Critical analysis of the different ways IT systems are used for the communication, transmission, processing, manipulation, storage, or protection of information at MoneyGram.

a. Knowledge management.

b. Customer relationship management.

c. Data management.

d. Communication management.

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Introduction - MoneyGram If you use PayPal, you may not have heard of MoneyGram, but millions of people around the globe use this service to send money anywhere within minutes. Dallas-headquartered MoneyGram is one of the world's largest money transfer businesses in the world, with 256,000 partner agents ranging from Walmart to tobacco shops in Paris where customers can send and receive money. In 2020, MoneyGram generated $900 million in revenue. For a global money transfer company, it's essential to be able to move money between two points around the world within minutes. MoneyGram uses an automated financial management system to make this happen. The system handles hundreds of thousands of money transfer transactions each day and ensures that all of the retail stores, banks, and other MoneyGram agents receive proper financial settlement and commissions for each money transfer. Problems with MoneyGram operations Despite many years of double-digit growth, MoneyGram's operations were not working well. The company was saddled with outdated systems that required the use of spreadsheets and time-consuming manual processes to calculate payments and close the books each month. Those systems were adequate for a long time, but eventually their complexity and lack of scalability constrained MoneyGram's ability to address market demands, add new products, and serve the sales team. Moreover, lack of a central data storehouse made it difficult to create reports, analyze market opportunities, and spot bottlenecks in the system. Senior management decided to examine MoneyGram's business processes and legacy systems, some of which were redundant. It assembled the company's top business and technology managers, including the company's chief financial officer, controller, treasurer, and its executive vice president of operations and technology. They concluded that in addition to updating technology, MoneyGram needed to change some of its key business processes. Improved Business Processes at MoneyGram Culturally, MoneyGram's managers made changes in staff responsibilities to make employees more aware of the company's business processes and ways to improve them. Employees were instructed to understand each step in the business processes they were part of, instead of their own individual job functions. The company used numerous Webinars and other tools to show employees how business processes were being altered. To that end, MoneyGram created a subset of managers called global process owners or GPOs. Each GPO is responsible for the performance of an individual process, such as cash management, customer onboarding, or credit processing. GPOs were asked to define the current state of their processes, how processes impacted each other, and how they felt they could be improved. They also defined how the success of their process could be measured and were tasked with gathering performance data to gauge that improvement. MoneyGram still uses GPOs in its operations., along with subprocess owners (SPOs), who are responsible for handling day-to-day activities and problems. This new process orientation has moved MoneyGram from the old siloed departments to cross-functional work groups that collaborate closely with a long-range view of what's best for the business. Technology at MoneyGram For the technology to support its new global processes, MoneyGram selected Oracle's E-Business Suite with the Oracle Incentive Compensation module. Oracle E-Business Suite consists of enterprise resource planning (ERP), customer relationship management (CRM), and supply chain management (SCM) applications using Oracle's relational database management system. Oracle Incentive Compensation module automates the process of designing, administering, and analyzing variable compensation programs. Management believed the Oracle software was capable of handling the customization work required to integrate with the processes used by the company's back-office and proprietary agents and to handle other unique business requirements. The Oracle system included capabilities for creating, viewing, and managing customer information online. MoneyGram started implementing Oracle E-Business Suite in September 2012. The new software and business processes streamlined most of MoneyGram's back-office operations, making it easier to process more customer transactions and settlements with agents and billers and to update the company's General Ledger. New partners can be added at a much faster rate. Commissions are critical for driving profitability in MoneyGram's existing and new products. MoneyGram must track a large number of different plans for calculating the commissions of its partner agents throughout the world. Its legacy system was unable to automate many of the commission plans, so MoneyGram had to use spreadsheets and manual processes to manage several hundred commission plans. MoneyGram built a flexible commission model using Oracle Incentive Compensation that has been able to automate more than 90 percent of its nonstandard commission plans. In the past, new regional innovations took months to plan, but the Oracle implementation has cut that time by approximately 40 percent. New product introductions will integrate seamlessly with MoneyGram's back-end processes so that new transactions are recorded and accounted for correctly. The new Oracle system allows MoneyGram to configure the processes simply by adjusting currently existing parameters instead of developing new software. MoneyGram is less likely to go to market with a product that has to be initially run on manual processes. Enterprise-wide repository and centralised data Having an enterprise-wide repository of data located centrally allows MoneyGram employees to better Enterprise-wide repository and centralised data Having an enterprise-wide repository of data located centrally allows MoneyGram employees to better serve customers and agents conducting the money transfers. Centralised data are up-to-date and easily available. Reports used to take 40 hours and three employees to create but now take 80 percent less time. Those workers can spend more time analysing reports and less time putting them together. The cost savings of consolidating more than 40 MoneyGram legacy IT systems into one enterprise-wide implementation of Oracle E-business Suite amount to millions of dollars. The company can now handle more transactions without having to hire additional staff. The company estimates that the Oracle software will pay for itself within one year