Development of an e-procurement model for global financial institution

Pao Yue-kong Library Electronic Theses Database

Development of an e-procurement model for global financial institution

 

Author: Wong, Li-kwong
Title: Development of an e-procurement model for global financial institution
Year: 2004
Subject: Hong Kong Polytechnic University -- Dissertations
Electronic trading of securities
Financial services industry -- Data processing
Securities industry -- Data processing
Department: Dept. of Industrial and Systems Engineering
Pages: x, 119, x leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1781163
URI: http://theses.lib.polyu.edu.hk/handle/200/3987
Abstract: Mainland China began its open-door and economic reforms in 1978 and eventually accessed to the World Trade Organization (WTO). During this period, Hong Kong's industrial field has been undergoing an significant transformation by moving to the southern part of China. The transformation not only changes Hong Kong's manufacturing sector from production to manufacturing-related and financial services, but widens its activities as well. Because of the relocation of labour-intensive processes with low value-added production, Hong Kong has more opportunities to focus on the higher value-added activities such as logistics and finance. At the same time, Hong Kong is facing strong competition from neighbouring areas such as Singapore, Malaysia and Taiwan, to take the same direction for making their place as the regional center for trade, logistics, finance, transportation and communications. In fact, these countries catch up very fast by investing a lot in their physical infrastructures. Facing this radical competitive environment, Hong Kong's industries including financial institution really need a comprehensive revolution. Taking the advantages of the rapid development of information technology and the trend of e-commence such as wide adoption of internet, financial institution which is rather conservative business, also realize the needs by putting a lot of resources to deal with the change of environment. Large portion of this project will mention about on the effects of e-commerce and its subsequent overall impacts on financial business and its procurement function. Electronic commerce undoubtedly has strong impact on the culture and operational style of various companies. Therefore, the company chosen to adopt e-commerce concept, will finally push the organization to further evaluate its business practices and strategies. Then, it will be able to better handle the ever-increasing amounts of data, information and requirements generated by the e-commerce. Through this process, there will be a lot of benefits and costs associated with this evolution. It is of course up to the organization themselves to formulate their strategies to leverage the benefits to the utmost and fight the threats from the competitors. Under radical competitive pressure, expenditure becomes a critical issue. Top management of Wai Fung Banking Company Limited (hereinafter called "The Bank") eventually make their decision to adopt the same pace with the other business by reviewing its procurement strategy. As a global banking group and ensure the same system can also be used in other regional offices or other members of the group, Hong Kong as the regional office of Asian Pacific is selected as a starting point to implement a state-of-the-art e-procurement system. In order to develop, a business model, a series of perceptions regarding technologies, its impacts on e-commence and procurement, current business situation, methodologies of formulating the business model, etc, have been gone through. Then, a number of essential factors for forming the structural block of business model are also studied in detail. Eventually, a business model of e-procurement and efficient implementation plan are dug out and concluded. These concepts will be further applied on a real case to prove their benefits. For further improvement and applying the same model to the other regional offices, the model will be reviewed regularly as the theory of "Plan-DO-Check-Act". In the long run, this e-procurement system can facilitate the efficiency of data collection and formation of global supply strategy. Finally, the system will also strengthen the competitive advantages of the whole organization in financial institution.

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