Question

JOHN AND JACOB, INC., ONLINE TRADING SYSTEM John and Jacob, Inc., IS a regional brokerage firm that has been successful over the last several years. Competition for customers is Intense In this Industry. The large national firms have very deep pockets, with many services to offer to clients. Severe competition also comes from discount and Internet trading companies. However, John and Jacob has been able to cultivate a substantial customer base from upper-middle Income people in the northeastern United States. To maintain a competitive edge with its customers, John and Jacob is in the process of developing a new online trading system. The plan for the system Identifies many new capabilities that would provide new services to its clients. Edward Finnigan, the project manager, is in the process of identifying all the groups of people who should be Included In the development of the system requirements. He isn't quite sure exactly who should be included, Here are the issues he's considering:

Users. The trading system is to be online to each of the company's 30 trading offices. Obviously, the brokers who are going to use the system need to have input, but how should this be done? Edward also isn’t sure what approach would be best to ensure that the requirements are complete, yet not require tremendous amounts of time. Including all of the offices would increase enthusiasm and support for the system, but it would take a lot of time. Yet, involving more brokers would bring divergent options that would have to be reconciled.

Customers. The trading system will also include confirmations, reports of trade, and customer statements. Web access is also planned, which will enable customers to effect trades and to check their accounts. Consequently, another question Edward has is about involving John and Jacob customers in the development of the system requirements. Normally customers are not asked to participate in the development of systems. However, it would be nice to know how best to serve John and Jacob’s customers. He is sensitive to this issue because some of the brokers have indicated to him that many customers do not like the format of their statements from the current system. He would like to involve customers, but he does not know how.

Other Stakeholders. Edward knows he should involve other stakeholders to help define the system requirements. He isn’t quite sure whom should he contact. Should he go to the senior executives? Should he contact middle management? Should he include back-office functions such as accounting and investing? He isn’t sure how to get organized to how to decide who should be involved.

Answer following questions:

1. What is the best method for Edward to involve the brokers(users) in the development of the new online trading system? should he use a questionnaire? Should he interview the brokers in each of the company’s 30 offices, or would one or two brokers representing the entire group be better? How can Edward ensure that the information about requirements is complete, yet not lose too much time doing so? Justify your answer.                                                                       

2. Concerting customer input for new system, how can Edward involve customers in the process? How can he interest them in participating? What are some ways that Edward can use sure that the customers he does involve are representative of John and Jacob’s entire customer group? Justify your answer.   

3. As Edward considers what other stakeholders he should include, what are some criteria he should use? Develop some guidelines to help build a list of people to include. Justify your answer.

Answer 1

Answer:-

1.         For the brokers, the information to them should be direct. A copy of the requirements concerning the online update should be compiled and sent to them through their emails or mobile phones. The questions from the users regarding the online update should be channeled to Edward who will, in turn, answer them and send back to them. Dealing with a larger group f people is hectic. Edward can use the teleconferencing method. By the utilization of this approach, Edward will be in a position to have a meeting with all the users on their computers. This will be easy and efficient since the information will be from the primary source, Edward, to the targeted people, the users.

Pilot sampling can be very helpful when it comes to such a scenario. Edward can sample out a group of individuals from the 30 offices to represent the others. The sampled out people can answer the questionnaires first. The questionnaires should then be submitted within a given period. Edward and his group should create a chance to analyze the surveys that are presented. If it turns out that the information revealed in the questionnaires is inadequate, there will be no option for him but to sample out another group of people and carry out a one-on-one interview. This will be much helpful as the information will be direct and fresh from the source. This is because some people might not answer the questionnaires as required and questionnaires also limit the quantity and quality of information given.

Conducting an interview on all the 30 offices brokers is impossible for him. The best action to take is to have one person from each office coming to represent the others. In order to have general views from the ones not represented, Edward can advise the person serving others to have a small sitting with the rest of the members, discuss and give opinions concerning the issue after which the representative will use as a source of information to fill the questionnaires and also during the interview if at all any can be conducted.

Doing the task to himself will take the time to accomplish it. Edward has to delegate the duties to the 30 office representatives. Edward can ensure that the information concerning the requirements is complete by the use of these representatives. He can organize a meeting with the representatives and release the information to them. After this meeting, the representatives will be required to deliver the same information to the other brokers. This should be done accurately and just as it has been said by him. He can produce copies for the reps on all the issues handled to avoid skipping any important information.

This will take less time to reach out to the rest of the brokers as compared to the use of online, where not all the information is delivered, and some people are not fond of the social media, so they have hard times getting the information. The rest of the questions should be channeled to him to answer them accordingly. The representatives should handle the minor issues that might have been addressed in the meeting with him.

2.         Customers always need to be involved in the business activities because they are the primary targets. The company is also required to devise mechanisms to help relieve the issue of customers’ complaints to its workers. Every company has its means or ways it uses to settle such matters. For the John and Jacob Company, Edward should talk to the IT personnel in the business to create an exclusive platform for customers' comments and complaints together with the compliments. The platform should be private and confidential but not a public thing. The platform should be accessed by all the company customers, the stakeholders, and the managements. The company should not be like other enterprises where questions take one year to be answered. The answering should be on a daily basis and if possible even immediately.

In the current world, social platforms are doing well when it comes to communication. The company can create a social platform where the customers' ideas are heard and acted upon immediately. This is easier as, through these social platforms, a larger number of people are handled over a shorter period. Social platforms do not require any funding. The main aim will be serving the customers interests and get feedback from the services offered. This is a mechanism that is currently being employed by many companies who have the objective of reaching out directly to their customers.

Edward is the one responsible for making the customers interested in participating in the process. He can do this by ensuring that their requests are answered accordingly and on time. This will motivate the customers to be part of the company and always willing to participate in the company's doings. During this period, Edward will be required to have a particular group of customers as a representative of the entire clients' fraternity. Equality will be highly regarded. Edward can approach this issue by ensuring that every region that has its customers is represented in the process. By doing this, the rest of the customers will feel represented, and no problem can arise on the customers' side.

3.         It is important for Edward to include some stakeholders in the process to make it official and part of the company. If he decides to exclude them, the idea will be regarded as irrelevant and unofficial. Sometimes it can be hard, but it remains the only option to get a go-ahead for the new input system. He should put some considerations on the executives of the company and the other stakeholders. The chief executive officer must approve the project. He cannot reach out to him before the other line workers are done. The best action for him to take is to call for a meeting with the senior officials in the company, explain the process to them and ask for their approval. After their approval, the stakeholders are then called and told to the new project and asked for support too. Once they have approved the new plan, the CEO will have no obligation but to sign and release the new procedure into action. This will eventually lead to the adoption of the new input system for the customers of the John and Jacob Company.