Wednesday, May 6, 2020

Environmental Risk and Carbon Emissions †Free Samples to Students

Question: Discuss about the Environmental Risk and Carbon Emissions. Answer: Introduction: Cloud computing is having a remarkable impact on all the industry and is one of the biggest breakthroughs in the information technology systems in the past decade. Financial Industry Regulatory Authority (FINRA) started their plan of moving to the Amazon Cloud (Wamba et al. 2015). FINRA started moving their extremely critical systems in to the Amazon Cloud system. They were able to move their whole processes into the Amazon Cloud and now they are able to monitor and record the daily events in the New York Stock Exchange very easily. The company is able to record about 75 billion individual events on a daily basis, which is a remarkable achievement for the organization. The organization has been able to reduce the cost of storage by implementing the Amazon cloud service and has been able to store trillions of data, which may account to around 20 petabytes of data (Provost and Fawcett 2013). The U.S. Securities and Exchange Commission are the primary regulators of the stock market and the new rules set by the government will require FINRA to collect and analyze more amounts of data. This is the very reason that FINRA will be trying to adopt to Amazon cloud computing system which will help the organization to reduce the cost of storage and increase the storage capacity. The organization initially sort help of many consultants and vendors who provided such services, but most of them tried to convinced the organization that it is impossible to manage a database of such magnitude on a private platform (Kraska 2013.). There are four major impacts of the public cloud service on FINRA and it is based on the principles of the organization. These major factors are self-sufficiency, open source, public vs. private cloud and customization. FINRA was able to develop an in house system, which as able to manage the Amazon Web Services without any vendors and consultants (Cai and Zhu 2 015). This has helped to reduce the overall cost of the organization significantly. The company has developed a public cloud system, which could be challenging, as it is difficult to manage a platform of such magnitude. The company developed an open source database, which will help them to avoid licensing, and it is based on the Hive and HBase. The organization customized the platform according to their needs that reduced cost of shifting the system into a new cloud database (Kuner et al. 2012). FINRA has incorporated most of the available features of the Amazon cloud services. They are using the Elastic Container Services instead of the EC2 virtual machines. The organization uses a private cloud database and uses a direct connection for networking (Chen, Mao and Liu 2014). This shows that the organization has made immense changes to the database, which will suit their own need. FINRA has been able to do away with the proprietary infrastructure and has enabled them to facilitate the processing of the huge number of data. This also helped the organization to store huge chunk of data very conveniently at a minimal cost (Ularu et al. 2012). The improvement in the new system is far more superior to the old system and the improvement in the system is exponential in nature. The organization is able to do their entire task in mere seconds, which will save them a lot of time and work load. The new system has been able to transform the whole organization; the new system is as such it will be able to absorb flash-crashes and other adverse market situations. The system will automatically spin up thousands of nodes to take them offline and the security of the cloud-based system is far more superior to the normal systems (Dubey et al. 2016). Order Audit Trail System (OATS) is an automated system, which is used to store and record data relating to orders. The information about all the equities that had been sold on the NASDAQ is recorded using the OATS system. This is a system, which will simplify the overall process starting from the initial receipt to the execution of the procedure. This device helps in tracking of the all the market instruments so that it can be easily audited afterwards. FINRA has incorporated this system in to their organization, which is helping the organization to recreate events in order lifecycles and monitoring of all the stocks and the equities in the market. Affect of the emerging technologies on existing technologies The traditional information system approach was to buy hardware, servers, license and installation of software. This traditional process was time consuming and costly as it required deployment cycles that are long and infrastructure demands. However, with the emergence of the cloud based system the whole scenario of the information technology system has changed drastically (Cai and Zhu 2015.). The old processes and the systems have become redundant, as other effective ways have been developed which will easily virtualizes the information technology system. The internet applications can also be accessed by the other new technological methods. This has significantly reduced the cost of hardware that were used for developing and maintaining of the servers. However, the numbers of components that are being moved in to the cloud by the majority of the companies are a handful. Initially the companies had to understand the advantages of using cloud computing so that it can be integrated in to the system of the organization by customizing it according to the needs of the organization (Kuner et al. 2012). The implementation of the cloud computing system in to the business model of the organization is tough, as the organization would have to modify their business model to accommodate the inclusion. This has increased the demand of the new specialists who can monitor and apply the changes without any problem. The ways of creating and developing the application have changed and the software developers have to adjust to the new ways of using the cloud server. The applications are move to the public or the private cloud so the companies will have to change their ways of delivering applications. The support staffs that were required in the traditional system have now become unnecessary and so the need for support staffs has decreased significantly (Kraska 2013). The biggest change of it all is that the data has lost its physical control and are being stored in data centres provided by the vendors. The safety of the data has increased and safer in the cloud servers. The cloud providers have security experts who maintain software and hardware to protect the data of the client from any breach. There is no specific standardized software for the cloud and the companies modify the software to customize it according to their needs (Provost and Fawcett 2013). The numbers of software application that are available in the open market are in millions. There is need for integration among the service providers and other applications, which are similar and belong to the rival organization. Integration is the new need where the companies will be streamlining the multi company project to make the work collaborative. These aspects are important for organization show have formed an collaboration and without the use of the integration there will be problems in security of data, lapses in production and there will be failure in the communication system of the organizations. The hybrid Cloud services have become popular, as this is a service that provide most favourable means for meeting the regulatory conformity for the organization. However, installation and managing of this hybrid servers is expensive and only 27% of the organization have the resources for fully accommodating the cloud based servers (Ularu et al. 2012). The cloud computing system has allowed all the individual use their own customized applications and so it difficult to monitor and secure the data. Thus, the companies are using third party cloud solution, which consist of security apps that will monitor and protect the data from any unwanted breach. Cloud computing is one of essential requirements for development of flexible workplace. The employees are using technology advanced devices to access the data remotely and cloud will facilitate in collaboration, competitive gains and trade. The companies will be able to provide the employees with flexibility, which will help in increasing the productivity in the organization (Dubey et al. 2016). This had lead to the emergence of cloud brokerage services, which will facilitate in providing the organizations with ideal cloud service provider for the organization. These cloud brokerage services have gained popularity due to the need for integration in the hybrid models and there has been rapid growth in this market. This has helped the organization in adaptation of the BYOD, big data and services related to mobility, which is acting as a catalyst in the growth of the Cloud Brokerage Services (Provost and Fawcett 2013). This has to lead to the emergence of the SaaS solutions that has bee n perfectly incorporated in the digital system. This will ensure full integration fo the applications and software without any leaks and breaks. DaaS offers the organization with the support to companies to make choices that cost efficient and will provide the organization with a competitive advantage in the market. FINRA has been able to incorporate the OATS system with their private cloud system, which has improved the ability of the OATS system. The tracking of complex data and recording it has become very easy for the organization and the tasks that would take a time of at least five to seven hours can be solved in seconds and minutes. Corporate strategic planning process Business performance does not consider the business in different level but considers the business as a whole, which helps in identifying the performance of the organization. The performance of the individual will also affect the performance of the company. The incorporation of the business performance management along with the corporate strategic planning will provide the organization with the opportunity of meeting the target (Agus and Shukri Hajinoor 2012). The business performance management is continuously making progress in providing positive impact to the key indicators of business. The strategic planning will help to outline the key indicators, which will help in enhancing the business performance. The strategic planning process is the tool, which will facilitate the organization to make improvement in the business performance management. The strategic planning is an tool which will define the key changes in the key indicator of the organization in order to positively impact t he performance of the organization. Corporate strategic planning will help in identifying the goals and the ways of achieving the target (Hammer 2015). Business performance management in an organization will consist of growth strategy, innovation and better execution and these three important factors will have to be incorporated in to the strategic planning of the organization to maintain their sustainability. The corporate strategic planning consist of various tools which can be used for accessing the market conditions and as well as the internal environment of the organization. The macro environment analysis helps to identify the external factors, which will affect the operations and sustainability of the organization (Rasula, Vuksic and Stemberger 2012). This may include PESTLE analysis, which will help in the identification of macro environmental factors. Porters five forces and the value chain analysis can be used for analysing the internal environment of the organization. The external environment cannot be controlled by the organization but if the organization is able to identify the factors that may affect the performance the n they will be able to mitigate the risk factors by being prepared for it. The internal analysis of the organization includes the SWOT analysis, which will help in identification of the strengths, weaknesses, opportunity and threat of organization. The identification of these factors will help the organization in formulating future strategies to achieve the goals and objectives of the organization (Chen, Chiang and Storey 2012). Business intelligence is a tool, which is collect, store, access and analyzes the data to make improvements that will help the organization make better choices. The business intelligence is a tool, which helps the organization to set their corporate strategies, and at the same time will help to change the existing strategies according to the changes in the market. The business intelligence tool will be used by the organization to monitor the progress of the strategic plan and to measure the key performance indicators of the organization. the organization will be able to select sophisticated KPIs by combing different datasets of the corporate organization ((Chen, Chiang and Storey 2012). The business intelligence system will help the organization to use an automated device to monitor the KPIs and make appropriate changes in the strategic planning of the organization. This tool will help in the reduction of the cost and time taken for analysis and execution of the strategic plan of the organization. Business intelligence is a guiding tool for creating a successful management strategy and create the desired performance. Business performance management acts as a junction for business intelligence and corporate strategic planning as both these tool are used by the organization to achieve the common goals that is to increase the productivity and hence maintaining the sustainability of the organization. The use of business intelligence for developing the corporate strategy of the organization has been adapted by most of the organization as it helps in forecasting the future market trends and formulation of effective strategies as a means of counter measure for the future uncertainties (Prajogo and Olhager 2012). BI System formulation and Architecture The goals and objectives of a company have to be clearly set in order to implement the business intelligence framework. The goals of the organization, which is required for the proper execution of the business intelligence framework, are trust on a single set of corporate data, which will to help to make decision based on the facts (Prajogo and Olhager 2012). The tools should be easy to use which can easily analyze and report data to help the business achieve better insight to highlight hidden trends and issues. The tools should be able to identify the trends in a short period of time so that the company can quickly adapt to the changing trends in the market. The BI framework that is being developed for an organization could be practical or conceptual depending upon the needs of the organization. The main advantage of using this tool is that the organization has the option of modifying the tool according to the scale of the organization. The large-scale organization will use the tool in a different way where as the small and the medium scale organization will use it in another way. The majority of the organizations use a combination of the products, services and vendors to PM solutions and BI analytics (Meng 2012). The companies with limited amount of resources will use the BI analytics in a different way. They will be using the framework, which will constitute of reporting, analysis and planning of the data without the usage of the extensive resources. The use of effective framework will help an organization to maintain their sustainability in the organization. The above pictures show two frameworks one is one for the medium scale organization and the other is for the large-scale organization. The first framework is less complicated where the vendors, services and products are not taken in to consideration while in the second framework it is a more complex framework with the usage of extensive resources. The tool is very easy to use and even novice employees can use it to understand the market analysis and the trends (Hoogendoorn, Oosterbeek and Van 2013). The framework wants the users to think like an analyst to make optimum usage of the tool. The result that is obtained is precise and accurate which helps in making accurate decisions. The formulation of the strategy for the business can be done at any point of time so that the strategy can be adjusted according to the upcoming market trends. The organization will have to change their processes form tactical to strategic planning which would include the implementation of the business analy tical system. The organization will have to make sure that they maintain the consistency level in all the analytical processes so that the organization has the common sets of dimensions, business rules and hierarchies (Prajogo and Olhager 2012). The companies can develop the analytics system based on their infrastructure; the system is flexible enough to be incorporated in to any form of system. A single console, which is centralised and based on web, can be used for managing all the administrative activities of deployment, installation and management can be done with a few clicks. The above two-business system will help a manager to analyze the progress of the organization and the results of the corporate strategic planning. The system shows how the decision support system will help the organization in making valuable decisions, this will consist of both micro and macro decisions of the organizations. The manager will be able to obtain about both external and internal sources form the data warehouse for interpreting the data. The manager will be able to do a comparative study of the corporate strategic planning and business management process with the help of the business intelligence system, which will help a manager to identify whether the execution of the corporate planning is done in a proper way. The organization will have to define the business process, decision and the analytical processes and the information infrastructure will have to be defined so that the model can be execute din a proper way. There is no right framework in business intelligence and the frameworks change according to the needs of the consumers. This will depend on the constraints and the objectives of an organization. The use of analytic in the supply chain of the organization is one of the important aspects and overall operation can be handled efficiently with the help of the business intelligence (Hoogendoorn, Oosterbeek and Van Praag 2013). The use of the BI in the operations of the company will help in increasing the productivity and maintaining the quality of the product. However, the complexity of the organization increases with the increase in the width of the scope of the organization. The above framework show show the decision support system has been used to facilitate the needs of the organiza tion. Developing an argument either in favor or against the preference of knowledge based system over traditional IT systems Knowledge based system is one of the members of the AI group which is used for the entire advanced task and other resources. The society has become more oriented to knowledge and is relying on experts to make decision for them. The KBS system will increase the consistency and will allow the users to function at a much higher level. The KBS system is bale to understand and interpret the data to make decision on behalf of the expert. Knowledge Based System emphasizes on the system that utilizes the knowledge based techniques to support the human decision, learning and actions. This system is developed to cooperate with the humans. As put forward by Popovi? et al. (2012), a knowledge based system is considered as the computer program that uses artificial intelligence to resolve the issues within a particular domain that practically requires human expertise. This system tasks for expert system could involve the classification, diagnosis, design and monitoring and planning for the specialized. It is identified that Information technology could conduct the human activities but without the involvement of humans, it is not possible to conduct those activities. Many organizations in the recent time have been observed to be using AI in their operation to speed up the process of operation. On the other side, the use of traditional information technology involves the staffs to operate. In this context, Chen, Chiang and Storey (2012) commented that knowledge-based system seems to be more general compared to expert system. Knowledge Based System is highly demanded in many organizations due to unique features like problem solving. The problem-solving efficiency does not lie with the smart reasoning method nor it is depended on developed algorithms but it is highly depended on domain-dependent real-world knowledge. It has been found out that real world issues do not have any well developed solutions; hence, the knowledge based system permits this knowledge to be represented. The KBS provides an enhanced solution. In this context Azma and Mostafapour (2012) commented that knowledge based system derives the experience and knowledge of human expertise and record them in knowledge-base to resolve the problems that usually require human expertise. The KBS can be used as the diagnostic tools where the interpretation provides a deep understanding of situation or circumstance with available and relevant information; whereas traditional IT identified the issues based on the algorithm developed in the system; thereby, thereby reach of Information Technology is limited compared to Knowledge Based System. According to Hou (2012), KBS has a design tool that helps to make the configuration that meets the constraints of the issues identified. Likewise, the system is embedded with a monitoring tool that helps to check he performance as well as the inconsistency. Another significant tool is known as the control, which helps to collect and evaluate the evidences and other related opinions. The most significant diagnostic tool of KBS is known as debugging, which helps to identify as well as prescribe solutions for the malfunction. On the other side, the traditional information technology could inform the users about the malfunctions but it cannot develop the solutions. As discussed earlier, with the help of AI, Knowledge Based System could provide the identification about particular issues, which is known as the set of symptoms but hence, IT system could stop the operation being affected by the problems. According to Duan and Da Xu (2012), the component of a human or an expert system which consists of systems knowledge developed in the collection of facts regarding the system domains is known as Knowledge Based System. Due to all these advanced features, the KBS is highly demanded in each sector by the medium and large size organizations. Discussing the broad implication for KBS rising from the introduction of cloud computing techniques that provide intelligent computing power over the internet Certainly, the cloud computing is known as one of the advanced and latest innovation in modern technology. The cloud computing is referred to the use of computing resource from the server using the broad network. This system enables the user to access the required resource using any computer system associated with the internet as the web server. However, the biggest contribution of cloud computing technology is Knowledge Based System. As put forward by Sauter (2014), as the long-term investment in learning always lead to the consequence in immediate the enhancement, business across the world have waited long and it was hard to find a way of gaining knowledge. However, with the revolution and development of IT solutions, it is probably that cloud computing is foolproof system for conducting the same. As there has been a growing popularity of cloud-based knowledge management system, technology through the evolution, has been able to help people in experiencing some significant benefits from the potential risks. In addition to this, as the cloud-computing has the scope for storing the relevant information; it has become more easier to develop KBS. To develop and use KBS, the users do not need additional hardware or software, on single operating system can work for the KBS Foshay and Kuziemsky (2014). Deriving the human expertise and utilizing the resources kept in the cloud, the Knowledge Based system works as a whole and facilitates the overall operation. As put forward by Chang (2016) the cloud technologies are utilized to aid knowledge sharing because of the recent advancement in the field of internet as well as its growing popularity. The major advantage of cloud computing technology is that it can be implemented throughout the organization. Hence, the organizations should re-evaluate as well as modernize their knowledge management strategies to keep up with the knowledge enhancement (Azma and Mostafapour 2012). Furthermore, it is also observed that because of the large range of knowledg e as well as the content in the enterprise, the monitoring as well as the supervision is complicated along with high licensing cost. Hence, the solution is to take up an extensible knowledge management system to meet the organizational needs. When the successful transition to a cloud based knowledge system is developed, the organization could experience a set of benefit such as reduced licensing charges using a single content management system (Chen, Chiang and Storey 2012). The organization could enjoy the benefits of reduced ownership charges because of the transition to cloud. The organization could observe a developed efficiency as well as cooperation across the organizations through a unified system. Thus, it can be mentioned that technological operation has now days become easier due to advancement of AI in the form of Knowledge Based System. As put forward by Popovic et al. (2012) being able to use knowledge as the competitive advantages needs a sophisticated system of knowledge management. Hence, the major objectives o knowledge management is to increase the highest exploitation of intellectual capital in organization. This has been possible by the use of technology that that can work as human and probably faster than humans but using human expertise only. Data mining Data mining is the process in which the large number of data is analyzed to identify the hidden relationship between various data and at the same time can be sued for the prediction of the future.It can be used for finding the anomalies, correlation and patterns among the data. This is used to increase the revenue and reduce the cost associated with the organization and make improvements in the relationship with the customers and reduce the risk. Initially data mining was used in scientific disciplines, artificial intelligence, statistics, and machine learning. However, the application of data mining is huge and in the past decade the multinational companies has been using data mining and big data to make improvements in the business model of the organization (Popovi? et al. 2012). The emergence of data mining has made the old processes redundant by taking out those tedious and time-consuming processes. The automated analysis of the data has been used in all types of industry to unco ver relevant insight form complex data. Data mining has been used in retail, banking, financial sector and many other industries, which shows that the data mining has the capability of resolving all the issues that are being linked with the organizations. Globalization has made improvements in the technological advancement and this has caused the emergence of large amount of data. The large amount of data is unstructured and complex: data mining is the process, which can be used to obtain meaningful data from this huge chunk of data (Chen,Chiang and Storey 2012). The data mining can be used to reduce the amount of noise in the data by eliminating the repetitive data from it. Data mining will be able to identify meaningful data, which can be used for drawing inference. This also helps in making important decision at a brisk pace and this has made data mining as an integral part of the business world. The sue of analytics to understand the patterns and relationship with in the variable is very common. The proper usage of the data mining and big data can provide an organization with competitive advantage. Modern scenario shows that the companies have incorporated the use of data mining so that they make improvements in the performance of the company. The analysis of the huge chunk of data was very difficult and time consuming for the companies and the emergence of data mining has been a boon for the corporate industry (Azma and Mostafapour 2012). Data mining is the solution to all the problems in the market trends where the companies can make us e of the data mining to make changes to their corporate planning strategy and prepare for adverse situations. There are various types of modelling method, which are used for the analysis of the data. The needs of the consumers and fluctuations in the market can be easily analyzed with the help of analytics. Market basket analysis is one such technique where the retail companies use the data to identify the complementary products, most popular products and the pattern the products should be arranged so that they sale of the outlet increases. This show that data mining was initially sued for theoretical analysis but it can be better applied to solve the problems of the business world. The tradition form of analysis were time consuming and difficult to calculate whereas data mining produces very fast results and helps in reducing the time making decisions (Foshay and Kuziemsky 2014). Implication of intelligent data analytics The emergence of big data has lead to usage the data of the behaviour of the consumer to identify their needs, upcoming patterns and the popular products in the products. The consumers are unaware about the usage of their personal data by the companies. This may be considered as the breach of privacy and the consumers if they find out about it can file a lawsuit against the company. Even if the consumer has agreed to share their data then the consumers are unaware of the fact that how the data will be sued by the organization. The organization may sell the data to a third party who may misuse it for its own benefit. This is a common phenomenon for the companies to use of the customer data and store it in their data warehouse to analyze it to find the patterns hidden in it (Hou 2012). The availability of large amount of data is common in this present business world but it the duty of the companies to protect the data of the consumers in a proper way so that it cannot be misused for ot her purposes. A lot of companies have their data warehouse where the large amount of data of the consumers is kept for further analysis in the future. However, most of the companies are very casual about the privacy and protection of the data and the recent incident in the past few years show that there has been privacy breach in large number of companies. They have been unable to do anything about and consumers are more frightened about sharing their information at an organizational level. There are instances where data has been stolen and has been used for identity theft and accumulation of the large amount of data at a single place has presented the hackers with the opportunity to steal this huge data for their own benefit (Duan and Da Xu, L. 2012). The companies should be more focused on protecting the data of their consumers otherwise it will be difficult for the companies to retain their consumers. The instances show that the data breaches in all the incident is the fault of the organization and they had to pay heavy fine to the consumers for such a shameful incident. This shows that the organization are least bothered about the data privacy of the consumers and using it for their own benefits. The big data consist of various analyses and is very sensitive in nature so it has to be protected at all cost (Foshay and Kuziemsky 2014.). The data can be used for many misdeeds, which will be a problem for the company and the consumer at the same time. The consumers have lost their trust on the companies and are very much reluctant in sharing the data with the consumers. Thus, it can be concluded that it is wrong on the part of the companies to exploit the data of the consumers and the companies should make sure that they maintain t he privacy of the consumers. Reference Agus, A. and Shukri Hajinoor, M., 2012. Lean production supply chain management as driver towards enhancing product quality and business performance: Case study of manufacturing companies in Malaysia.International Journal of Quality Reliability Management,29(1), pp.92-121. 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