Enterprie Architecture (Enterprise 2.0 memo) - Essay Example

MEMORANDUM To John Doe From Ken Muksin, Emerging Technologies Group 11 March, Importance of Enterprise 2.0 Project in the finance sector I wanted to respond to the decision to cancel the Enterprise 2.0 Project as I am sure that continuing with the project will reflect in the financial performance of the company in a short while. Firstly, Enterprise 2.0 helps employees in easily finding information and resources related to their workplace. This will help save lots of work hours and promote better employee satisfaction.

Though these things are not measurable, better performance of the early adopters seems sufficient evidence. In our company, this Enterprise 2.0 will help in a number of ways. To begin with, use of Enterprise 2.0 in BankCorp means the storage of all documents and related information in a central repository without additional infrastructure or time to save the same. In addition, this centralized storage of information remains easily accessible to everyone. That means the collective intelligence will help employees find information and reach solutions in a much easier way.

Secondly, it ensures effective flow of information which results in satisfactory decisions in a compliant manner. On the one hand, the opinion of customers and other stakeholders is available and on the other, the need for compliance is analyzed by availing the necessary information. That means, the decisions taken will be compliant with the rules and regulations and, at the same time, free from skepticism from various stakeholders. In fact, proper communication with stakeholders in the financial sector helps improve company image.

As the information regarding various decisions and transactions remain transparent to the stakeholders, they feel increased participation in the decision-making process. As the stakeholders get a chance to express their opinion about various decisions, Enterprise 2.0 becomes the most effective way of communication with stakeholders. Moreover, as each stakeholder gets a chance to know the opinion of many other stakeholders, the company executives will save a lot of time which they usually spend detailing the plans to each and every stakeholder.

Also, the ratings provided by the existing consumers will encourage new potential investors as the opinion of the existing consumers is the most influencing factor. Yet another important point is the need to recruit and train new Gen Y people. It seems that the new recruits will be more inclined towards gathering information from electronic sources rather than printed ones. That means, the company needs to develop such an image where information flow is electronic, transparent, accessible and user-friendly.

Such an image will help recruit new people, and once selected, the new recruits will find it easy to get access to information and solution as they remain in touch with peers, policy makers, decision makers, and consumers at the same time. A hurdle is the higher use of public social networks compared to the company-introduced social tools at present. It seems that the trend reveals only that employees want to feel free from the corporate firewall that restricts open communication. That means the problem lies in the existing corporate social tools; and not in the practical advantages of using social software.

This problem can be overcome if the company introduces a no policing policy. That means the company will not regulate its discussion boards. Thus, my humble suggestion is that Enterprise 2.0 has become a very necessary part of business operations in the financial sector.I hope these points will help you take a good decision in the case of Enterprise 2.0.