case 3 590

Case 3

IT GOVERNANCE PLAN

Introduction

A governance plan is used to referring to all the roles and processes involved in an enterprise to help guide the enterprise to fulfill, sustain, and extend the IT planning. “A governance plan crosses all organizational layers, including stakeholders, administration, maintenance, strategy, policy and support. It is also referred to as IT Planning, IT Governance and Corporate Governance of IT”( Selig, 2018).

Therefore, in a nutshell, we can say that IT governance is the institutional arrangement responsible for maximizing all the parties’ interests in the construction of the IT system. This takes in the implementation mechanism of the business strategy, the responsibility framework, and the accountability mechanism for equal rights and responsibilities, resource allocation decision making, organizational guarantee, and capacity development, among others. All these are aimed at realizing the IT business value through building a sustainable development mechanism. IT governance focuses on top-level design, balancing of all parties’ interests from top to down, building an organizational structure, determining key indicators, emphasizing planning and accountability, and determining the key processes. Different organizations have different IT governance priorities. In this paper, I will look at the BitGold’s IT governance plan and the various ways that it can be made better.  

BitGold started aiming at making payments via gold to become something practical through gold digitizing by the use of Bitcoin payment network. From the time when it was started, it has received a lot of interest and investment. BitGold has been quickly growing in a new-fangled period of cloud computer technology. “With the BitGold platform’s technology, expand the GoldMoney legacy of trust, security, and a client-centric purpose to new markets, growing from a much stronger base and benefiting all stakeholders” (Moskov, 2018). This has become the first international gold e-marketplace with the most up-to-date and most novel expertise. This therefore makes it the biggest and most dynamic gold money service in the world.

BitGold is very intriguing as it has merged the cryptocurrency technology, together with original gold giving people the capability of loading a card and spending gold just like someone would do with dollars in a checking account. This represents a real solution for using a regulated product. whilst cryptocurrencies are far from classic, BitGold is an excellent solution which is making very good progress in helping bridge the big gap that exists today between the technology fringes and our every day fiscal transactions. This is also helpful in creating a tangibility level that is not there with digital wallet solutions.

This platform helps the clients to be able to store and spend gold easily as well as enabling payments through the Automated Clearing House network. BitGold’s platform being blockchain-based allows the account holders effortlessly load their accounts. ACH helps in transferring the gold in between accounts at different locations electronically. This enables the account holders to send or receive their gold conveniently and securely.

The blockchain, a system from which BitGold draws much of its success, is an uncomplicated yet creative way to pass information from point one point to the other in an entirely computerized and secure way. It just requires one party to begin the transaction and the process through block creation goes on uninterupted. The block is verified by very many computers that are spread around the net. “After verification of the block, the block is then added to a stored chain across the net. This creates a unique record with a unique history” (Ølnes, 2016).

Every block comprises of the identical data and digital fingerprints. These fingerprints are known as harsh of the data. In every block, the content has specific information concerning the operation, and it is connected to the prior block by a unique public key where data access is controlled carefully. The transactions are encrypted to ensure privacy. The links create the chain of the block.

With this Blockchain technology, it gives BitGold an innovative approach to store information, executes transactions, performs functional, and establishes trust in an open environment. This has been considered as a technological breakthrough for cryptography and cybersecurity. This is very crucial as it makes the management of trusted information much simpler, and thus BitGold can access and use vital data with ease. At the same time security of the information is very well maintained. This is a digital ledger that is encoded stored in numerous computers in either a private network or a public network. Once the data is collected in a chain, data blocks cannot be change by one actor but instead shared and confirmed using automation and shared governance. One of the biggest beneficiaries of this new technology today is financial institutions.

The good thing with this system is that it is impossible to access the gold without the key, thus making it a very safe system. It will be impossible to hack a single block of data, not unless all the other chain chronology blocks are hacked. Changes in data cannot be made and go without being noticed. Using blockchain, all the information needed is available. Blockchain is very useful in ensuring that claims are accurate, and it becomes easier to spot deceptive claims.

With digital currencies changing the way the transactions are handled, BitGold must pay more attention to ensure that it can keep up with the competition. International transfers may take a few days with the corresponding banks showing that there are still some challenges in the market. However, by using several protocols, it is possible that BitGold can do its transactions more securely, cheaply and with ease.

BitGold should foresee a prospect where it avoids cost charged by transmittal providers by sending gold through the use of the establishment. It also needs to clarify how it will deal with the requirements of compliance for an international payment system operation. BitGold has not yet talked about the way it intends complying with the KYC regulations since it is working o a glbal platform.

“KYC regulation is huge question to deal with since every single digital gold company came before BitGold has either been 

charged by law enforcement

 or shut down willingly due to financial regulations” (Çağlıyangil, Erdem, & Özdağoğlu, 2020). For instance, up to the year 2012, GoldMoney was running its gold payment service that would see the users sending gold to one another. It was however shut down due to high regulatory compliance costs for an insignificant demand. The digital network f GoldMoney did not also permit independent agents to trade the virtual gold for the real gold. This, therefore, greatly impacted the process as it limited the product’s potential.

Similarly, BitGold needs to invest in advertising their services and products. Few people know how the transaction is carried out and the benefits that come with it. This can be very easy in today’s era, where the internet is readily available. Marketing is one of the essential things in business. Even if an organization has the best products, but people do not know about it, it will not be successful. Therefore, every business needs to have very robust marketing that will help explain what the organization offers and the qualities and characteristics of its services and products that make it unique from the others. People can, therefore, have an opportunity of comparing the various products and making informed decisions.

To reach the targeted audience, it is essential to provide the consumers with every detail they require regarding the various products and generate the right hype. Social media has revolutionized marketing practices such as promotion and advertising and can help influence consumer behaviors through the information search to post-purchase behavior regarding the brand’s products. By acknowledging every customer’s point of view, it is possible to turn a neutral or a negative experience into a positive experience. It is essential to keep on adding something new to the marketing tool. Adopt the strategy that will give the brand a critical edge to beat the competitors. Adding new tactics and renewing the marketing tool will improve an organization’s marketing strategy and, ultimately, success in the marketing plan and BitGold is not an exception.

In conclusion, this platform is very important as it helps the clients to be able to easily store and spend gold just like we do with money. There are, however, many challenges facing this platform, which include high regulatory compliance costs for an insignificant demand, stiff competition and few people who know how the transaction is carried out and the benefits that come with it. BitGold has the responsibility of finding all ways to solve these challenges that it is currently facing. Some of the solutions have been discussed that will help BitGold to rise to the bar. 

References

Çağlıyangil, M., Erdem, S., & Özdağoğlu, G. (2020). A Blockchain Based Framework for Blood Distribution. In Digital Business Strategies in Blockchain Ecosystems (pp. 63-82). Springer, Cham.

Moskov, P. (2018). What Is Bit Gold? The Brainchild of Blockchain Pioneer Nick Szabo. Coincentral. com, posted, 22.

Ølnes, S. (2016, September). Beyond bitcoin enabling smart government using blockchain technology. In International conference on electronic government (pp. 253-264). Springer, Cham.

Selig, G. J. (2018, August). It Governance—An Integrated Framework and Roadmap: How to Plan, Deploy and Sustain for Competitive Advantage. In 2018 Portland International Conference on Management of Engineering and Technology (PICMET) (pp. 1-15). IEEE.

Taskinsoy, J. (2019). Blockchain: An Unorthodox Solution to Reduce Global Warming. Available at SSRN 3475144.

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IT ORGANIZATIONAL ASSESSMENT AND PLANNING

Assignment Overview 

continue description and assessment of your chosen organization. At minimum, address these important descriptive and analytic questions, providing enough information to assure clarity:

· Describe and discuss the organization from the perspective of its current (unclassified) IT operating technology infrastructure (or the IT technology it provides its internal or external customers). Discuss its technology deployment, effectiveness, and contribution to organizational or customer success. Also discuss dominant IT strategies and tactics.

· Describe and discuss technological barriers to, as well as circumstances which may foster continued IT success and organizational contribution.

In particular, you may wish to add what you consider the most immediate and important IT or IT management change you would cause to be undertaken as the newly appointed CIO or IT unit senior manager. Please note what, why, and how.

Consider yourself a corporate or military senior IT manager (Director/Senior Director/VP-CIO or military equivalent) in your chosen project organization. You have been mandated by the top executives (or military equivalents) to initiate a new organization-wide IT upgrade project (you may choose your own). You agree with this decision, its purposes, and the technology involved. You see this assignment as finally getting your long-sought mandate for improvement that will substantially leverage organizational performance.

· And yet, significant IT changes have not always been welcomed within your organization. In fact, your most recent attempt, which had much less profound change, developed some significant resistance. This time you have decided that you and your unit must do considerable preliminary work to pave the way, gain support for, as well as reduce resistance to, this new and vital effort. Obviously, you could plow forward using executive mandate. However, your MSITM coursework has suggested that IT change has its best chance for success when it considers the system and is a carefully developed, initiated, and managed process. Provide a very brief description of your intended improvement project. However, note that this case segment is 95% about the processes of planned change. Your discussion of the IT upgrade must primarily focus on your insight into and a viable process for bringing off this planned change. Detail the what, how, and why of each step you intend to take to ensure this project is accepted and gets accomplished. It is not enough to note that the project has senior approval. In both the military and corporate worlds, project implementation can be given lip service and never fully accepted.

Case Assignment

You will need to reflect on your description and analysis (and perhaps adjust it accordingly) to ensure that you are able to integrate insight and learning from previous classes (and other sources as fits the circumstances). This means at least five contiguous academically sound citations and later full references. Use enough concurrent discussion so that the purpose of each citation is apparent to the reader. Note that this paper is incomplete without five academically sound references.

You will be assessed on the appropriateness and completeness of the detail you provide regarding your selected organization, your use of citations and references as noted above, and your intellectual insight into topically important issues. You will also be assessed on how well you adhere to the specific Capstone Case Guidelines provided to you.

This is a draft, so if you need to make educated guesses at this stage, that is fine for now. Your paper should be at least four, if not more, double-spaced pages when finished. The issue in these case papers is not brevity; rather it is insight and completeness in dealing with the topic(s).

Note that you are expected to use correct grammar, spelling, and English vocabulary. Check your paper for missing or inappropriately used words. If in doubt, check the dictionary and not ‘spell check.’ Consider that this paper, and all others, will be reviewed by the CIO and/or your commanding officer. It is strongly suggested that you ask a trusted colleague to review and edit each of your papers. Papers which do not meet these guidelines will be returned to you.

Post your paper once it is completed. 

Assignment Expectations

Considering the future of IT management, you are asked to design a Director/Senior Director-level (equivalent to a 0-4/5/6 in the military) position description for a person who would have multiple IT responsibilities and likely manage multiple IT units. This person would also be likely to set policy, approve large budgets, and make many strategic and/or tactical IT decisions. Consider the professional and management knowledge requirements of this position, the considerable experience (types and depth) this person should have, their required education, and the likely career paths such managers may have traveled.

Also consider specific leadership and management behaviors this person should possess. More than a short, terse position description is expected here. This paper must include an initial narrative discussion of the key elements/requirements of a senior IT position to preface your conventional position description (both required). Do not forget proper citations and references from the various sources used to compile your position description. Then, you must provide a relatively standard format job description as the second part of your paper. Do not just go to the Internet, or other sources, and simply lift a single position description. Instead, integrate the best of the several you may find. Keep in mind that this person needs the necessary skills to implement the IT Governance Plan.