Quality Management System at Barclays Group

Quality and Quality Management System at Barclays Group

Quality Management System at Barclays Group – The present business climate is characterised by fierce rivalry and constantly shifting client needs. A further factor driving competition is the proliferation of new technology, globalisation, and corporate consolidation (Bouranta et al., 2019). Many banking institutions are suffering economic issues because of the COVID-19 epidemic. Managers must examine their company processes in light of the negative macroeconomic climate to make investment decisions.

This report evaluates Barclays’ quality management procedures and investment decision processes (Kugbonu, 2020). Quality management trends are also examined in this paper, as well as how the QM system might be aligned with these trends. Barclays bank should incorporate these trends into its Quality Management (QM) to achieve a competitive edge in the business.

An Overview of the Situation

This bank has two divisions: Barclays International and Barclays UK. Its service subsidiary, Barclay’s execution services, supports these divisions. Over 83,000 people work for the bank, which has operations in 40 countries and employs approximately 83,500 people in its two primary markets, the United States and the UK (Diekola, 2016).

Personal banking, commercial banking, investment management, corporate banking, and internet banking are just some of Barclays’ many offerings. In addition to individual and small business banking, the bank also provides corporate and investment banking services.

TQM Principles at Barclays and its Significance TQM

Employee Engagement

The HR department’s TQM principles include employee involvement and open communication. Human capital is a key strategy for the bank in achieving its objectives (Salah, 2018). “We want to promote their health and well-being to empower and drive them to offer exceptional services” the business said in a statement.

To boost productivity, the company makes significant investments in the well-being, professional growth, and mental health of its workers. 83 per cent of the bank’s employees say they’re engaged, with 67 per cent of those surveyed responding (Nyamari, 2017).

According to employee surveys, between 74% and 78% of employees report having stress levels they can manage and a work-life balance they feel they have achieved (Parvadavardini et al., 2016). To foster a culture of innovation and creativity amongst its workers, the bank offers a variety of educational opportunities, including classes, workshops, and seminars.

Internal clients are just as crucial as external ones when it comes to a company’s success. Internal customers and external customers can both benefit from service firms’ efforts to improve the quality of the services they provide (Rafailidis et al., 2017). Human resource policies including organisational commitment, employee engagement and training are connected to optimal corporate performance and shareholder profitability. There are ways in which Barclays’ present HR policies can contribute to its long-term competitive advantage.

Communication

An annual poll of employee engagement is conducted by the corporation, allowing for two-way dialogue between top management and the workforce. Employees, consumers, investors, and stakeholders all have input in decision-making and strategy formation (Kugbonu, 2020). To help clients make well-informed financial decisions, the organisation says it is transparent about its financial offerings. The corporation engages stakeholders using surveys, social media, and other broadcast methods.

Using Kaplans and Nortons Balanced Scorecard, the company’s communication’s organisational impact may be measured (BSD). The BSD aims to improve the quality of life for both employees and the general public via better communication (Al Ghamdi et al., 2016). To create connections and satisfy consumers, Kaplan and Norton’s approach requires management to communicate. To boost performance and customer happiness, the leaders need to convey their priorities effectively.

Management

Nyamari (2017) emphasised the importance of leadership in achieving quality objectives in a business. To keep their teams focused on the pursuit of quality improvement, bank leaders instil a sense of urgency in them. Demonstrate a high level of leadership and management to lead the radical adjustments necessary for continuous improvement, Deming claims.

To increase productivity and revenues, transformational leadership may enhance the quality of the entire process (Diekola, 2016). Leadership at Barclays is responsible for establishing the bank’s long-term strategy and defining its basic principles. To help their employees achieve their goals, they are also directly involved.

Significance of TQM Principles at Barclays

An Ever-Evolving Process

This bank has a section dedicated to service and efficiency enhancement. The lean six sigma paradigm, which states that a corporation may enhance product/service quality by removing wastes along the value chain, is used by the company to accomplish continuous improvement (Bouranta et al., 2019).

Focusing on theory implies that proper precautions are taken to prevent errors and increase operational efficiency. The business says that it recycles risk-weighted assets to improve operational performance and keep costs in check while also maximising the efficient use of available resources.

To reduce inefficiencies caused by inefficient work methods, it has also used new technologies in the invoicing and documentation procedures (Salah, 2018). Banks may enhance their financial and non- financial performances as well as their operations related to supplying chain management by making investments in continuous improvement. The bank’s performance may be improved through operational efficiency and better customer service as a result of the continuous improvement projects.

Customer-Focus

For the bank, customer-focused service is a primary value proposition. Customers’ wants and connections are at the heart of all of the company’s actions and plans. Investment programmes can be adjusted to match the specific demands of each customer (Rafailidis et al., 2017). Access and tracking of investments are available online for clients. As a part of its financial education programme, the bank offers free telephone updates and money-mentoring services.

Barclays Bank also provides new goods and services to enhance the customer experience (Mahanga, 2016). For instance, consumers may save time by serving themselves and gaining access to the majority of the bank’s goods and services through the use of the bank’s mobile applications and online banking platform.

Customers from a variety of backgrounds may simply use the applications because of their basic design. In accounting and banking organisations, customer-centred services improve client happiness, customer loyalty, and customer retention levels (Parvadavardini et al., 2016).

These findings suggest that a company’s ability to retain customers may be improved by tailoring technology to match the demands of clients. In today’s highly competitive market, a company’s ability to retain and gain new customers is vital (Kugbonu, 2020).

According to the bank, a 32 per cent decrease in customer complaints may be attributed to the bank’s efforts to enhance its service delivery method. Customer service is a priority for the organisation, and it has taken the necessary steps to improve it.

The bank’s operations with reduced defect and waste creation can boost productivity and create cheaper expenses. Additionally, the bank may be able to maintain and grow its client base, resulting in greater financial success (Al Ghamdi et al., 2016). TQM’s societal advantages include customer happiness and brand approval in the marketplace.

To complement the bank’s quality plan, these TQM principles need to be adapted. Using the TQM principles, the bank may fulfil its strategic goals of diversification by implementing four proposals (Diekola, 2016).

TQM impacts competitive strategy creation and is a source of sustained competitive advantage, according to research (Nyamari, 2017). A competitive advantage may be gained through the use of the TQM paradigm, according to these studies. Using the 14 TQM principles, a firm may have a competitive edge, better financial performance, and better customer satisfaction.

This is confirmed by the company’s 2020 annual report, which notes that the improvement in customer satisfaction may be ascribed to the company’s quality measures (Mahanga, 2016). Because it concentrated on TQM principles, the bank’s financial results have improved.

The Importance of Total Quality Management Barclay’s Quality Management System (QMS)

Building a Quality Management System begins with understanding the current organisational environment, which includes things like structure and culture as well as a leadership style (Akanmu et al., 2020). Customer satisfaction was a key consideration in the development of Barclays’ quality management system.

EFQM is evident in the bank’s procedures, which have been scrutinized in depth by the bank’s auditors. To achieve excellence, the EFQM relies on five enablers and four outcomes (Carmona et al., 2016). Enablers are concerned with how a company accomplishes its work, whereas outcomes are concerned with the results it achieves. Results are generated through enabling factors, while enablers may be enhanced via the use of feedback from those results (Khan et al., 2017).

This methodology helps the company to examine its real condition according to European quality measures and determine its advantages and disadvantages in accomplishing goals (Harthy et al., 2020). Within the annual report, Barclays says it gathers and assess information on the 9 EFQM model criteria and employs the applicable improvement plan to boost each criterion’s performance. The bank’s planned quality management system (QMS) looks like this.

Quality Management System Dissertation
Quality Management System Dissertation

The EFQM model establishes the framework for QMS quality measurements to be focused on, as seen in the image above. It collects information on EFQM enablers, including employees, leadership, strategy, and products/services (Elrayeh, 2016). Customer satisfaction feedback is utilised as a quality indicator for the people criteria, whereas financial development data is employed as a metre for products and services (Waduu et al., 2019).

These quality criteria are a reflection of the leadership’s commitment to employee development, involvement, and the organization’s overall mission. Continuous improvement is possible because of this system’s design (Mahmood, 2020). The subsequent phase is to formulate quality policies, define roles and duties within the QMS, make a strategy for the management of risks and opportunities, and, as the last step, devise strategies for the regulation of change.

Elements of TQM

There are several fundamental QM components and building blocks, including ethics, integrity, trust, education, collaboration, leadership, and recognition. An employee’s code of ethics is a set of rules that he or she is expected to follow at all times while at work (Harthy et al., 2020) Customers both internal and external expect the bank to uphold a high standard of integrity.

Ethics and integrity lead to trust, which in turn determines the level of ownership and dedication to an organisation. Ethics and integrity are demonstrated through the bank’s CSR, which can be found in its society criteria in the EFQM (Odeny, 2016).

With so much face-to-face contact between customers and staff, the foundation of every successful business is solid training, collaboration, and strong leadership. TQM training helps employees acquire the skills and information they need to properly execute the concepts (Khan et al., 2017). For the bank to meet its quality goals, staff must work together as a team. Investments in quality assurance are a sign of the company’s dedication to quality management.

Quality Assessment Standards

An ISO 9001 certification indicates that the bank meets the quality standard. International quality assurance standard ISO 9001 offers precise QMS standards for the company’s leadership, planning, operating, assessment and improvement activities (Odeny, 2016). Such measurements are used by organisations to demonstrate their capacity to fulfil all applicable consumer and regulatory criteria for their products and services.

The TQM system helps banks achieve their strategic goals by satisfying the needs of their customers (Ishibashi et al., 2021). The QMS can assist the bank in achieving its strategic objectives by meeting the demands of all stakeholders. The QMS is linked to banks’ strategic goals by aligning it with stakeholder needs.

Quality Metrics for Stakeholders

The bank provides quality for all stakeholders by regularly reviewing ways to enhance metrics to satisfy their demands (Carmona et al., 2016). Various types of stakeholders’ data are gathered, including the following:

Customers

  • Rates of digital involvement with clients
  • Complaint scores are a measure of consumer satisfaction
  • The number of bank workers who advocate working there
  • Customers who would suggest the bank’s products and services to their friends and family members
  • Monitoring the degree to which workers are aligned with the intended company culture is the goal of this indicator

Society

  • The yearly carbon dioxide emissions
  • Number of participants in the institution’s Life Skills programme; the bank hopes to increase financial capability and employability in the community

Investors

  • The bank examines financial results such as revenues, market shares, operating expenses, and equity to determine how to provide attractive returns for investors (El Manzani et al., 2019). Measuring the operational costs aims to tighten budgets and increase productivity for the business.

Key Trends in Quality Management

Competition and increasing consumer expectations are the primary motivators of quality management. Stakeholder opinions of a company’s brand and overall quality/services are referred to as perceived quality (Bagur-Femenías et al., 2016). Intelligent quality management uses modern technology and smart systems to improve corporate operations, processes, and product quality (Kumar et al., 2018). The human-focus strategy leverages people to satisfy the company’s service offerings and stakeholder satisfaction.

These tendencies are important to consider since the example firm operates in a sectorof the economy that is highly competitive and marked by consistent market shifts (Barclay et al., 2017). A good example of a cloud-based technology user is the banking industry. Barclays has also adopted cloud technology to customise its clients’ digital experience to current technological advancements.

Companies that go out in front of the game or catch up quickly are more likely to have a leg up on the competition (Demir et al., 2021). That’s why it’s so important for a firm to be up to date on the latest trends to remain relevant in the marketplace.

Cloud computing, in keeping with current market demands, shows the company’s capacity to implement intelligent quality control systems (Hicks et al., 2019). Barclays also places a high value on its social duties, including reducing its impact on the environment and combating climate change. Perceived quality is directly linked to a brand’s image, regardless of its corporate social responsibility (Leung et al., 2021).

Many studies have shown that a company’s CSR policies have an impact on customer happiness and loyalty as well as its financial performance. Customers’ impressions of a company are shaped by their impressions of its perceived quality, which in turn shapes their loyalty to the brand.

Human-centeredness is seen in the bank’s culture of soliciting input from its stakeholders to enhance its business practices. Human-centred strategies lead to higher levels of employee loyalty and productivity (Nyanaro et al., 2018). There is a correlation between a company’s ability to compete in the long term and its ability to develop and retain its human resources.

Intelligent quality management systems, which monitor and forecast problems with minimum human interaction and allow real-time communication with stakeholders, can also help the bank achieve its quality targets at a cheap cost (Tahri, 2018). Barrington can use evidence-based methods to improve and make decisions.

Quality Management System Alignment Expectations with the Trends

These new trends will be easier to implement if the organisation has the right resources and competencies in place. For a smooth transfer, you need financial resources, skills, and a well-trained team behind you (Demir et al., 2021). In addition, the business may assist such adoptions by reconfiguring its approach well with current developments in Quality Management. Incorporating QM trends into new strategic goals allows it to realign its overall strategy.

Having a strategy aligned with current trends will ensure that resources are allocated accordingly (Maina, 2017). These new trends may be adopted by empowering and encouraging individuals to accept the organisational transformation. Employees can be retrained or reskilled to help them adapt to the new environment.

New quality initiatives may face difficulties in gaining stakeholder buy-in. QM often fails because of CEO disinterest. Even if intermediate management is successful, success is unlikely without upper management’s commitment (Hicks et al., 2019). Risk aversion and a lack of understanding of the relevance of Quality Management have contributed to the lack of CEO support for a created project.

Investment may be discouraged by the high cost of implementing and maintaining QM trends, particularly intelligent quality management systems (Desjardins, 2020). The administration may be reluctant to continue funding the project if it does not show a favourable return on investment.

Conclusion

The quality management procedure at Barclays has been modified to incorporate the concepts of customer orientation, leadership, continuous improvement, communication, and staff involvement (Tahri, 2018). Customers’ loyalty and retention are enhanced by the bank’s TQM, which adds favourably to its financial performance and productivity.

Investors should seriously examine TQM as an alternative source of competitive advantage in light of the competing demands in the business sector (Hudnurkar et al., 2019). For the firm to reach its greatest potential, it needs its entire support. They should help the organisation financially and with leadership skills to drive and sustain positive transformation.

References

Akanmu, M.D., Hassan, M.G. and Bahaudin, A.Y.B., 2020. A preliminary analysis modeling of the relationship between quality management practices and sustainable performance. Quality Management Journal, 27(1), pp.37-61.

Al Ghamdi, A.A., Aziz, F.S.B.A., Yusoff, R.Z. and bin Mustafa, M., 2016. The Moderating Role of knowledge management on the relationship between employees’ commitment and total quality management: A Study on the public healthcare sector in Saudi Arabia. International Review of Management and Marketing, 6(4), pp.790-797.

Bagur-Femenías, L., Perramon, J. and Barquero, J.D., 2016. Does intensive social network management lead to positive effects in quality practices?. Total Quality Management & Business Excellence, 27(11-12), pp.1246-1260.

Barclay, L.J., Bashshur, M.R. and Fortin, M., 2017. Motivated cognition and fairness: Insights, integration, and creating a path forward. Journal of Applied Psychology, 102(6), p.867.

Bouranta, N., Psomas, E., Suárez-Barraza, M.F. and Jaca, C., 2019. The key factors of total quality management in the service sector: a cross-cultural study. Benchmarking: An International Journal.

Carmona-Márquez, F.J., Leal-Millán, A.G., Vázquez-Sánchez, A.E., Leal-Rodríguez, A.L. and Eldridge, S., 2016. TQM and business success: Do all the TQM drivers have the same relevance? An empirical study in Spanish firms. International Journal of Quality & Reliability Management.

Demir, A., Budur, T., Omer, H.M. and Heshmati, A., 2021. Links between knowledge management and organisational sustainability: does the ISO 9001 certification have an effect?. Knowledge Management Research & Practice, pp.1-14.

Desjardins, C. and Fortin, M., 2020. From split seconds to lifetimes: the temporal fabric of fairness dynamics. In Handbook on the Temporal Dynamics of Organizational Behavior. Edward Elgar Publishing.

Diekola, A.M., 2016. The moderating effect of environmental regulation and policy on the relationship between total quality management (TQM) and organizational performance in the Malaysian food and beverage companies (Doctoral dissertation, Universiti Utara Malaysia).

El Manzani, Y., Sidmou, M.L. and Cegarra, J.J., 2019. Does IS0 9001 quality management system support product innovation? An analysis from the sociotechnical systems theory. International Journal of Quality & Reliability Management.

Elrayeh, G.A.E., 2016. Causes of non-Implementation of ISO 9001: 2008 Quality Management System in Sudanese banks (Doctoral dissertation, Sudan University of Science and Technology).

Harthy, A.M., Aslam, N., Al Saqri, S.M., Arni, S., Nair, S. and Karim, A.M., 2020. The Use of Structural Equation Model (SEM) to Evaluate the Effectiveness of ISO 9001 Quality Management System (QMS) on the Performance of Oil and Gas Drilling Companies. International Journal of Business and Management, 15(1).

Hicks, A., Barclay, J., Chilvers, J., Armijos, M.T., Oven, K., Simmons, P. and Haklay, M., 2019. Global mapping of citizen science projects for disaster risk reduction. Frontiers in Earth Science, p.226.

Hudnurkar, M., Ambekar, S. and Bhattacharya, S., 2019. Empirical analysis of Six Sigma project capability deficiency and its impact on project success. The TQM Journal.

Ishibashi, F., Kobayashi, K., Kawakami, T., Tanaka, R., Sugihara, K. and Baba, S., 2021. Quality management system for screening esophagogastroduodenoscopy improves detection of Helicobacter pylori-negative interval gastric cancer. Endoscopy International Open, 9(12), pp.E1900-E1908.

Khan, M.I., Khan, K.I., Sheeraz, M. and Mahmood, S., 2017. Impact of quality management practices on the performance of manufacturing sectors. Abasyn Journal of Social Science, pp.1-17.

Kugbonu, J.M., 2020. Total quality management practices and customer retention at Unity Rural Bank, Ghana (Doctoral dissertation, University of Cape Coast).

Kumar, V. and Sharma, R.R.K., 2018. Leadership styles and their relationship with TQM focus for Indian firms: An empirical investigation. International Journal of Productivity and Performance Management.

Leung, C.Y., Barclay, J.E., Botz, C.T., Hanf, N.K., Jasperson, J.C., Kirby, K.N., Mull, C.J., Shinde, A.S. and Vogl, M.M., 2021. Change management: A framework for measuring and implementing organisational change. Management in Healthcare, 5(4), pp.299-316.

Mahanga, M.Y., 2016. The impact of customer care on customer attraction and retantion in Tanzania: a case study of Barclays bank Dar es salaam (Doctoral dissertation, The University of Dodoma).

Mahmood, W., 2020. The influence of total quality management, school climate and job satisfaction on school performance in government schools in Pakistan (Doctoral dissertation, Universiti Utara Malaysia).

Maina, J., 2017. Effects of Environmental Factors on Performance: A Case of Barclays Bank (Doctoral dissertation, United States International University-Africa).

Nyamari, P.M., 2017. Effect of total quality management practices on operational performance of commercial banks in Mombasa County, Kenya (Doctoral dissertation, University of Nairobi).

Nyanaro, N.N. and Bett, S., 2018. Influence of strategic planning on performance of commercial banks in Kenya: Case of Barclays Bank of Kenya. International Academic Journal of Human Resource and Business Administration, 3(2), pp.235-255.

Odeny, B.A., 2016. The Influence of service quality on performance of Barclays Bank of Kenya Limited (Doctoral dissertation, University of Nairobi).

Parvadavardini, S., Vivek, N. and Devadasan, S.R., 2016. Impact of quality management practices on quality performance and financial performance: evidence from Indian manufacturing companies. Total Quality Management & Business Excellence, 27(5-6), pp.507-530.

Rafailidis, A., Trivellas, P. and Polychroniou, P., 2017. The mediating role of quality on the relationship between cultural ambidexterity and innovation performance. Total Quality Management & Business Excellence, 28(9-10), pp.1134-1148.

Salah, S.A., 2018. Total quality management practices and performance of commercial banks in Garissa County, Kenya. International Academic Journal of Human Resource and Business Administration, 3(1), pp.52-67.

Tahri, A., 2018. Consumer based brand equity in retail banking industry: a cross analysis of a domestic and global bank operating in the UK (HSBC vs Barclays) (Doctoral dissertation, Anglia Ruskin University).

Waduu, D.W. and Rugami, M., 2019. Total Quality Management Practices and Performance of Commercial Banks in Kilifi Town, Kenya. International Journal of Current Aspects, 3(VI), pp.1-15.

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Accounting Information System

Accounting Information System

Executive Summary

This report pertains to the selection of an Accounting Information System for an organization having 50 employees and annual revenues of $10 million. A number of accounting information systems has been discussed in the report, but most of them are suitable for a large sized organization with high geographical expansion and huge number of employees. It is evaluated whether a business is small or large, but it always requires the implementation of an appropriate accounting information system to enhance its productivity and reduce its operating expenses.

As the company is operating in an apparel industry, therefore, the PolyPM ERP software has been recommended for the better operations of the company because it contains a number of industry specific characteristics. This will help the company in effectively designing its strategies and products, which will increase its revenues in the long run.

Introduction

The paper provides an in-depth understanding of the potential challenges that ABC manufacturing will face due to its high dependence upon manual accounting and other management practices. It is important to notice that even in such a technologically advanced era, where almost all the manual and analogue tasks have been transformed to a digital one, ABC manufacturing is still operating manual systems for managing their accounts and other operational management tasks.

The paper is aimed to provide an appropriate suggestion for the selection of a suitable accounting information system that would not only help them in managing their accounts and financial transactions, but will also assist the management in effectively managing other operations of the business.

Company Overview

ABC manufacturing is a small sized family-owned business having its operations in the Melbourne city. The business has 50 employees working at different tasks and locations in the city. It has been established about 20 years ago as a small sized business and their main product line was winter clothes and the main target customers were a number of cloth shops in the city.

It has reported revenue of $10 million during the last year, which is a handsome profit for this size of business. The company has recently expanded its business and launched some new product lines, but due to ineffective cost management of the company, it was unable to offer these products to the customers at competitive prices and faced a downturn in the market in terms of revenues and market share.

One of the major reasons behind its high operating cost is the company’s manual operational and managerial practices because it has to hire a number of personnel for managing different tasks of the company, which can be otherwise cost effectively and efficiently performed by establishing an automatic or computer-based infrastructure for the management of all the major tasks of the company. With the help of such systems, the company would become capable of performing and monitoring multiple tasks simultaneously even in remote areas of the country.

Business Requirements

The current concern of ABC manufacturing is related to the uncontrollable operating cost of the company, which is causing huge losses to the company’s reputation and earnings as well. The major reason behind such a high operating cost is its manual business practices because manual operations don’t only require higher number of employees, but also requires a large office area and other related expenses to accommodate these high numbers of employees.

Therefore, the company needs to employ such an expert information system that will not only address the accounting related requirements of the company, but will also help the management of the company in reducing their operational expenses to increase its efficiency and performance. It will also help the company in transforming its manual sales management and revenues recognition methodologies to a digital one, which will enhance the accuracy and efficiency of the sales function of the organization and increase the overall productivity of the organization (Dickhaut & Lere, 1983).

For the success of a business, it is necessary to have such a competent team of the management, which can make timely and accurate future forecasts regarding the company’s future performance and earnings, such forecasts are usually based upon the company’s past performance and the adjustment of its operations towards the changes of the internal and external economic factors.

It is reported that the company has been planning to expand its business to other markets of the city and even outside the city, therefore, it is necessary for the management to make a competitive feasibility report regarding the company’s expansion of its operations. The feasibility report should be based upon certain realistic estimates and calculations because the company has to take their decision on the basis of that report.

Communication plays a vital role in the development and success of any sort of business because it keeps the employees updated about different departments and functions of the organization. Therefore, it is necessary to integrate an effective communication system into the current organization structure, which will help the company in effectively executing certain activities like job rotation and job enlargement. Inventory management is one of the important processes of an organization that can have a great influence over the future performance of a company.

In order to meet the increasing market demand and retain its customers in the long run, the company has to maintain an effective inventory management system. Which will not only help it in maintaining an effective purchasing function, but also help it in reducing the cost by employing a just in time inventory system. Although, the company has a limited number of employees, but in relation to its size that the management of these employees also becomes a very tough task, therefore, the company needs to have a competent payroll system.

So that it can become capable of keeping the payroll record and disbursement of salaries to the individual bank accounts of all the employees on certain fixed time, i.e., on the 1st day of a starting month or on the last day of an ending month. For a customer centric organization, it is very necessary to meet the changing trends and demands of the market because it would not be capable to stay in competition without addressing the needs and demands of the customers.

Therefore, the management of the company should be capable of evaluating the changing trends of the market and it should be able to timely respond to these changes. This will help the company in capturing the potential customers on a timely basis and give a competitive edge to the rest of the industry.

System Requirements

AIS should be designed in such a manner that it can cover all the business functions of ABC manufacturing, i.e., from managing the accounting transaction system for supporting the top executives of the company in financial planning and decision-making processes. The system should connect all the three major operational departments of the company, i.e., sales, purchasing and production, so that the transactions can be summarized for the internal decision making of the middle line managers.

The AIS should also be equipped with a sophisticated cost accounting system, which will help the management in tracking the total cost associated with the production of a product. This will help the company in proper allocation of its resources and also help it in exploring different opportunities to lower down the production cost. It should also have certain qualities of an expert management system, which means that the system should be capable of organizing data in a logical manner and then forming decision on the basis of this information (Dickhaut & Lere, 1983).

The AIS should be updated according to the applicable financial reporting framework of the entity and should also comply with all the legal requirements of the country where the entity is having operations. It should be capable of exercising strong internal controls over different functions of the organization and connect different departments of the organization with each other through a cloud computing mechanism. It should contain tools like customer relationship management, supply chain management and capable of using advanced accounting techniques, i.e., activity-based costing (ABC system). This will help the company in performing improved managerial reporting by employing a number of analytical techniques.

Software Selection

 There are a number of companies that are offering different software packages to the business community. Some of them sell the software as an end product to the buyer, while the other enter into a service agreement with the companies and offer them different packages, while retaining the ultimate control and ownership of the software with themselves (Fulmer & Gerard, 2015). Intacct is one of the most efficient and productive software that can be employed in a small or midsized business. It is a SaaS (Software-as-a-service) product, which means that it can be accessed at any time by visiting the website of the company through a browser.

It offers a number of products according to the requirement of the entity and support applications for the management of core accounting, project accounting, revenue management, purchasing, order and billing, multi-currency management, financial reporting and also help in the decision-making process (Wu & Cao, 2009). Another software known as Sage ERP is a collection of different products that are designed to meet the requirements of a highly diverse industry, i.e., Sage ERP Accpac, MAS and X3. These products cover a wide range of services and provide a competitive environment for a manufacturing concern. Sage ERP offers functionality for inventory control, supply chain management, manufacturing and distribution, material resource planning and human resource management.

PolyPM provides a complete ERP and PLM solution for small and mid-sized manufacturing and distribution concerns. The software is specifically developed for a company operating in the apparel manufacturing industry. It offers a wide range of industry specific services and possess certain unique characteristic like it can be customized according to the requirements and size of the business. The developer of this software is easily accessible and ready to help the users at any time on their doorsteps. It can be implemented in an organization having annual revenues not exceeding $300 million.

The company is currently operating in a single city with 50 employees and $10 million annual revenues; therefore, a medium sized ERP software is suitable for the company, which would only be able to manage the key operational and management functions of the company. Implementing a medium ERP solution will require lower capital investment as compared to implementing a high-end solution.

It is evaluated that the company is currently operating manual systems and it would require a significant number of resources to train the employees of the company to run a totally computerized system. Therefore, initially the implementation of a medium level ERP will help the company in arranging a suitable training environment for its employees, where they can learn how to carry out computerized based operations. This will reduce the expenses of the company by eliminating the cost required for the training of the employees (Mojzis & Coufal, 1970)

Another reason behind the implementation of a medium level ERP is its user-friendly interface, which will reduce the risk of error and execute different functions of the organization effectively even during the trial period. Unlike the high-end complicated ERP solutions, the medium level ERP system will not require the company to transfer all of its departments to the computerized system simultaneously rather it will provide an opportunity to initially implement the ERP over some of its departments and if the response is favorable, then the company should extend this system over the rest of the organization as well. This will help the company in evaluating the performance of the proposed ERP system and also help it in fixing the weaknesses of the proposed system (Kamiński, 2010).

Accounting Information System Vendor Selection

The Sage ERP and PolyPM ERP solutions are the most suitable options for the company and the company has to make a choice out of these two solutions because the ERP solution offered by the Intacct is not suitable for a business like that of ABC manufacturing. Sage ERP solution is developed by the Sage Company, which is a $2.24 billion business and headquarter of the company is located in England. The company is also operating in other regions of the world under the same brand name (Jutras, 2003). It offers a number of ERP solutions and users have to make their choices according to the specific requirements of their business.

The company also develops software on the demands of the customers and sells it to the buyer as an end product. The Sage ERP X3 is the most suitable product for ABC manufacturing because it is a very cost effective and easy to use product. Users can integrate this software into different processes of their business through a single common system that can be accessed through a single user interface. The software will help the management in timely decision making by dealing different issues of the customers and business in real time scenarios.

It is also capable of addressing the changing business environment and demands of the customers due to the growth of the company enabling the users to improve the productivity of their operations. This software can translate multiple languages for the users and can be used at different locations simultaneously. However, the implementation of this software would require the company to invest heavily at the start, but it will benefit the company in the long run.

PolyPm software is an ERP solution developed by the Polygon Software Company, which has a long history of developing industry specific software for the apparel industry. The company had developed its first software about 30 years ago, known as the PloyNest. However, with the development of technology, most of the businesses have started to transform their operations on the ERP solutions and therefore, the company had also developed a unique ERP solution that is also having the PLM/PDM in addition to the ERP, which are integrated into a single application. The software allows its users to integrate all the functions of the organization from product development to distribution processes.

It helps the management in building an understanding about the specific market requirements and changing trends of the market, so that they can adjust their products accordingly (Chen et al., 2011). Unlike the Sage ERP X3, it can be customized according to the specific requirements of a user’s business and can be installed directly into the client server and run over the SQL database of the Microsoft. This option will reduce the cost of implementation of new ERP software. By incorporating all the steps involved in product development, companies can get a better understanding of the overall lifecycle of a product, from the development of an appropriate and attractive design to the execution of production and distribution activities.

Some of the functions that are incorporated into the software and related to the specific requirements of the apparel business include fabric inspection, size ranges, Cut planning and CMT production. The software also contains some standard production functions to enhance the quality of the products like PSV, order tracking and BOM. It also connects different departments of the company with one another so that they can effectively communicate and share their individual experiences (Bell et al., 2010).

Accounting Information System Recommendation and Conclusion

I would recommend the PolyPM software to the ABC manufacturing company because the company is operating in the apparel industry and this software has been developed according to the specific requirements of the apparel industry. The software contains all the functions and specifications that can easily meet the requirements of ABC manufacturing. It will help the management of the company in managing their operations and product development activities and just like other management expert system, it will also provide suggestions to the management regarding incorporating different sort of changes in its products.

Due to its simple to use interface and low system requirements, it will not require the company to invest heavily in its installation or implementation in the organization (Fulmer & Gerard, 2015). The proposed ERP system will also help the company in managing its inventory, because inventory management is the most important function of an organization and a slight miss management of this function can cause huge losses to the organization, i.e., goodwill, customers and corporate reputation.

The proposed ERP solution will also make a real time connection between different departments of the company and especially between the production, inventory and sales department, this will help them in effectively communicating with each other, which will not only enhance the quality of the product but will also reduce the material wastage (Daneva, 2004).

Accounting Information System ERP
Accounting Information System ERP

A strong communication between different departments of the company will allow its management to implement a just in time inventory management system, which will further reduce its operating cost and the company will become capable of offering its products at competitive prices, based on the successful deployment of an accounting information system ERP.

On the basis of the discussion made in this paper, it has been concluded that Accounting Information System can enhance the productivity and performance of an organization and open a number of new opportunities in terms of new business ventures and growth strategies. The selection of an appropriate Accounting Information System should always be based upon a critical evaluation of the organization’s needs and operations (Hamilton, 2003).

Although, the implementation of such software requires a high initial investment, but in front of the long-term benefits associated with the establishment of such software, these elements are negligible. However, it is observed that a competent software is the one that can incorporate all the legal, ethical and accounting standards and implement them in the operations of the organization.

References

Bell, R., Dentale, S., Buchner, A. & Mayr, S., 2010. ERP correlates of the irrelevant sound effect. Psychophysiology.

Chen, K., Razi, M. & Rienzo, T., 2011. Intrinsic Factors for Continued ERP Learning: A Precursor to Interdisciplinary ERP Curriculum Design. Decision Sciences Journal of Innovative Education, 9(2), pp.149-46.

Daneva, M., 2004. ERP requirements engineering practice: lessons learned. IEEE Softw., 21(2), pp.26-33.

Dickhaut, J.W. & Lere, J.C., 1983. Comparison of Accounting Systems and Heuristics in Selecting Economic Optima. Journal of Accounting Research, 21(2), p.495.

Fulmer, B.P. & Gerard, G.J., 2015. Selecting an Enterprise Resource Planning System: An Active Learning Simulation. Journal of Emerging Technologies in Accounting, 4(12), pp.150-76.

Hamilton, S., 2003. Maximizing your ERP system. 1st ed. New York: McGraw-Hill.

Jutras, C.M., 2003. ERP optimization. 1st ed. Boca Raton, Fla.: St. Lucie Press.

Kamiński, A., 2010. Computer Integrated Enterprise in the MRP/ERP Software Implementation. Foundations of Management, 2(2).

Mojzis, M. & Coufal, J., 1970. ERP Experimentation Guide Software. Front. 2nd. INCF. Congr. of. Neuro..

Wu, H. & Cao, L., 2009. Community Collaboration for ERP Implementation. IEEE Softw., 26(6), pp.48-55.

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Time Driven Activity Based Costing (TDABC) in Service Industries

Time Driven Activity Based Costing (TDABC) in Service Industries

Time Driven Activity Based Costing – Pierre Omidyar, a computer programmer, formed the eBay incorporation in his own house in California. He designed a prototype of an auction site on his website and named it the Auction Web. From this business, he could charge the sellers for posting their items. A small portion of the auction sale from each sale meaning that the company got revenues from providing buyers and sellers a platform to trade. The business significantly grew and later established a platform where buyers and sellers would rate one another based on reliability and honesty. The company expanded by providing a wide range of products like home appliances, furniture, and electronics cars.

In the next financial year, the owner of the business hired Jeff Skoll being the first employee managing director of eBay. Much of the company’s success can be attributed to Skoll’s skills of designing a business plan which eBay adopted. By the end of 1996, the company had hosted over 250,000 auctions in its website. The following year, the company managed to host approximately two million users. At the start of 1998, Omidyar hired Meg Whitman to act as the Chief Executive Officer and the President of this corporation.

The new CEO brought diversified and experienced personnel from corporations like Disney and Pepsi. eBay was incorporated into the Public by the end of 1998. After this, the share price of the company rose up with three times its value and that how the owner became a billionaire. Due to the company’s success, eBay acquired Half.com. After this, users were able to purchase and sell their products at lower prices without the use of an auction.

By the end of the fiscal year 2002, eBay managed to acquire PayPal Inc., an online processing company. In the last decade, many companies have relied on eBay to buy or sell their equipment and machinery. The Company has consistently grown over the years which has enabled it to maintain loyal customers. Today, eBay is one of the largest companies dealing with e-commerce business In United States (Bazdan, 2011)

eBay is a service driven company, and hence a cost accounting system applies to this business (Ruhl, & Hartman, 1998). Alternatively, a time driven activity based costing approach used by manufacturing companies may also be utilized by services companies like eBay since it enhanced performance in the business and increases competitiveness. ABC system assists companies in managing their costs whereas TDABC enables cost managers to determine the different cost objects and identify areas that need improvement. Both service and manufacturing companies utilize similar procedures in the ABC system.

These steps include the identification of activities, cost drivers and their related activities. Concerning this, most expenses at eBay are found in research and development. In the financial year 2013, R& D expenses amounted to $1.77 billion. This is surprising since the selling expenses cannot be directly attributed to the transaction and auction services of eBay. However, eBay can use the TDABC system in its services activities.

One of the basic cost drivers of TDABC is time. This is utilized in allocating resources to costs objects. This method is essential since it reduces time wastage and eliminates the complication step that of allocating resource costs to activities and assigning them to cost objects. According to research, the time driven system to ABC defines time as a crucial cost driver because machinery and labor have elements which can be measured by the amount of time used in performing a particular task. Resource capabilities can also be developed by utilizing other metrics like storage capacity in gigabytes.

TDABC method is preferred since it utilizes the cost driver rates based on their ability to hold resources to conduct a particular activity (Kaplan and Anderson, 2004, p. 133). Managers in eBay would utilize this concept in estimating the demand for the resources per unit time needed for every activity like customer contacts and business transactions. Additionally, only two variables are required for each category of the resource; the unit cost used in supplying resource to each department and the consumption of resource by the organization’s activities.

In the first scenario, managers will be required to identify the different categories of resources which perform activities in eBay such as supervision, human resource, outside services, telecommunication department, IT support, legal and support department. For example, we may assume that the total cost in these activities for the Company unit/department which process all the website transaction is $480 million each quarter. The practical capacity will then be estimated for each unit. To develop a practical capacity of 85 percent, for instance, a manager can analyze the capacity in the previous quarter and then identify the percentage of a particular quarter which is 85 percent of a certain period.

Additionally, in this example, it is also assumed that the most significant transactions occurred without any delays such as labor breakdown. The capacity in minutes per quarter is also assumed to be 600 million. To compute the total cost of the resource capacity supplied, the cost analyses would divide the 480 million resource allocation supplied by the 600 million minutes. The cost per minute of supplying the resource capacity will, therefore, be $0.8 per minute; these include all customer services and website transactions.

Lastly, the manager can determine the time needed to perform customer service and website transaction per unit. For example, if the cost analyst determines that the website transaction per cost is 5 minutes per response, and 20 minutes for each customer inquiry, it, therefore, means that there will be a transaction cost of $4 and a customer inquiry of $16. From using the time driven cost information, the company is able to calculate meaningful costs for different activities.

From the analysis, it is evident that eBay can derive some benefits by utilizing the TDABC. Firstly, this approach provides management with a new focus on different costs. This improves the budget preparation which increases the business performance. The management is also able to come up with service mix decisions which enhance cost control in eBay. As a result, the administration can form accurate and appropriate decisions on how they can improve the business processes, pricing and customer services (Kaplan & Anderson, 2007). TDABC enables cost managers to determine cost efficiencies and how capacity can be utilized optimally. It is also the right way of predicting future resource demands.

eBay incorporation has faced recently faced stiff completion both locally and internationally. One of the rival companies includes the Alibaba which denying eBay more revenues. eBay may utilize a time driven ABC system which enables it to gain a competitive advantage over their competitors.

Additionally, the method is able to allocate the indirect costs like support to reflect the resource requirements and how consumes its resources in achieving customer and service activities. Management can monitor the resources by cutting the expenses hence enabling it to be competitive when determining the price structure. The budgeted expenses per unit such as customer inquiries and transaction costs can assist the management to cut down the costs without comprising the quality. Pricing strategies will also be determined based on these costs.

Time Driven Activity Based Costing
Time Driven Activity Based Costing

For services provided online, the management will have more information relating to indirect costs like R&D. The traditional ABC provides less information on direct costs and more labor costs involved. As a result, the cost per unit online services would be less since the business is not affected by physical and geographical factors.

The Company may utilize the low cost per unit in providing more competitive pricing and thereby offer quality online services. TDABC approach enables a company to determine the value of offering an online service and the cost of proving the service via traditional mechanisms. This enables the management to understand the overhead costs by identifying the activities involved in providing these services. This information is important since the management is able to form informed decisions which will increase the customer base.

In conclusion, TDABC use has significantly increased since it provides more and accurate information. This enables costs managers to respond quickly by lowering the costs used in providing the services. TDABC is a dynamic approach meaning that it can be used by both a manufacturing and an online service company. This method, therefore, proves to be more effective than the traditional ABC since it results in better management of costs.

References

Bazdan, Z. (2011). An International Economy and E-commerce Case Study: eBay. Our Economy (Nase Gospodarstvo), 57(3/4), 44-50

Ruhl, J. M. and B. P. Hartman. (1998). Activity Based Costing in the Service Sector. Advances in Management Accounting (6), 147-161.

Kaplan, R.S. & Anderson, S.R. (2007). Time Driven Activity Based Costing. Boston: Harvard Business School Press.

Kaplan, R.S. & Anderson, S.R. (2004). Time Driven Activity Based Costing. Harvard Business Review, November, 131-138.

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Change Management Dissertation Topics

Change Management Dissertation Topics

Change Management Dissertation Topics – Organizational change, significance of the organizational change, different theories used by the management in implementing organization change and the benefits derived by an organization from change implementation. Change is difficult to pull off and despite individual success; most of the organizations find it difficult to implement change with 70% of the change initiatives being unsuccessful.

Most change initiatives fail since managers often rush to implement change and lose focus and become mesmerized by all the available advice on-line and imprint and fail to identify the best strategy to use in change implementation. Most managers apply Theory E and Theory O without resolving the tension between them, something that is likely to lead to failure in change implementation.

Below is a collection of change management dissertation topics that will assist you with your studies all of which are available on our website.

Change Management Within the Retail Banking Sector

Using Change Management to Improve Turnaround Time and Quality Processes in a Clinical Laboratory Environment

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Some of the change management dissertation topics discussed include; Leadership, a successful change management requires strong leadership from the managers. Managers should, therefore, inspire employees through the change process. Engaging the people below, most often change is unsuccessful since managers fail to involve those below them.

Change Management Dissertation Topics
Change Management Dissertation Topics

However, persuading the employees of the need and the effects of change would be vital for successful change implementation. Need for consultants to educate the employees and coach leaders to ensure everyone understands his role and involvement in the change process. Motivation, managers, should evaluate the fears of the employees and consider appropriate incentives that may motivate them.

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Many academics agree that change is inevitable in any organization. However, managers should clearly understand the need for change and the best strategy to implement the desired change. This post and the links are relevant in that it provides an in-depth analysis of how effective combination of Theory E and Theory O can lead to successful change. The article could be applied to a career as it provides insight into the change process and how to ensure effective change as a manager.

The current global market is quite competitive and as such the success of the organization will largely depend on effective change management strategy formulation. The ability of the organization to choose an appropriate generic business strategy would prove to be the point of difference between different players in the market.

The generic business and change management strategies adopted by the organization determines the direction of the organization as well as its ability to effectively compete in the market. The businesses executives have the responsibility to integrate the generic business strategy with the organization culture as well as the formal organization structure.

Successful integration of generic business strategy along with the organization culture and structure creates an enabling environment for the organization to achieve its effective change management goals. Business leaders should ensure the adoption of the appropriate culture within the organization that can support the business strategies, organizational structure as well as effective change management.

Change management refers to the processes, tools, and techniques used to manage the people side of change in an organization. It involves planning, communicating, and implementing changes in a way that minimizes resistance and maximizes the likelihood of success. Change management is essential for organizations that want to stay competitive and adapt to new circumstances.

There are several key principles to successful change management. First, it’s important to communicate openly and honestly with employees about the need for change and the rationale behind it. Second, it’s important to involve employees in the change process by seeking their input and feedback. Third, it’s essential to provide training and support to employees to help them adjust to the new way of doing things. Finally, it’s important to measure the success of the change and make adjustments as needed.

There are many resources available to help organizations with change management, including books, articles, and training programs. Here are five references that may be helpful:

  1. Kotter, J. P. (1996). Leading change. Harvard Business Press.
  2. Cummings, T. G., & Worley, C. G. (2014). Organization development and change. Cengage Learning.
  3. Beer, M., & Nohria, N. (2000). Cracking the code of change. Harvard Business Review, 78(3), 133-141.
  4. Cameron, E., & Green, M. (2015). Making sense of change management: A complete guide to the models, tools and techniques of organizational change. Kogan Page Publishers.
  5. Hayes, J. (2018). The theory and practice of change management. Palgrave Macmillan.

These references provide a comprehensive overview of change management and offer practical advice for implementing successful change initiatives in organizations.

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Sustainable Development Theory

Sustainability Development Theory and Practice: Critical Reflections Applied to Local Situations

Sustainable Development Theory – Some projects are considered as sustainable endeavors, such as hydroelectricity production using dams, which do not, in the application, fulfill the requirements to be considered sustainable. That is the case of the infamous Bela Monte project in Brazil. For more than 27 years groups have fought against the construction, motivated by numerous demonstrations, lawsuits, and opposition by groups; especially indigenous communities, environmental advocates, and other social organizations.

The original project consisted of 6 dams with a size of 1,225 m2. However, after a strong challenge experienced during the first encounter with the indigenous nations that existed in Xingu in 1989, the project was reduced to one dam with an area of 440 m2 which makes it the 4th largest dam in world.

The cost of this dam is estimated to be about 18 billion USD, double the original estimates done 26 years ago and 80 percent is financed by national funds. The government claims these type projects are fundamental in order to spur on the Economy (Laurie, 2014). Belo Monte is projected to operate at peak capacity for a few months throughout the year, and during the low water levels season, it would generate electricity as low as 1,000 MW (Rivers, 2010, p. 2).

Climate change, during different seasons, may worsen the situation since most climate models predict that the river flows in various parts of Amazon may fall by 30% in the few decades to come. Deforestation has greatly caused the delay of onset of the rainy season to about six days every decade.

The government has refused to conduct comprehensive social and environmental studies to determine the potential negative impacts (Laurie, 2014). The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) has been responsible for the respective studies, permits, and limitations (IBAMA, 2017).

However, Belo Monte has a record of over 786 irregularities in the licensing by the Institute of the Environment and Renewable Natural Resources of Brazil (Fearnside, 2016, p. 19). More than 20,000 people have been evacuated and relocated to nearby cities like Altamira. The construction was initiated in the year 2011 and since then, the city of Altamira has seen a high influx of migrants.

Sustainable Development Theory Project
Sustainable Development Theory Project

Sustainable Development Theory and Wildlife

To date, over 40,000 plant species, about 2,200 fishes, 1,294 species of birds, approximately 427 mammals, and 378 reptiles are found in the region (Albert & Reis, 2011; Silva & Cardoso, 2005). With the completion of Belo Monte, biodiversity in the extensive area around the central Amazon would be affected.

The rich flooded forests of the middle Xingu and Big Bend would be diversely affected and would no longer receive seasonal floodwaters. Other than affecting migratory fish species and the causing endemic, construction of this dam would seriously affect land fauna, aquatic life, not forgetting the endangered species such as the black-bearded Saki monkey and white-cheeked spider monkey in the forests through which the dam will run.

Furthermore, the threatened species of turtle found downstream would risk losing their breeding grounds (Rivers, 2010, p. 4). Dams in Brazil emit high amounts of methane (CH4). On the same note, dams in the humid tropic areas emit higher amounts of CH4 compared to those in different climate zones.

The reason as to why dams produce methane is because the water stratifies into layers in the reservoir, forming a warm layer (epilimnion) at the upper water layer that is in contact with the air in about 2-10 meters that contain oxygen. On the other hand, a cold layer (hypolimnion) forms in the deeper water layers where the oxygen gets quickly exhausted decomposing the organic matter which leads to the production of CH4 instead of carbon dioxide (CO2) (Fearnside, 2016, p. 17).

In conclusion, Belo Monte project has failed sustainably when gauged within the economic, social and environmental contexts. First, on the economic basis, the project is not profitable; the government has invested 18 billion USD for a project that is scheduled to only work a quarter of the year producing as low as 1,000MW during low-water levels season.

Further, socially, the project will not be providing an economic incentive or jobs to the communities whose economies were destroyed to build the dam. Due to the wide coverage of the project, human shelter and income earning activities will be affected causing a significant economic impact. Next, environmentally, the dam is an unmitigated disaster. Greenhouse gas emissions will increase, fauna and flora will be destroyed and other more potentially harmful impacts are unknown. Besides, a large piece of land will be uncovered to establish the dam site by uprooting trees and soil covers which affect the environment.

Works Cited

Albert, James S., and Roberto E. Reis. Historical Biogeography of Geotropically Freshwater Fishes. The University of California. California: press, 2011.

Fearnside, Philip M. Environmental and Social Impacts of Hydroelectric Dams in Brazilian Amazonia: Implications for the Aluminum Industry. Manaus, Brazil: Crossmark, 2016.

IISD, International institute for sustainable development. “International Institution for Sustainable Development” 1987.

Rivers, International. “International Rivers” March 2010. Belo Monte.

Silva, Da, and Jose Maria Cardoso. “The Fate of the Amazonian Areas of Endemism“. Conservation Biology.” 2005.

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