People and Technology in the Workplace (1991) / Chapter Skim
Currently Skimming:
A Business Approach to Technology: Shearson Lehman Commercial Paper Inc.
A Business Approach to Technology: Shearson Lehman Commercial Paper Inc.
Pages 296-308
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A Business Approach to Technology: Shearson Lehman Commercial Paper Inc.
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The sales force maintains the ongoing client relationship, focusing on investment requirements and short-term financing needs as well as providing a key contact for error resolution. In SLCPI it also includes a number of "quanta," or quantitative analysts, who perform analysis on trade data, pricing information, and economic data in an effort to support traders in evaluating market directions.
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Apart from the few personal computers peppered throughout the organization. the bulk of data Processing support ~ r ~ V ~ ~ was provided by a central management information systems (MIS)
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The size of SLCPI's inclividual trades meant significant revenue Toss when errors or processing backlogs occurred. The interest lost on $12.5 million (the average size of a trade in 1986J came to thousands of dollars a day.
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management reports became more of an issue with passage of the Securities Act of 1986, which required companies to demonstrate they were maintaining an acceptable ratio of liabilities to assets. Ongoing requests for improved management reporting were primarily directed to Shearson's central data processing (DP)
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senior vice president from the First Boston Corporation, was recruited to clean up SLCPI's processing problems. Second, under Gott's direction SLCPI consolidated key processing areas back office operations and accounting into a new organization called Trading Services.
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The bottleneck was eliminated by distributing data entry to each product area and processing across five separate local area networks. and in October 1986, data processing support moved over to SLCPI and was adcled to the responsibilities of the Trading Services organization.
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Formal training was established to further this end, and each SLCPI employee was expected to sign up. Top-quality systems professionals were recruited to staff the data processing support function that Trading Services had assumed.
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This policy exception pushed the authority to make decisions for all technical expenditures within the approved budget clown to each budget center manager and significantly accelerated the acquisition cycle for hardware, software, ant! approved personnel requisitions.
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i! 1~~1 MortgageBatked Securities ,W, 1 Money Markets be, 1 -be.
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The government securities system is similar to that used on the money markets trading floor. Trade information is captured and transmitted to the Shearson host, and the LAN provides a real-time inventory of government securities.
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Image processing was implemented for storage and retrieval of back office information, and an expert system was developed to assist in highly complex and time-critical mortgage allocation calculations. CLIMATE FOR ACHIEVEMENT Apart from specific management actions, such as realigning the organization and changing the approach to system clevelopment and planning, a number of environmental factors helped to set the stage for success.
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In addition to accommodating industry growth, the organization has eliminated processing bottlenecks through the combination of changes in work flows and the simultaneous adclition of automation. Structured, reliable information is now available to ensure monitoring of such things as backlogged transactions and to manage the firm's balance sheet.
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