Why this Switch Over is required
Current Project management plan is an attempt to introduce Web 2.0 based intranet facility in AMP. This plan deals with three very important issues that can be associated with this change. First, it talks about the advantages of a superior technology and how it can increase the functionality. Second, it deals with the implications that may occur during the course of this transformation and finally, it talks about certain specific tools that should be added to the generic offerings made by Web 2.0 technology.
Industry Outlook and need for the change to stay updated
The business of Investment portfolio management has reached a new high where small investors are hiring big firms and these big firms are making big investments by collecting these small contributions (Hugses, 2002). The presence of high-speed internet connections has also supported this new business model by eradicating geographical boundaries associated with it.
The business of "Wealth Management" is changing its face completely where smaller investors are playing a key role. In the past, these companies were interacting more with institutional and professional clients more. Communication was streamlined because experts were dealing with the service providers. Small and part-time investors changed this scenario; these investors always want to participate in the active process but they do not have enough understanding of the affairs.
The current installation of Web 2.0 based solution has the power to cater to this segment quite effectively. It allows a two-way communication and handles the database related amendments very smartly. We are aware that strong database of events and a smart facility to support the decision-making systems can do wonders in the field of wealth management because here interpretation of the data brings in a cutting edge into the process of decision-making,
Currently, AMP is conducting its business based on the Lotus platform; this platform can be considered as an obsolete platform by all possible standards because it does not support the new office culture where dependence over the IT solutions has increased many folds. The inclusion of Web 2.0 technology in the working portfolio of the organization will bring this wealth management company at par with many other companies that are proliferating the business as if they are a startup company with a fresh idea. This switching over of the technology will also enable the company to speed up the basic processes and make them more interactive for the end users, which is a demand of the new industry.
A leap from simple operations to the zone of increased efficiency and effectiveness
The current lotus based systems are catering to the operational needs of the organization. More or the less they are supporting the process of keeping inventory and other clerical jobs. The inclusion of Web 2.0 can introduce the mechanism that can help the decision-making system of the organization quite considerably.
The success of the project can be measured in the terms of an increased efficiency of an individual employee. Gradually this system has the power to minimize the interference of humans in various processes. The company can utilize this additional workforce in expanding the business to new quarters.
A design in synchronization with the current demand process
In order to command a successful installation of the services, we need to study current demand patterns of the company all over again. Wealth management companies often find themselves in a fix when they are required to explain the options to their customers with varied information levels and understanding of various issues. Web 2.0 brings in a standardization in the processes, we can make the rules and instead of breaking the old practices for better results, we can also remix the existing solutions.
A switch over from a Lotus-based internal support system will bring the functionality of AMP to a level where concepts like a virtual office and cloud computing will knock the doors of this organization. In order to implement a proper solution, we are required to address the privacy and confidentiality related issues of the current setup. In the first step, we are required to maintain the sanctity of the current setup and in the second step, we are required to come up with a foolproof system for that as well.
Risk Management is the primary metric for the success of the project
Since this organization is dealing with financial data, it is very important for them to come up with cyber security related solutions. We are living in the world of viruses like “Wanna Cry.” This is the primary threat, apart from it the biggest risk might come in the form of a proper change management plan.
The difference between intranet and internet is diminishing fast, in the past intranet was more or less like a privilege club where some employees were conducting day-to-day business, now, minus the security hassles, direct internet solutions are equally powerful just like an intranet system.
The inclusion of Web 2.0 related solution will also introduce a social nature in the transactions where things like blogs and interactions might introduce some problems in the case of financial advisors and other people interacting in the process.
Up-gradation to a powerful system like web 2.0 is more or less like a giant leap that AMP is going to take. The primary advantages will move in the form of better client management and capacity expansion of the facility in a much more interactive environment. When we talk in the terms of the risk then confidentiality and change management are primary concerns in this case. Overall this type of a leap is required by the organization because Oracle ERP and Lotus-based systems are becoming obsolete and soon they may become incompatible because of the technology based changes.
Hugses, A. J. (2002). Lowering the Threshold: Reducing the Cost and Risk of Private Direct investors.