MBIS4008 Business Process Management Report 2B Sample

MBIS4008 Business Process Management Report 2B

Assessment Description

In this project, you will write a comprehensive report analysing the current As-Is of an organisation. You will evaluate the existing business processes and then using the concepts, BPM frameworks that you have learned in this unit you will design a To-Be business process model that addresses the main limitations and challenges of the previous scenario. There are many cases that students can explore. This includes services across different industries such as e-Health, telehealth, transportation, online banking, online studies etc. Students should discuss their topics first with the unit coordinator to confirm their preferred topic.

You are encouraged to attend the workshop on Referencing and Research Practice organised with the Academic Success Team (AST). You may also schedule a one-on-one workshop with the AST by emailing academicsuccess@aih.nsw.edu.au. The structure of the project is a 2000-word report, the contents of which are detailed below. It is the report that requires submitting as the finished piece of work and this will be marked based on the rubric provided on page 5. Ad hoc work in whatever form will not be marked if submitted.

The word count is 2000 words. This is subject to plus or minus 10%. The word count does not include the executive summary, the table of contents, the list of references or any appendices. However, please note that appendices should be used for supplementary information only: they will NOT be considered for marking.

The report content will comprise of the following sections:

Title page: this must contain the title of the report and your names, unit name, unit number and date of submission.

Table of contents (TOC): ideally, but not necessarily, constructed using the hyperlink 2 functions in Word. Lists of figures and tables are not required.

Executive summary: an executive summary provides an overview of the ENTIRE report. It is NOT an introduction section. It is NOT a background section. The purpose of an executive summary is to provide an understanding of the document without having to read the complete report. Ideally, half to one page in length (but no longer), the executive summary will contain a summary sentence or two on each section of the report. Do not use headings or titles in the executive summary; it should be written in essay narrative format and read seamlessly.

Introduction: the introduction informs the reader of the aims and methods applied in the project. It also defines the scope of the project (what is included and what is not). Whilst it may mention the chosen organisation by name, the introduction DOES NOT talk in detail about the chosen organisation or its industry.

Background: a background informs that reader of the context to the project. Here the organisation and its industry are described. Information about the past performance is presented along with any notes about major milestones. It is easy to ‘go overboard’ with this section and consume much word count; one page is all that’s needed to set the scene for the project. Moreover, in this and other sections, too many students often over-rely on company websites. Most times, these websites present an organisation’s promotions (advertising) or opinions masquerading as facts. Because of the convenience and profusion of this type of information, it is too easy for students to ignore the authoritative sources of data that can be reached through AIH library databases: however, the use of AIH library databases is the way to higher marks!

Methodology: This section highlights the methodologies applied to your given case. You need to clearly state a reason as to why they used that technique and provide supporting references especially if the technique is relevant for that particular industry.

Results: In this section, students will provide the results of their analyses. The results need to be provided in a logical sequence to ensure that the document is coherent and well synthesized. The results need to clearly show the application of the techniques covered in this unit and that the relevant assumptions in terms of the data have been given due considerations.

Key Findings: The findings of the analyses will be explained in this section. You are expected to be elaborate, and provide an in-depth explanation of the results and why they support or don’t support the results of the analyses. You need to provide the necessary reference to support any claims to ensure that the findings are supported by others in that field.

Recommendations: The recommendation highlights any key findings from the analyses that would help the business and organisation address areas that can be improved based on the findings. Recommendation sections are usually concise and provide practical advice to an organisation on areas that needs to be addressed.

Conclusions: Through logical reasoning, this section should summarise how the project objectives have been achieved using appropriate business analytics tools and techniques.

List of references: this should be formatted in Harvard style.

Solution

Introduction

Business process management is an organized method to revamp the procedures that businesses utilize to perform their work. Various businesses use this method to serve their consumers and build corporate value. Business procedures are step-by-step activities which corporations use to acquire corporate objectives. As per the MBA Assignment Expert overview, BPM utilizes different approaches to ameliorate business procedures by evaluating and implementing alterations in various scenarios. The project is associated with the mechanism of a payment platform. The internal and external payment process aims to determine step-by-step stages to comprehend the details for defining the scope of the business project concerning the payment platform. The report will examine, the background, and methodology of the company Fin Pay. The report will analyze the results and key findings of the AS-IS model associated with the payment platform Fin Pay.

Background

Finpay is the Australian-based payment platform and it is the only combined payment platform. Fin-pay gives all the freedom to their merchants to take any form of payment by considering their payment options. However, this company considers different payment elements and some of these are crypto currencies, or wallets, the pay later option and scan and pay fast. By considering all those payment options, the merchants can facilitate their payment options without any type of disturbance. Moreover, the online payment platform, Fin-pay helps merchants to access a powerful and compact dashboard for showing transaction-related information properly (Fin-pay, 2023). On the other hand, this payment platform often faces challenges regarding its business processes due to a lack of accurate knowledge about this industry. As-Is is the model that can facilitate this business process by considering different types of strategies. By involving this model, this company have transformed their business model and therefore, the payment options have been advanced. This cross-payment platform can evaluate the payment option by considering only a single application. Fin-pay solutions are developed in their applications and these applications can be downloaded from the Google play store (Fin-pay, 2023). The management of this company has considered the business strategies so that they can develop a proper approach towards the merchants. The aspects of the IS-AS model need to be maintained properly to develop the proper business procedure as well as the payment gateway options. Fin-pay's white-level solution assures their partners remain paramount among their customers. This company also considers global BIN to implement a good range of products and services as well (Fin-pay, 2023). The IS-AS also help to evaluate the proper business strategy that can identify and facilitate the business's current procedures. By considering this model, Fin-pay can transform its business approach to operate the payment gateway option properly.

Figure 1: AS-IS Model
(Source: self-created)

Methodology

The as-Is model facilitates the overall business process of Fin-Pay by considering the different elements. The Customers are the first considerable part of this model and they can initiate their transactions through different payment methods such as credit or debit cards, wallets and cryptocurrency. Moreover, the merchant can facilitate their payment options through this model by mitigating payment-related difficulties. As per the view of Kar (2021), Customers can buy or purchase anything through this payment option. Next, the transaction process is one of the key parts of this As-Is model. Different types of traffic can delay the payment transactions process and recent technologies need to be used to facilitate the transaction process without any type of obstacles. Now, the management team operate the credit criteria by considering different types of strategies. The management team needs to verify the credit procedure by involving different types of available credit factors. Moreover, the credited amount has been verified by the management team to accelerate the business process very fast without any type of hazards. Furthermore, the management team identifies the credit-based issues that need to be mitigated properly. According to Jocevski et al. (2021), the management team needs to be properly trained by the higher authority and the proper management team can enhance the business processes through effective strategies. It is also identified that the different types of terms and conditions have to be taken by the technical team to promote the payment option. Moreover, the company have considered the proper security to avoid any type of information breach. The bad credit is identified by the technical team and then the transaction is not approved (Williams, 2021). The technical team also needs to be checked the credited amount daily. The technical team has the power to approve the credited amount and then the amount is approved by the company. They also check the available balance as well as the receivable balance. The technical team can also estimate the credit terms properly for avoiding any type of difficulties. This As-Is model has clearly described the business process as well as payment delivering processes of Fin-pay, a unified payment rostrum.

Results

The entire business process of the payment platform introduces four sections such as customer, transaction, management team and technical team. The consumer can access various segments through the Fin Pay payment platform. The payment platform provides authorization to its users based on their membership. Users interact with various phases of the payment platform where users perform various transactions using different payment options. The main results of the methodological process indicate the business process and responsibilities of the various departments within the payment platform Fin Pay. The outcomes of the process induce that consumers face various challenges throughout transactions such as delays, and failed transactions (Tijan et al., 2019). Failure of transaction occurs due to several reasons such as insufficient balance, server problems, and high network traffic and so on.

The operational and management team both rely on each other to serve their users properly by processing their transaction requests. The payment gateway platform Finpay provides its users with the essential freedom to choose to buy instantly with the pay later option. Here the platform provides credit to users to avail of that option. The platform ensures security and safety while performing transactions. The technical handle all the technical operation from the backend and checks the credit criteria of each user for eligibility. The payment gateway ensures verification of the payment process and transaction and enables users to recheck their purchasing or sending money options before initiating the transaction (Gallardo-Vázquez et al. 2019). The platform authorizes its users to safely request for credit and it checks the credit score of that user based on the available credentials of the user.

Key findings

The key findings of the business process encompass various key factors which the payment platform concentrates on to operate its business. The findings of the business process management of the financial payment platform demonstrate various activities within the company's environments. The business atmosphere of the platform is secure and safe to entice consumers to this platform effectively. Authorizing the freedom to perform transactions freely while providing multiple payment options directs the company to work on its process to serve its users better all the time (Nur and Panggabean, 2021). The key factors of the business process induce the company Fin Pay to work on the process while identifying barriers and challenges within the operational process to address those effectively. The findings of the business process require clear and strategic planning to manage every stage within the process to specify the gaps.

The delay due to high traffic in the networking system is a common issue and multiple users face it while performing transactions. The team of company needs to figure out an effective strategic plan to provide a solution based on giving users a real-time alert to inform them about the current conditions. Based on the business operational model of the financial platform company Fin Pay, the credit approval process takes time due to the critical verification process. The team on the platform can take decisions about processing users' transactions. Every registered user of the company is required to accept the terms and conditions of the financial platform. As per the view of Broby (2021), the company needs to concentrate on the variations in market policies and economic fluctuations to adjust its charges accordingly. Available credit factors aid the company to verify the credit delivery process while ensuring users pay the money later to the platform through different available payment methods.

The main outcomes of the process show the roles and responsibilities of both teams in handling various work processes within the business model of the payment platform. The responsibilities indicate their work process in meeting the main business objectives by serving consumers (Fischer et al., 2020). Serving consumers is one of the main elements that the company concentrates on to retain its users. Providing different offers to users can be a way to reach more consumers through word of mouth. The secondary findings of the operational process are the tribulations of the payment process that users often encounter during the transaction. Users follow and maintain every guideline, term and condition throughout the transaction process to secure the entire process. The security of the platform and card scheme policy makes it quite popular among many Australian consumers. The findings display the overall process that the company follows to process and finalize various financial transactions.

Recommendation

❖ Based on the above study, it is recommended that the Finpay company needs to be considered this process properly to facilitate the payment process as per the rules and regulations of the company. Finpay is a payment gateway company and it tries to develop proper payment processes across the world. The company should be evolved the online payment process to attract more amount of customers towards their company (Zhong et al. 2020). On the other hand, this Finpay has to consider different management-oriented strategies to develop the proper and simple payment delivery option by delivering different obstacles.

❖ The management of this company needs to know about the As-Is model to implement this model in their business processes. Mainly, this model helps to facilitate the payment option across the world. Customers can easily pay through the application of this company. Therefore, Finpay has to consider the proper technique of this model to get the desired result within the proper time. The company has to be considered the proper management to evaluate this process smoothly (Chaveesuk et al. 2021). If the company wants to improve their payment option then this model has to be developed through the proper strategies.

❖ Implementation of the As-Is model needs to be operated properly to get accurate results. Furthermore, Finpay has to consider their app mobile-friendly to facilitate the payment option procedure among all age groups. In the recent era, the online payment process is the best option to purchase products or anything without any obstacles. By considering this procedure, this company has to be developed their proper online application. The software development group should be properly trained by the management of the organization to get an accurate facility without any hazards. Moreover, security, as well as privacy, also has to maintain by this company. Therefore, Finpay should consider proper security to minimize payment-related risks as well as business-orientated risks.

❖ Additionally, the company has to introduce open payment options to facilitate the payment gateway. This can be effective for the development of the proper payment gateway and customers can easily use their application without any type of obstacle. The payment platform company can introduce SHA-256 algorithms to secure every financial transaction. This approach can provide a more safe payment process for users to feel dependent on the payment platform.

Conclusion

By considering all the aspects of this report, it is included that the overall payment options of Finpay have been facilitated by this As-Is model by considering the effective strategies. The As-Is consider the management team, technical team, transaction process and customers. It is identified that the management team and the technical team monitor the transaction process to avoid any type of payment-related risks. Moreover, the main outcomes of the overall process indicate the business procedures as well as the responsibilities of the different departments within the online payment tool Fin Pay. It is shown that the result of this As-Is process generates consumers to face various difficulties throughout transactions such as delays, and disrupted transactions.  

Reference list

Journals

Broby, D., 2021. Financial technology and the future of banking. Financial Innovation, 7(1), pp.1-19.
Chaveesuk, S., Khalid, B. and Chaiyasoonthorn, W., 2021. Digital payment system innovations: A marketing perspective on intention and actual use in the retail sector. Innovative Marketing, 17(3), p.109.

Fischer, M., Imgrund, F., Janiesch, C. and Winkelmann, A., 2020. Strategy archetypes for digital transformation: Defining meta objectives using business process management. Information & Management, 57(5), p.103262.

Gallardo-Vázquez, D., Valdez-Juárez, L.E. and Castuera-Díaz, Á.M., 2019. Corporate social responsibility as an antecedent of innovation, reputation, performance, and competitive success: A multiple mediation analysis. Sustainability, 11(20), p.5614.

Jocevski, M., Ghezzi, A. and Arvidsson, N., 2020. Exploring the growth challenge of mobile payment platforms: A business model perspective. Electronic Commerce Research and Applications, 40, p.100908.

Kar, A.K., 2021. What affects usage satisfaction in mobile payments? Modelling user generated content to develop the “digital service usage satisfaction model”. Information Systems Frontiers, 23, pp.1341-1361.

Nur, T. and Panggabean, R.R., 2021. Factors influencing the adoption of mobile payment method among generation Z: the extended UTAUT approach. Nur, T. and Panggabean, RR, pp.14-28.

Tijan, E., Aksentijević, S., Ivanić, K. and Jardas, M., 2019. Blockchain technology implementation in logistics. Sustainability, 11(4), p.1185.

Williams, M.D., 2021. Social commerce and the mobile platform: Payment and security perceptions of potential users. Computers in Human behavior, 115, p.105557.
Zhong, Q., Liu, Y., Ao, X., Hu, B., Feng, J., Tang, J. and He, Q., 2020, April. Financial defaulter detection on online credit payment via multi-view attributed heterogeneous information network. In Proceedings of The Web Conference 2020 (pp. 785-795).
Websites

Fin-pay, 2023. A TURNKEY SOLUTION TO POWER YOUR ENTERPRISE AT SCALE Available at: https://finpay.co/enterprise/ [Accessed on: 21.06.2023]

Fin-pay, 2023. ABOUT COMPANY Available at: https://finpay.co/company/ [Accessed on: 21.06.2023]

Fin-pay, 2023. Available at: ONE SOLUTIONS FOR ALL YOUR PAYMENT NEEDS Available at: https://finpay.co/merchants/ [Accessed on: 21.06.2023]

Fin-pay, 2023. PARTNERS Available at: https://finpay.co/partners/ [Accessed on: 21.06.2023]