SmartBackpacker Crowdsourcing App - Free Essay Example

Sample details Pages: 10 Words: 3038 Downloads: 2 Date added: 2017/06/26 Category Marketing Essay Type Case study Level High school Did you like this example? SmartBackpacker App 1. Executive Summary SmartBackpacker is a paid crowdsourcing app that will provide travelers with up to date reviews, recommendations and tips from other travellers. From the best places to get your laundry done in Timbuktu to the best stall to buy a taco in Mexico City, SmartBackpacker will hopefully become the must have app for all smart travelers. Don’t waste time! Our writers will create an original "SmartBackpacker Crowdsourcing App" essay for you Create order The success of this app will rest on providing the end-user trustworthy and useful information. The success of this app is also highly dependent on user participation as it is the user who will be posting reviews and sharing their travel knowledge. One of the innovative features of this app is that it will allow users to upload video reviews of places they have stayed, places they have eaten or fun, quirky things that might be off the beaten trail. It is hoped that this feature, along with the clean and easy to use user interface will propel SmartBackpacker to the head of the growing travel app market. SmartBackpacker is both the name of the company and the first product that this company will be launching. All future products will be launched under this company but with different names to reflect the target market. Future products could include SmartWeekends for weekend travelers, SmartStaycations for those looking for travel information in the UK and SmartBusinesstravele r for business travelers. This report will focus on the fir 2. Mission, Vision and Culture SmartBackpacker aims to harness the power of the crowd like no other travel app has managed to do before. Printed travel guides such as The Lonely Planet and The Rough Guide have long been essential purchases for tourists. However, these publications are usually updated every two years and dont provide travelers with up to date information. They are written usually by one person and dont really cater to everyones tastes. Usually they only cover one region or country, meaning that if the traveler is embarking on a multi-country tour they have to purchase more than one of these heavy and expensive guides. As smart phones become more prevalent and WiFi and mobile coverage now standard even in places far off the beaten track, it makes sense for travelers to leave their cumbersome, outdated travel books at home and travel with their phones loaded with an app that is constantly updating them with useful and relevant information. If one user had a killer Mojito in a bar in Sydney they can share that information instantly on SmartBackpacker. King (2002) argues that, â€Å"it is the customer who can decide how and when they access their travel and tourism information and how and through what process they access and purchase their travel and tourism arrangements† (p. 106). SmartBackpacker aims to be at the heart of this customer-focused movement by getting tourists to share information directly with each other, bypassing all the traditional channels. This business has to be built on a culture of trust. Users have to be able to trust the information that they are being given. It is this trust that will engender positive feelings towards the product and prompt people to post their own reviews. Surowiecki (2004) argues that, â€Å"under the right circumstances, groups are remarkably intelligent† (p. xiii). This app will use this group intelligent to improve the travel experience for everyone using this product. SmartBackpacker will be the f irst in a long line of travel related apps from this company. 3. Company Objectives The objectives of this product are as follows: 1. To become the most trusted source of travel information in the growing travel app market. 2. To identify the target market and build up strong brand awareness here. 3. To use the knowledge learned and the success of SmartBackpacker as a springboard to launch other paid travel related apps 4. Opportunity Analysis and Research Tourism is an extremely diverse activity ranging from a weekend shopping trip in New York to a month long trek in the jungles of Borneo. However, one thing that unites all tourism activity is that it usually implies that people are traveling to somewhere new. Information about their surroundings is therefore key to the enjoyment of their experience. However, because tourism is such a diverse activity, it is important that SmartBackpacker is able to identify a core market within which to operate. Since this app relies on user generated content and crowdsourcing, it is important that, for the most part, the users all share the same broad area of interest. For this reason, SmartBackpacker will be aimed squarely at young, tech savvy travelers who probably already use social networking sites in their daily lives and are used to the concept of crowdsourcing. These are travelers who are either taking a gap year or are taking an early career break. Perhaps the best definition of t his market comes from Riley (1988) who states, â€Å"in general they are future pillars of society, on temporary leave from affluence, but with clear and unwavering intentions to return to a normal life† (p. 314). This app would also be useful for younger people taking short trips such as weekend city breaks. 4.1. Industry Analysis 4.1.1 Tourism Market In 2009, visits abroad by UK residents fell by almost 15% on the 2008 figures (ONS, 2010). However, in the second half of 2010 there appears to be signs that international travel is slowly bouncing back. Jarvis (2009) observes that the backpacker market seems to be bucking the decline that has been witnessed in other parts of the travel industry. Australia, a particularly popular backpacker destination for young British travelers has witnessed an increase in international arrivals. This report would argue that in the recession, young people are probably delaying entering the job market for as long as possible. The backpacker market could also be growing due to the fact that so many people have lost their jobs in the past few years. Instead of rushing back into the job market, these young people are choosing to use the time to travel. 4.1.2 Smartphone Market The launch of the iPhone in 2007 signalled the start of all out war in the smartphone market. Phones running the Symbian operating system are the current global leaders with Googles Android system in second place, closely followed by Apple and Research In Motion (Gartner as cited in The Guardian, 2010). Android seems to be the clear winner at the moment, experiencing 22% growth from Q3 2009 to Q3 2010. Symbian lost 8% of its global market share in the same period while Apple also fell by 0.4% (Gartner as cited in The Guardian, 2010). The UK smartphone market seemingly mirrors these global market trends. However, ownership of smartphones is extremely high, accounting for almost 75% of the total mobile phone market. Apples launch of the iPad in early 2010 has also seen a surge in small, portable tablet devices. Although SmartBackpacker will be available on the iPad, the launch of this product will mainly focus on functionality in the smartphone market. 4.1.3 App Market The growth in the smartphone market has also given rise to the app market. Apps are small applications that users can download, either for free or for a small fee that take advantage of the phones advanced processing capabilities to allow users to get the most out of their phones. Thanks to apps, smartphones are now portable gaming devices, gps devices or ereaders. Apple have seemingly been the most successful at realizing the potential of this market. Apps are developed by third parties and then put of Apples online App store. The developers of these apps receive two thirds of the revenue generated from the sale of their apps. Developers can also incorporate Apples iAd system into their apps and earn extra revenue throug h advertising. The success of the app store has been staggering. Since launching in 2008, the app store has had over 3 billion downloads (apple.com, 2010). Developers who have been able to develop easy to use, useful apps have been quick to see huge rewards. One good example is the company Pusenjak, whose 59p app Doodle Jump has been downloaded well over 3.5 million times. This has made the two developers millionaires (mediamemo.com, 2010). The App store for Googles Android is not as well defined in that Apps are not available from a central source, like they are in Apple. Developers have been slow to adopt the Android operating system. However, the surge in the popularity of this system should soon see the popularity of apps on this platform surge as well. Smartbackpacker initially wants to launch on the Anroid and Apple iOS platforms. It is felt that the centralized market that Apple provides should ensure maximum visibility so the focus of the launch will be on the Ap ple version of the app. The travel app market is fairly crowded and already well-established brands such as Lonely Planet and Rough Guide have a presence here. However, none of the existing apps make it particularly easy for other travelers to share information with each other. The flow of information is distinctly one-way. As already stated, this app will allow users to post video reviews. This innovative feature, along with the easy to use interface should help to propel SmartBackpacker to the top of the travel app market. 5 PEST Analysis The purpose of this analysis is to focus on the external factors that could impact on the success of this venture. 5.2.1 Political Factors Tourism is a highly unpredictable product and one that is sensitive to external shocks. Tarlow (2006) notes that, â€Å"tourism sells a highly volatile and capricious product† (p. 84). Terrorism attacks or changes in the global economic situation can change the supply and demand nature of tourism meaning that there is less of a market for this particular product. However, this report would argue that the need to travel and explore is hardwired within us. As one market dwindles, another one opens up. This report would argue that the target market for this product is a fairly adaptable one. If civil unrest threatens stability in Central America, backpackers will simply plan to travel elsewhere. 5.2.2 Economic Factors As this report has stated, the global economic crisis has severely affected international travel from the UK. However, there are signs that this is bouncing back. This report has also found that the backpacker market seems to be fairly recession proof. In fact, this report would argue that this particular market could actually witness growth in coming years as young people delay their entry to the job market until the labour market picks up again. The target market for this app would probably prefer to be traveling rather than looking for a job. 5.2.3 Sociocultural Factors The UK has a strong culture of encouraging gap years. These young people taking a break before starting university are at the core of this products core market. The government is encouraging more people to go to university so it is possible that the gap year market could grow even more in the coming years. The growth of budget airlines such as EasyJet and Ryan Air has also led to more people being able to take short weekend breaks to European cities. Another target market for this app is these weekend tr avelers looking for a bit of adventure off the beaten track. Shani et al (2010) observe that travelers are now more trusting of autonomous sources of information. We trust these autonomous sources such as customer reviews more than we do more formal types of information such as guidebooks. They state that, â€Å"the boundaries between the induced and autonomous factors seem to have blurred in recent years† (p. 117). It is the belief of this report that SmartBackpacker can become one of these trusted autonomous sources. Tourists are now also increasingly motivated by a desire for real experiences in their tourism. MacCannell (1989) states that, â€Å"touristic consciousness is motivated by its desire for authentic experiences, and the tourist may believe that he is moving in this direction, but often it is very difficult to know for sure if the experience is in fact authentic† (p. 101). SmartBackpacker will allow tourists to share these ‘authentic expe riences with each other. Although there is a danger that as more tourists have these ‘authentic experiences, the less authentic they actually become. However, the type of tourist that this app is aimed at is inquisitive by nature and will be constantly searching for and sharing new experiences. Fyall and Garrod (2005) argue that tourists are growing increasingly bored of being passive spectators. They want to experience and explore. This report would argue that tourists are the best marketers for destinations so why not harness this power? 5.2.4 Technological Factors The smartphone market is a fairly new one and this report would argue that it will only continue to grow and become more accessible to more and more people. As it grows, the infrastructure that is needed to support it will also continue to improve. This app relies on people being able to post their experiences pretty much while they are having them. In some parts of the world, this is still hard to do. However, as the technology spreads, this will get easier and easier. 6. Marketing Strategies The following marketing strategies have to work towards meeting the objectives as set out in Section 3. 6.1 Target Market This report has already defined the target market for this particular product. 6.2 Product Strategies McGrath (2001) states that a product strategy is, â€Å"like a roadmap, and like a roadmap its only useful when you know where you are and where you want to go† (p. 3). It is important that this first product from SmartBackpacker is able to set the benchmark for possible future products. Crowdsourcing is an important way of democratizing the information that is available to us. However, this information has to be trustworthy, otherwise people will simply turn to other products. By clearly defining the target market for each product launched, this company should be able to give people exactly the information they need. A business traveler is unlikely to want the same information as a backpacker so each product has to be specifically tailor ed to meet the specific demands of each target market. The knowledge learnt from the development of SmartBackpacker can be utilized in the development of future apps for other sectors of the travel and tourism industry. 6.3 Pricing Strategies Tellis (1986) argues that pricing strategy is defined as, â€Å"a reasoned choice from a set of alternative prices (or price schedules) that aim at profit maximization within a planning period in response to a given scenario† (p. 147). He then observes that, â€Å"in a shared economy, one consumer segment or product bears more of the average cost than another, but the average price still reflects cost plus acceptable profit† (p. 147). The main source of income for this company will be from users paying to download the app either from the Apple app store or from the various Android app markets. As Tellis points out, the pricing strategy should reflect the prices of other apps in this category. Based on this, this repor t would recommend initially pricing the app at  £1.99. It might be possible to look at integrating some sort of advertising feature into later versions of this app, but initially it is important for the user interface to be as clean as possible. This will enhance the user experience and encourage people to use the app to share their tips and recommendations with others. This report would argue that usual models of consumer decision-making dont really apply to this particular market. Because apps are usually so cheap, or even free, people can rely on more than one app in that category. For example, someone using SmartBackpacker could also have Lonely Planet loaded up on their iPhone or HTC phone. 6.4 Promotion Strategy The launch of this product will be supported by a well designed website, a twitter site and also a facebook site. The rise of Web 2.0 has made advertising to a specific target market far easier and far cheaper than it used to be through more traditiona l channels. The use of these new channels should ensure that the target market is reached and that the product receives maximum exposure. Combined with a low price point, this app should quickly be adopted by those already traveling or those planning trips. This app relies on user experiences so it is important that it is quickly adopted and users start to share experiences with each other. 6.5 Distribution Strategies As already stated, this product will be distributed through Apples App Store and also through the various Android marketplaces. The launch of the first product will be specific to these two platforms but could expand to other platforms at a later date. Bibliography and References Arthur, C. (2010). Visualising the smartphone market change: Android leaps, Nokia wobbles. The Guardian, 10 November. Brabham, D.C. (2008). Crowdsourcing as a model for problem solving. International Journal of Research into new Media Technologies. 14(1), pp. 75-90. Fyall , A. and Garrod, B. (2005). Tourism marketing: a collaborative approach. London: Channel View Publications. Jarvis, J. (2009). Billion dollar backpackers: Recession resilient [online] Available from: https://www.south-pacific.travel/news/whats_new/backpack_jjarvis.pdf [Date accessed: 23 November 2010] MacCannell, D. (1989). The tourist: a new theory of the leisure class. California: University of California Press. McGrath, M.E. (2001). Product strategy for high technology companies: accelerating you business to web speed. New York: Mc-Graw-Hill Professional. Mediamemo.com (2010). Meet the App Store millionaires: The brothers behind Doodle Jump [online] Available from: https://mediamemo.allthingsd.com/20100405/meet-the-app-store-millionaires-the-brothers-behind-doodle-jump/ [Date accessed: 23 November 2010] ONS (2010). International Travel [online] Available from: https://www.statistics.gov.uk/cci/nugget.asp?id=178 [Date accessed: 23 November 2010] Reily, P. (1988). Road culture of International long-term budget travelers. Annals of Tourism Research, 15, pp. 313-328. Shani, A., Chen, P., Wang, Y. and Hua, N. (2010). Testing the impact of a promotional video destination image change: application of China as a tourism destination. International Journal of Tourism Research, 12(2), 116-133. Surowiecki, J. (2004). The wisdom of crowds: Why the many are smarter that the few and how collective wisdom shapes business, economies, societies, and nations. New York: Doubleday. Tarlow, P.E. (2006). Terrorism and Tourism, in J. Wilks, D. Pendergast and P. Leggat (eds) Tourism in turbulent times: towards safe experiences for visitors. London: Elsevier, pp. 79-92. Tellis, G.J. (1986). Beyond the many faces of price: an integration of pricing strategies. The Journal of Marketing, 50(4), pp. 146-160. Find out more from UK Essays here: https://www.ukessays.com/services/example-essays/marketing/marketing-plan-app.php#ixzz3EEYub HPT

Murder Mystery Comedy Plays

Audiences love a good gasp induced by a shocking murder mystery. They also cant get enough of laughter induced by wacky characters and slapstick hijinks. Combine both worlds and youve got a popular genre known as the murder mystery comedy. Of course, just because you have all of those ingredients doesnt mean the play will actually be suspenseful, mysterious, or even funny. When youve got a bunch of dead bodies on stage, the comedy is going to get quite dark, so it takes a special sort of playwright to properly entwine the macabre with the moronic. Here are a few murder mystery comedies that get it right! The Musical Comedy Murders of 1940 Written by John Bishop, this farcical whodunnit does not take a Sherlock Holmes to reveal the villains. But it does create enough mayhem to leave you guessing about what will happen next. A snowstorm encroaches upon the estate of a wealthy philanthropist, a patron of the arts who has called together a famous songwriting team, an iconic director, a Broadway producer, and a pair of theater wannabes. They think that they are pitching the next musical extravaganza  when, in fact, they have been summoned in order to discover the Stagedoor Slasher, a madman (or madwoman) who killed three chorus girl dancers and just might kill again. Throw in some Nazi spies, cross-dressing psychopaths, and a bumbling police detective, and you have a murder-mystery-comedy with a vintage flair. The Musical Comedy Murders of 1940 is available at Dramatists Play Service. (And for those of you actors who cannot sing and/or dance, dont worry. Theres hardly any music and no choreography except for some hysterical fight sequences). The Bold, the Young, and the Murdered There must be something intrinsically amusing about actors dealing with creepy killers because its a popular theme found in comedic murder mysteries, including this one by Don Zolodis. Heres the brief synopsis provided by the publishers at Playscripts: The long-running soap opera The Bold and the Young is in its last days: its hunky hero has self-esteem issues, its villainous old man is more interested in soup, and its heroines are slightly psychopathic. The executive producer gives the squabbling cast an ultimatum: Complete one episode overnight or the show dies. But when the director ends up murdered, and other cast members start dropping like flies, it seems like his threat might actually come true. Can these misfits discover the murderer before the show is literally killed off? The script lends itself nicely to high school drama students and professional actors alike. Theres something liberating about letting go and pouring on that soap opera cheesiness. Mandate for Murder Pat Cook is the master of melodramatic comedies  and has the ability to crank out silly characters so fast, his computer keyboard must be smoking when hes done. (Tim Kelley woulds be proud!) Most Cook comedies are as funny as the playwright is prolific. Mandate for Murder, brought to you by Eldridge Plays, is no exception. And its a blast for community theaters to perform, especially around election time. When a political aide is stabbed to death and the murder weapon is a knife pulled from a birthday cake, the crime-solving characters have a lot of questions to ask. However, they arent the only ones. The audience gets to interrogate the suspects too, not only that—by the end of the evening, they get to vote in the election! The Murder Room This comedic gem by Jack Sharkey brings back a ton of high school memories. We spent just as much time working on the set, with all of its trap doors and secret entrances, as we did working on the lines. Like other zany mysteries, this one features a wide variety of characters (nearly all of them should be played with English accents). With all of its mix-ups and botched assassinations, by the end of the play the audience isnt sure if anyone has actually been killed off. It also pays homage to Sleuth in that characters who supposedly left the storyline come back into the play wearing a clever disguise. The 39 Steps Imaginatively adapted from a Hitchcock classic, the comic masterpiece The 39 Steps transcends the genre. Audiences rave about the non-stop comedy, the amazingly creative blocking, and the four versatile actors who play over one hundred characters. Directed by Maria Aitken and adapted for the stage by Peter Barlow, this farcical tribute to Hitchcock thrillers has been delighting audiences since 2005.

Ab221 Customer Service Free Essays

Running head: On-Time Technology Products Complaint On-Time Technology Products Complaint Kaplan University AB221 Customer Service Tina Engle March 30, 2011 On-Time Technology Products Complaint On-Time Technology Products (OTTP) sells products related to time, and Mark MacGibson is the new President of OTTP. OTTP has seldom had any customer complaints because the companies top priority is customer service. Mary Graff, the supervisor for the Customer Service Representatives plans was to take OTTP to an innovative level of excellent customer service. We will write a custom essay sample on Ab221 Customer Service or any similar topic only for you Order Now Unfortunately, one day the President received a complaint in written from a disabled person, that has prompt his immediate attention. The complaint was in reference to the treatment given by a sales representative (Joanne) during the persons visit to the store. The complaint read, â€Å"Today I was at your store and wanted to purchase a new laptop computer. I never write companies when small incidents occur (relative to my disability of being in a wheelchair), but I feel that today’s behavior by your sales staff was over the top and warrants this letter. I chose to inform you, the President, so that others in my circumstance at your place of business will not be so offended. I felt very patronized when, after asking a question of your service/sales representative Joanne, she responded in an almost childlike voice – not once, but three times! Then she proceeded to lean on my wheelchair as she was demonstrating the laptop to me. I felt it would have been more appropriate for here to use a chair, but when I suggested she do so, she said, â€Å"Oh this will only take a minute or so† and then continued to lean over me for another five minutes! I am incensed enough to write this letter! By the way, after leaving your store I will purchase my laptop from another store within the hour. † After reading this person written complaint I have come to the conclusion that this complaint is legitimate because Joanne did not serve the disabled customer properly. Joanne’s communication with the customer was inappropriate because she spoke in a child like voice, and leaned on the customers’ wheel chair. Where in actuality, Joanne should have spoke to the customer in a normal tone voice (instead of a childlike voice), sat in a chair at eye level to the customer in the wheel chair (instead of leaning on the persons wheel chair), and continuing to lean on the customers wheel chair after the customer told her what they would prefer for her to do. In my opinion, the President Mr. MacGibson should call (if their telephone number is available), or communicate with this customer personally, and offer his sincere apology as well as compensation for what took place in their store. What I think Mr. MacGibson responds should is; â€Å"Hello Sir. /Mama, I am Mr. MacGibson the President of On-Time Technology Products and I would like to give you my sincere apology for what took place at our store during you visit. I would like to inform you that the mannerism Joanne showed during your visit is unacceptable, and was not the protocol of OTTP. To assure that this does not happen again I will personally make sure that all of our employees are well trained, and aware of the Americans with Disabilities Act. In closing, I would also like to offer you compensation for what took place at our establishment although you stated â€Å"you have purchased a laptop from another business. I would recommend that Mr. MacGibson put into play extensive training at OTTP with understanding disabled customers, customer behavior, and exceptional service, and that should assure to keep up OTTP’s reputation of seldom complaints. I say this because as a customer coming into an establishment they need to be understood, welcome, important, and comfortable with the sales representative. References The World of Customer Service, 2nd edition Pattie Gibson-Odgers (2008). How to cite Ab221 Customer Service, Papers

Addressing Cloud Computing Security Issues â€Myassignmenthelp.Com

Question: Discuss About The Addressing Cloud Computing Security Issues? Answer Introducation Suitable for global organizations this project considers technology risk challenges such as future skill deficit. Banking operations at Aztek need servers, storage and databases management systems for numerous internet applications. Outsourcing saves on costs because Aztek only pays for services and software applications that it can accesses and use. However, compliance to business terms is necessary. Aligning Azteks project plan with its mission and values is important. It is also critical to ensure that the resources are available for the project. Aztek has an objective of implementing continuous improvement practices in its operations and functions. By setting aside resources for this plan, the company is able to avert current and future risks. A good plan guides the company in the adoption of risk management strategies such as insurance. It also encourages compliance by the business companys teams. The implementation of risk management encourages the fulfilment of business goals because it scrutinizes all areas of Aztek. Outsourcing Cloud Computing Economies of scale in cloud computing advocate for reduced costs for IT systems as an operational risk management tactic. Risks present liabilities and high cost of management(Benlian Hess, 2011). Making wrong decisions about the IT capacity needs for Aztek contributes to the risk factors. Websites operating on common applications like ecommerce are at a high risk of manipulation from cybercriminals. An effective transfer of IT app1.lications requires a reliable and safe infrastructure system. The company needs updated cloud solutions for its mobile devices, webservers, and data storage or recovery. These must be free from fraud. Making company websites accessible to multilevel, multidimensional and group systems requires effective models within the legal framework. The development, configuration and administration of applications in the global environment include privacy. Transfer of IT Applications Samandari, Havas, Harle ( 2016) identify future risks in the banking industry to identify technological disruptions among the issues of focus. Although innovation provides solutions to banks and services, it presents fresh challenges every day. Aztek deals with metadata and technology helps in portfolio management, detecting inconsistencies and making projections. Accuracy in the banking sector is a necessity and automated machines such as the ATM and mobile banking cannot afford to make mistakes. IT applications lower the risks giving the bank a competitive advantage. Of concern are privacy issues, data protection and error free business modelling. Definition of Risk E-commerce is a platform for business engagements using the internet(Chiu, Wang, Fang, Huang, 2014). Cloud computing used in the financial sector include the website links and knowledge management systems. These allow for third party access hence security and training concerns emerge. The use of cloud computing in banking services is questionable because of the banking business model. Banks are financial companies but they also stand out as well as high-risk businesses. A risk in this case is the unexpected occurrence, which may hinder the successful implementation of objective 2 of the planned portfolio. The foreseen danger may occur in any form hence there is no certain definition of its magnitude or specific. The planning process involves a cycle process of taking actions against the challenges and evaluating the controls. This is a flow showing the mission, strategy, goals and goals of Aztek as a company and its IT plans. Stakeholders play a key role in defining the process. Regulatory measures and Best practice Licensed under the Australian Banking Act, the financial regulations affect its operations(Hooper, Martini, Choo, 2013). Aztek also designs risks with consideration for the finance industry laws for credit facilities, labour laws, customer relations and banking services apply. The harmonization is under the: Good governance and conduct Privacy and personal data protection Business regulations and operations E-commerce global regulations Project Impact on Current Security Aztek strategic risks cover wide areas including corporate banking, which accommodates for its plans to venture into business alliances. Top on its plan is institutional compliance in which the Bank fulfils its responsibilities of implementing, managing and providing financial security(Rittinghouse Ransome, 2016). The IT outsourcing plan expounds on its agenda of providing reliable information to the stakeholders. Awareness creation and the implementation of risk control is important for both internal and external stakeholders. The bank has in place a system of risk management for its internal operations but it needs an elaborate framework for an external IT related plan. Current plans Azteks Risk management plan comprises of an overall organizational design as well as the departmental breakdown. The framework covers financial risks, governance, credit, developmental, strategic and operational risk levels. This plan derives its motivation from the global threats faced by the financial industry. Top on its list is the liquidity risk followed by technology and organized crime(PWC, 2017). The Australian banking service is an industry, which revolves around the consumer. Efficiency is an important factor in its value chain. Innovation also has a major role in organizations and is a best practice for the banking industry. Aztek as a company has a risk management team whose responsibility features: A risk framework for Aztek and the financial industry Development of a risk strategy and treatment plan Oversight of the risk management agenda Monitoring and ensuring compliance of the plan Coordinating risk management activities across the business Carrying out internal audits for new risk framework IT Security Risk Factors IT Security Policies and Procedures at the company also have structures laid out 3 years ago. Its focus was initially on risk assessment but industry trends indicate the importance of risk management. Its agenda was to address gaps in the infrastructure and they include three levels namely, the infrastructural, software application and development (Zissis Lekkas, 2012). Cloud computing is an advanced technology that falls under this docket. As a software model, it comes with a structure and model that is distinct and critical to Aztek IT systems. It comprises of the change in technology featuring systems designed for the banking services. This change comes from demands in the global sector. The complexity of technology systems and applications calls for risk management by leveraging the company installations with global expectations. Risk assessment leads to strategic approaches to combat and deal with the impending and potential risks. Supply chain risks are inevitable and corporate governance regulations allow the bank to undertake these risk analysis and implementation. The drivers of value creation in risk management is the stakeholder who comprises of large and small companies (Upper, 2011). Risk assessment considers: Possible situations that could happen Process of his could occur What impact it could have on the system Solution to this problem The New Plan In the new plan, risk management considers the risk assessment factors as well as crisis management using a modern approach(Bessis, 2011). It incorporates liquidity risk management and the use of technology services and products. The growth of the online business brings fresh risks for the financial IT systems because consumers now have to make most of their transactions using credit cards. Online transaction risks include credit risks, market challenges, operational and liquidity challenges. The contemporary system has configurations and computer applications to address these issues. Risk management planning highlights the possible risk avenues in order to describe concrete solutions. Outsourcing IT is a major factor affecting Azteks financials and business performance. Its outsourcing framework is an interesting business model that involves a third party service provider. Cloud computing is a new approach to collective operations. IT comprise of an innovative structure that involves a third party supplier. This means the introduction of a new security plan for Aztek communication and information systems plan. It starts with the identification of its security threats and quality business processes. This brings in the IT and Information Systems configuration. Challenges Advanced technology challenges keep advancing over time. This needs strategy improvements to tackle its complex nature. The introduction of collective computing systems provides opportunities and challenges. The new business model targets deeper connectivity and quality management(Bessis, 2011). Reputable banks prepare for uncertainties across through risk management services and products. Online credit risks include the protection of customers personal data and unauthorized access to credit card data. Value Creation Reputational risks include loss of respect in public image or consumer trust. This happens when the stakeholders question the capability of Aztek to carry out its financial services effectively. Reports about the bank or its customers losing data gives a negative image on the company. It gives a negative impression of the brand and customers lose confidence in the company. The company needs a system for detecting crime and credit underwriting. Having an early warning application gives it an edge over the competitions. In the IT financial industry, having insight on the potential risks for outsourcing services is important(Low, Chen, Wu, 2011). Operational risks The introduction of an external cloud process brings new changes such as the introduction of new people, systems and procedures. Change Management arrests the impending risks arising from human and computer generated risks. The computing systems could relay incorrect data or it could leak information to criminals. Data management solves this problem by providing security installations, making changes on personal data safety, permits or licenses. It checks the facilities, capital, space, emergency, and the operational environment. Liquidity risk The reduction of losses is important for the business because it upholds the companys assets and customers. Liquidity risks include daily loses in cash transactions. Security installations in mobile banking is an effort to reduce these risks. Globally secure mobile and internet banking is a problem. Aztek needs concrete plans for this. Credit risks This covers the largest risk factor for banks in the global system. Customers access services through cloud systems and installation applications. Its dangers come from loans, foreign exchange, swiping, equities, trade financing and forex. The modern consumers uses the credit card services for online shopping and payments. Banks face threats from unsuccessful transactions arising from failed processes. The introduction of mobile banking services on mobile devices is due to customer demands, and market changes. Other risks in credit loans include credit delays, the loss of funds due to credit transactions, calculations, exchange rates and exchange value settlement different. Market risks Economic recession and financial trends determine the pricing, interest rates, forex rates and fines. Placed on consumers by the bank it brings about fluctuations in currency, commodity and equity. The contemporary consumer prefers low interest costs and banks, which have long-term strategies against their competition. Business risks include national, regional and global management issues. There are risks arising from systematic risks, which affect the economy of the bank. The external environment such as cloud computing shapes the trend in the market systems. It comprise of perceived risks such as failed investor risks(Fahlenbrach Stiultz,2011). Compliance Contracts address issues such as leases and sponsorship for the projects. In a global organization such as Aztek, the Australian regulations and statutory laws apply(Governement, 2015). These involve employees and the community as well as company installations. Engaging in a business model with an external service provider has challenges among them is the challenge of breach of contract. The Codes of conduct ensure compliance to the rules. Clients need a clear understanding of the terms and penalties, loss of revenue purchasing practices, and litigation challenges. Risk Analysis The success of this project depend on effective management approaches including an analysis of the potential risks. These require an effective management support system. An effective plan looks at the risk factors in a project in order to measure their viability. The Aztek IT Risk Assessment lead involve different stakeholders and technologists hence an effective decision-making process is required. The Australian government incorporates cloud computing among ICT arrangements as illustrated below(Kluwer Delbaere, 2016). Risk management identifies the potential risks, vulnerabilities and the risk control processes. When developing competitive processes, the financial organizations must be aware of the need for compliance with the legal framework affecting business continuity, cloud service provider, and service location. The Risks, Vulnerabilities and Threats Cloud computing and IT installation of technology from external sources poses risks. The project plans to make installations on laptops, pads, tablets and mobile phone devices. Each of these devices face challenges and exposure to malware and other effects. The incorporation of a corporate-wide email for archive systems need a compatible and compliant design. Upgrading applications on desktop operating systems also needs IT Security Policies and procedures. In order to understand the risks, it is crucial to understand vulnerabilities, threats and risks(Grobauer, Walloschek, Stocker, 2011). This clarification provides a guide on the types of risks involved in the process. Threats This is a potential cause of alarm for an organization. It includes system interference. Different agents of these threats include criminals, bank fraudsters and organized criminals. Aztek needs a plan that foresees this as a future challenge for the organization. The legal framework admonishes the financial service provider from compromising client assets. In order to prevent this failure, and combat theft, the plan makes provision for better security software and the training of its employees with codes of conduct for risk aversion(Cappelli, Moore, Trzeciak, 2012). Employees can also become threats if they are not aware of the risks. Competitors often use employees to steal crucial information and company data. The company needs protection from hacking systems and unauthorised access. In some regions, access by government and terror groups(Martini Choo, 2012). Contemporary criminals have the capacity to fabricate identity for unauthorised entries. Vulnerabilities Defined as weaknesses characterising a system, the vulnerabilities expose the system to threats. An example is weak passwords, insecure online banking and constant cyber-attacks. Data security requires privacy protection as one of the major safety measures(Chen Zhao, 2012). This service delivery approach is crucial for cloud computing which involves different IT experts and networking systems. Public clouding is vulnerable to software bugs and information leaks. Broken financial processes also expose the system to such threats. This calls for changes in hardware and software installations. Aztek needs effective measures such as backup systems and prevention of human errors. As part of its customer service, the brand needs to inform its customers about the value of having stronger passwords and protecting personal computer devices. Aztek might consider using top security OS such as Apple devices. Risks Consequences or potential losses or damages leading to the destruction of Azteks assets. This is a result of a vulnerable system or applications such as password access. Cybercrime is one of the major problems facing business organizations today. Cyberstalking and profit-oriented criminals exist in cloud systems. Aztek as a group needs to invest in software applications and systems, which prevent such disruptions. Failure to do so exposes the company to threats of money losses, compromised privacy, loss of confidence and legal suites. As a best practice, the company invests in quality systems that enhance its reputation as a safe financial service provider(Gonzalez, et al., 2012). Data damages such as service interruptions and network unavailability is another risk. In such a case, the company needs to make changes such as upgrading the systems of modification. Practical law for IT in the finance industry includes outsourcing issues(Wang, Wang, Cao, Lou, 2012). These regulations provides guidelines for procedure such as hiring global consultants, purchasing software applications for the office functions and integration of Aztek services with other businesses. A merger between Aztek and a technology company needs clear business terms. The international, local and national environments have adoption and integration. The two companies forming the merger operate within a contract policy that determines payment for technology services or software application. Risk management tackles any issues of conflict that may arise. It shapes an effective framework that includes policy changes and regulations from the industry and the two companies. Infrastructural Framework Poor Management of legal arrangements poses threats to the company image and workforce. Exposing employee data, Aztek facilities and commercial processes makes the organization vulnerable for attacks. A crisis arises when hackers access the company website and share the information to competitors. Research indicates that Australian banks are among the most vulnerable globally(Bavas, 2015). The findings by Kaspersky Lab a cyber-security firm indicated the advancement of criminal networks, which monitor banks and employees to fleece the company of millions through customer account. Aztek has the private cloud system for its employees across different branches and it has software installations for different services accessed by the consumers. Other stakeholders such as partners also have portals. A reliable infrastructural network that is free from third party access hinders interference from hackers, and malware. Compliance with legal terms helps customers to download applications from reputable company sites. It thus prevents the risks by controlling damage. In case of a breach, or IT systems exposure to fraud, the company also needs a crisis management plan. This includes reorganization of the system and infrastructural networks. Risk management mechanisms have consideration for components such as events, changes in technology, target profile, negative public perception and software manipulation. A comprehensive solution has provisions for Abuse from legitimate users, illegal or rogue users and software vulnerabilities. Sometimes additional installations pose a threat hence Aztek needs an authentic database and Denial of Service (DoS) installations(Zargar, Joshi, Tipper, 2013). Data Security Cloud computing service models comprise of infrastructural systems (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)(Subashini Kavitha, 2011). Security installation at all these levels is necessary. Mitigating the risks calls for strengthening the IT systems in order to prevent stolen passwords. This includes security installations in multimedia applications for downloads and uploads. Regular hardware and software maintenance must be in place. This includes checks against any communication vulnerabilities that may arise. Employees and other human vulnerabilities also need to be in check. Assessing IT Risks Assessing the IT systems for risk in business terms is critical because it highlights the quantitative and qualitative risk management approaches. This comparison identifies the external factors, internal manipulations and system errors. The quantitative analysis points out the incremental attacks and interference from other channels. It takes note of network weaving and frequency in authorization attacks. It facilitates for the identification of information vulnerabilities arising from IT capacity and software disruption as well as scripts. The quantities risk quantifies objectives, decisions and achievable metrics such as costs and schedules or targets for system installations and upgrades(Shaikh Karjaluoto, 2015). This gives a higher quality analysis with data variations for a better risk analysis. It gives projections for the projects timelines too. Qualitative analysis looks at the business trends and management challenges. It recommends weaknesses in business processes and inadequate controls for effective change management. This form of risk assessment, which facilitates for the classification of risks. It also indicates the relationship between causes of IT insecurities for Aztek and its cloud systems effects. This helps to identify the pros and cons of the broad network access used in the project, which advocates for the use of mobile phones and tablets(Benlian Hess, 2011). Although the quantitative analysis provides for a deeper understanding, it takes time and it may not explain the probability. It is important to have a practical description of the threats for an understanding of the impact and extent of the risk exposure. Therefore, both methods are effectively used together. The qualitative analysis checks for performance metrics in order to bring out the occurrence of the threats. The distribution of the risks helps stakeholders in the industry to make the necessary changes such as system upgrades. Aztek depends on the quantitative risk factors for mathematical simulations but it needs to combine the risks for effective application across the projects. Cloud computing and installation of external software involves a complex IT project that needs software and system applications(Aleksandro, Fedorovich, Victorovna, 2016). Insurance As IT risks continue to advance, companies adopt smart tactics such as risk insurance because technology is expensive. Managing risks calls for limitations or risk transfers. Based on the fact that risks are inevitable in clouding and technology installations, this approach examines the company profiles to create a plan for acceptable and unacceptable risks. Business risk liability can bring down a multinational company hence liability insurance includes IT for data protection and recovery. This is a cover plan for uncertainties(Corner, 2013). It caters for data migration, risk mitigation and insecurities faced by businesses today. The availability of a wide variety of insurance plans includes personal devices such as laptops, pads, and PDA. Such networks are prone to attacks from malware and the financial industry is at the highest risk. In Australia the law is unclear about the external storage of data hence most companies are sceptical about cloud computing insurance. General liability caters for risks in business activities including data damages and losses(Jain Shanbhang, 2012). Risk rating guide Insurance risk rating compares the losses and the compensation. In IT insurance, there are provisions for short-term and long-term coverages for systems protection. The ratings addresses security breaches, down time and effects that this may have on users(Cloud Insure, 2014). In this case, it protects customers from server complications and inconveniences. This is a business strategy for Aztek as well as its IT cloud service provider. Forming partnerships in the acquisition of insurance is one way to overcome these liability challenges. Conclusion Aztek is a financial service in the contemporary system where technology is part of management practices. Innovation improves functions and operations in a financial business. As a best practice, industry players invest in it for successful implementation. This report analyses cloud computing and software installations as a major project underway for Aztek. 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