Importance of Information Management in the Banking Industry
All businesses need to manage effectively their information and utilize it as a strategy through which they realize their set objectives. Apparently, the concept of information management (IM) has not been adequately achieved in most business organizations an aspect that has denied most managers of a chance to efficiently maximize their expected values to stakeholders. Hence, the need for an efficient management of information in the banking industry is to have excellent services, experience increased profits and finally, to embrace social responsibility as required by corporate governance regulations (MacLeod, 2015). The banking industry as previously discussed is an organization that deals with a lot of information that should be well managed for the banking services to be adequately enhanced.
Some of the significant benefits attained through IM to organizations include; businesses can manage their record keeping as they can destroy efficiently unwanted data while at the same time maintaining the useful ones. Furthermore, an efficient information management system (IMS) enables firms to lower their operating costs significantly. It is important to appreciate the fact that information is a valuable asset to any single business and should thus be managed with utmost care. The concept can assist in decision-making purposes, improve efficiency and enable corporate to gain a competitive advantage over others (Istikoma et al., 2015). The above rationale for IM has made business to consider looking for practical solutions on how they can optimally manage the issue and utilize information to assess their respective strengths or weaknesses. Various scholars have appreciated the fact that IM plays a significant role in business performance, an aspect that leads to the success of organizations in this global setting. The concept has resulted in the introduction of issues like knowledge management (KM) which is also used to serve similar purposes as IM to organization performance (Arif & Alshawi, 2011).
Impact of IT Architecture on Information Management in the Banking Industry
With the current trend of globalization, the role of IT in the banking industry is gaining popularity and increasing new responsibility as compared to the past where it was only considered essential for cost reduction purposes. Currently, the concept is used by the firm to gain a competitive advantage in the market, increase the revenue generated from the various businesses considered. In the past one decade, it is important to appreciate the fact that most organizations have considered investing in enterprise architecture (EA) due to its positive impact on business performance (Baglieri, 2014).
Therefore, IT plays a significant role in organizations and should thus be adequately monitored, and controlled for maximum results. EA, consequently, enables corporate to manage their IT assets and overcome the different challenges that may face organizations. Through the concept of EA, organizations can manage their investments more efficiently and manage information related issues that may face a firm. Hence, it is evident that organization benefit enormously in investing in enterprise architecture in different ways. Through the EA concept, firms can retain their talented staffs, enhance their service delivery to meet their consumer needs more effectively (Mintchik et al., 2015), assess the employee contribution to the business among other functions.
Suggestion of Data storage methods in the Banking Industry
Different methods are used for data storage; the concept compresses the vast amount of data, therefore, cutting the amount of space that is required for storage purpose. The methods enable organizations to experience reduced operational cost and identify effective technology that is used for the compression purposes. The first method of data storage that will be discussed in the above paper is the file system comprehension (FSC) that embraces a compression tactic that compacts each file as is written on a disk. The method has existed for use for quite a long time and according to research studies, most organizations using the approach have complained to experience challenges using it due to its low performance. The above method is effective on files that are not occasionally used hence it is not popular in the current global setting as compared to the other data storage methods (Chłopkowski & Walkowiak, 2015).
Data deduplication as a storage method is the most practical approach and is used for storage of vast amounts of data by big organizations like Google and the banking industry. Furthermore, the above method is new in the market and is gaining popularity at a quick rate as compared to the other methods. However, the tactic is regarded as either source or target-based, and it is more secure and can be accessed by different stakeholders at once (Mastrogiacomo et al., 2014).
Optimal Data Storage for the Banking Industry
The compression approach uses the concept of algorithms to help in reducing the amount of space that is used by simply changing the format in which the data is stored. For example, ‘zipping' of documents to be used as an attachment utilizing either the lossy or the lossless technique plays a significant role in data storage. However, with lossless, the data can be changed to different formats by either compressing or uncompressing and in most cases the original file can be obtained. However, with lossy, once the data is transformed to a new format, the original data cannot be obtained leading to the loss of information (Chłopkowski & Walkowiak, 2015).
However, duplication, on the other hand, works by reducing enormous data as it eliminates duplicate files and maintains the original. The concept has been used over the decades and is gaining popularity with the increased need for backup information and is furthermore considered to be more efficient in saving space and resources. The zipping concept of compression is slowly losing popularity in the recurrent generation due to various challenges that are associated with it. Hence, the data deduplication concept will be more active in the information management for the banking industry as it is more efficient in resolving the issue (Darwish et al., 2015).
References
Arif, M., & Alshawi, M. (2011). Cases on E-readiness and Information Systems Management in Organizations : Tools for Maximizing Strategic Alignment. Hershey, Pa: IGI Global.
Baglieri, D. (2014). Information Systems, Management, Organization and Control : Smart Practices and Effects. Cham: Springer.
Chłopkowski, M., & Walkowiak, R. (2015). A general purpose lossless data compression method for GPU. Journal of Parallel and Distributed Computing, 7540-52.
Darwish, S. M., El-Kaffas, S. M., & Abdulateef, O. A. (2015). Semantic Database Compression System Based on Augmented Vector Quantization. Journal of Software (1796217X), 10(10), 1127.
Istikoma, Bt Fakhri, N. F., Qurat-ul-Ain, & Ibrahim, J. (2015). Information Security Aligned To Enterprise Management. Middle East Journal of Business, 10(1), 62-66.
MacLeod, A. (2015). Effective information management and assurance for a modern organisation during a crisis. Journal Of Business Continuity & Emergency Planning, 9(1), 52-59.
Mastrogiacomo, S., Missonier, S., & Bonazzi, R. (2014). Talk Before It's Too Late: Reconsidering the Role of Conversation in Information Systems Project Management. Journal of Management Information Systems, 31(1), 44-78.
Mintchik, N., Long, C., & Bierstaker, J. L. (2015). Outsourcing the Information System: Determinants, Risks, and Implications for Management Control Systems. Journal of Management Accounting Research,27(2), 77-120.
