National Statement on Ethical Conduct in Human Research 2007.  This project will fall into the ‘low risk’ as per the AIB project learning materials guidelines. Interview participants will be treated as per guidelines and will not be identified in the report.
5.1 Consent forms:

  • The AIB Project Proposal Research Ethics Sheet is attached as appendix A.
  • An executed organisational consent form is attached as appendix B
  • Interviewees will be asked to provide their written consent using AIB’s individual Consent form attached as Appendix C and will accompany the project draft.
  1. Schedule of Completion

The author expectation is to complete this Project within three month from the date obtain an approval. Specific milestone are as follows:

  • Literature review commence by 03 Jan 2017
  • Project Proposal  submission by 19 Jan 2017
  • Data  Research and Collection commences  13 Jan 2017
  • Writing of draft commences 30/01/2017
  • Submission of draft 27/03/2017
  • Submission of final project by 07/04/2017

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