Discussing the IT governance strategy that you will employ to help the company meet its IG objectives.
BILLA868
IT833_Research_Presentation.pptxBED BATH & BEYOND DEVELOPMENT TO GLOBAL E-COMMERCE MULTINATIONAL COMPANY
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By
Surelytics Consulte
About Us
Surelytics Consulte has been set up in the year 2018. We pride ourselves in helping Organizations to give indications of progress at administering and securing the Data. We deliver our services through creative innovations utilizing a “Low-Risk Global Model” with a high level of time and cost consistency.
Management
John Doe, President, Chief Executive Officer
Mary Joe, Chief Technology Officer
Peter Jackson, Chief Product Officer
Ray Jones, Chief Financial Officer
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History
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US, Puerto Rico, Mexico, and Canada.
1998 31% increase in revenue.
1999 started online application
Founders
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Len Feinstein and Warren Eisenberg
Revenue Down Fall
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Stock Price Decline
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Closing Stores
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Challenges
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Failed to understand the modern customer.
Improper implementation of IG.
Failed to try different steps like failure to remodel the stores.
Target and Walmart are very good at store remodeling.
Giving away coupons to attract customers.
Major Competitors in Global E-Commerce
The Ecommerce industry has blossomed in the recent years. There are expected to be nearly 2B digital buyers in the world in 2019. This number is expected to reach 1.92 billion in 2019, accounting for a quarter of the world population.
This number was at 1.32 billion in 2014 and is estimated to reach 2.14 billion by 2021.Out of 20% sales( 2019 Statistics), there are a few companies who are taking up the major market share. Rather than showcasing their success stories and revenue, the purpose is to take inspiration from these ecommerce giants.
Why Amazon is influential?
Growth at all costs
Turning operations into profit centers
Leveraging data to build private labels
Volume approach to hiring
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Why Amazon is influential ?
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Fun Fact About Amazon:
During Amazon’s early days, a bell used to ring after every sale. Later, they shunned the practice because the bell rang so frequently due to increase in sales and growth.
Opportunities and Challenges of Big Data in Global E-Commerce
Opportunities and Challenges of Big Data in Global E-Commerce
Innovations & Challenges:
User Experience
Dynamic Pricing
Customer Service
Predictive Analytics
Challenges:
Amount:
Variety
Velocity
Value of the IG
IG refers to the use of data and information to ensure efficient decision making while providing its security, legal compliance, and proper management and control. The implication is that all information must be handled efficiently to ensure positive results and improved business
IG informs on what should and should not be done when it comes to management of records held by the company. IG will remain for the long-term not only due to continued significance of information in the digital age but also the application of AI, cloud computing, and increased spending on the same.
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9 Information Governance Principles
Executive Sponsorship
As an IG principle, executive sponsorship refers to providing that IG in the company gets funding and necessary support from the executives who include the chief executive officer.
Information Integrity
Information integrity presents itself as a dynamic aspect that supports that the quality of data handled by an organization should be maintained.
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Shareholder Consultation
Shareholders act as part and parcel of the organization, and this implies that they should be informed on vital steps such as the inclusion of IG at BB&B.
Information Accessibility
The essence of IG would be to provide accessibility of data appropriately. BB&B struggles when it comes to retrieving information. Such issues may be attributed to inadequate information planning where data and documents are not adequately documented thus posing challenges on retention and retrieval
Information Control
Information control explores the flow of information through the organization’ structures.
Information Policy Development
Every organization should create and operate with information policies that fit their line of operation. IG differs depending on the organization and line of business that puts the need for different strategies.
Stakeholder Consultation
Stakeholders differ from shareholders where they consist of individuals or groups whose input must be included; otherwise, decisions and the organization would not exist.
Information Governance Monitoring and Development
IG monitoring and development come out as the ways of gauging how IG develops and performing necessary changes when there is need. IG does not remain constant, and it changes depending on the industry's needs and challenges.
Continuous Improvement
Continuous improvement refers to the trait of finding issues inherent in IG and solving them proactively to ensure that it serves the company well.
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Potential Risks to Information
Credit Card Fraud
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Credit card fraud for Bed Bath and Beyond stands to be a significant challenge, and efforts should be made to ensure that financial information of customers is kept safe.
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Intellectual Property Risk
Intellectual property refers to the unique aspects, including website designs inherent to an organization.
However, it may not always be easy to avoid and mitigate intellectual property risk especially where culprits may use them for fraud cases.
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System Reliability
Website gets viewed as the front channel for viewers, the system consists of other tasks, including payments, supplier accounts, and employee management channels.
Integrating work functions should be done with the help if a firewall that will always maintain the security of the system .
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Search Engine Optimization
SEO can be described as the technology used to make websites attracted and allow them to rank highly on search engines.
SEO stands to be a risk because although it may be beneficial, search engines can change their algorithms, and this implies that many websites may find themselves less popular.
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Potential Risks to Information
Record Management
Records management goes a long way to creating a situation where various records and documents are kept safe and their access secure.
Don’t have unnecessary buildup of records for extended periods because they make records management expensive and tiresome.
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Big data attempts to retrieve sense from the large data sets that organizations hold, and it is only right to appreciate that using big data and incorporating it as an active part of the organization helps to ensure steady growth and proper analysis of the market that will help turn fortunes.
Application of IG
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9 Principles?
Bed Bath and Beyond should apply executive sponsorship, information integrity, shareholder consultation, information accessibility, information control, stakeholder consultation, information policy development, IG monitoring and development, and continuous improvement
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Risks threaten progress in IG, and they should be handled aggressively and proactively. Risk management and mitigation should be involved as a best practice of IG at BB&B because it will help cement the company’s credibility as a reliable provider of e-commerce services.
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Conclusion
Applying Best practices include big data, records management, application of information governance principles, and risk management and mitigation. The result will be that Bed Bath and Beyond will manage to expand its client base and experience more revenues through a global market.
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References
Balachandran, B. M. & Prasad, S. (2017). Challenges and benefits of deploying big data analytics in the cloud for business intelligence. Elsevier, 112, pp. 1112-1122.
BB&B (n.d). Product. Retrieved from www.bedbathandbeyond.com
Bloomberg (1998). Company news; quarterly earnings rise 31% at bed, bath and beyond. New York Times. Retrieved from www.nytimes.com/1998/09/25/business/company-news-quarterly-earnings-rise-31-at-bed-bath-and-beyond.html
Fahym K. (2018). Information governance: The key to advancing laboratory workflow and outcome. Critical Values, 11(1), pp. 26-29.
Fazlida, M. R. & Said, J. (2015). Information security: Risk, governance and implementation setback. Elsevier, 28, pp. 243-248.
Halim, N. A., Yusof, Z. M. & Zin, N. A. (2018). The requirement for information governance policy framework in Malaysian public sector. International Journal of Engineering & Technology, 7(4), pp. 235-239.
Kapner, S. (2019). Amazon didn’t cripple bed bath & beyond. Its own leaders did. The Wall Street Journal. Retrieved from www.wsj.com/articles/amazon-didnt-cripple-bed-bath-beyond-its-own-leaders-did-11559467800
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Khan, A. G. (2016). Electronic commerce: A study on benefits and challenges in an emerging economy. Global Journal of Management and Business Research: B Economics and Commerce, 16(1), pp. 1-5.
Mathews, L. (2018). Uber pays $148 million to settle 2016 data breach nightmare. Forbes. Retrieved from www.forbes.com/sites/leemathews/2018/09/26/uber-pays-148-million-to-settle-2016-data-breach-nightmare/#3d78c5e67834
Moorthy, J., Lahiri, R., Biswas, N., Sanyal, D., Ranjan, J., Nanath, K. & Ghosh, P. (2015). Big data: Prospects and challenges. The Journal for Decision Makers, 40(1), pp. 74-96.
Peterson, H. (2019). More than 4,300 stores are closing in 2019 as the retail apocalypse drags on — here's the full list. Business Insider. Retrieved from www.pulse.com.gh/bi/strategy/more-than-4300-stores-are-closing-in-2019-as-the-retail-apocalypse-drags-on-heres-the/3zysqxy
Smallwood, R. F. (2014). Information governance. Hoboken, NJ: Wiley.
Swinhoe, D. (2019). The biggest data breach fines, penalties and settlements so far. CSO. Retrieved from www.csoonline.com/article/3410278/the-biggest-data-breach-fines-penalties-and-settlements-so-far.html
Team, T. (2019). Bath Bath & Beyond's revenue to fall in Q1 2019? Forbes. Retrieved from www.forbes.com/sites/greatspeculations/2019/07/08/bath-bath-beyonds-revenue-to-fall-in-q1-2019/#461ce7831feb
Yazdanifard, R. & Li, M. T. (2014). The review of Alibaba’s online business marketing strategies which navigate them to present success. Global Journal of Management and Business Research: E Marketing, 14(7), pp. 1-9.
Thank you
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