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1、HowFinancialFirmsDecideonTechnology，介紹國際大銀行在決定對(duì)信息技術(shù)投資時(shí)的考慮要點(diǎn)和他們具體的實(shí)施過程。HowFinancialFirmsDecideonTechnology(Abstract)Thefinancialservicesindustryisthemajorinvestorininformationtechnology(IT)intheU.S.economy;thetypicalbankspendsasmuchas15%ofnon-interesteexpensesonIT.Apersistentfindingofresearchintothep

2、erformanceoffinancialinstitutionsisthatperformanceandefficiencyvarywidelyacrossinstitutions.NowhereisthisvariabilitymorevisiblethanintheoutcomesoftheITinvestmentdecisionsintheseinstitutions.ThispaperpresentstheresultsofanempiricalinvestigationofITinvestmentdecisionprocessesinthebankingindustry.Thepu

3、rposeofthisinvestigationistouncoverwhat,ifanything,canbelearnedfromtheITinvestmentpracticesofbanksthatwouldhelpinunderstandingthecauseofthisvariabilityinperformancealongwithpointingtowardmanagementpracticesthatleadtobetterinvestmentdecisions.UsingPCbankingandthedevelopmentofcorporateInternetsitesast

4、hecasestudiesforthisinvestigation,thepaperreportsondetailedfield-basedsurveysofinvestmentpracticesinseveralleadinginstitutionsHowFinancialFirmsDecideonTechnology(PartOne)信息技術(shù)對(duì)金融服務(wù)業(yè)的影響正在增加，不僅僅表現(xiàn)在銀行的15%無息開支上，而且對(duì)金融服務(wù)業(yè)的運(yùn)做和戰(zhàn)略也有很強(qiáng)的影響。一個(gè)對(duì)金融機(jī)構(gòu)的長(zhǎng)期研究表明，不同的機(jī)構(gòu)的效率和表現(xiàn)也不同。其決定的因素有以下一些其中的一個(gè)因素就是對(duì)投資的決定和管理。SBS是一個(gè)失敗的例子，

5、但是成功的公司也不少。本文注重解答以下的問題：口.銀行對(duì)投資的評(píng)估和管理過程?口.在對(duì)口的管理過程中，理論和實(shí)際操作的結(jié)合如何？口.口口投資的管理和銀行性能的關(guān)系如何？1.0IntroductionInformationtechnology(IT)isincreasinglycriticaltotheoperationsoffinancialservicesfirms.Todaybanksspendasmuchas15%ofnon-interestexpenseoninformationtechnology.Itisestimatedthattheindustrywillspendatleas

6、t$21.1billiononITin1998,andfinancialinstitutionscollectivelyaccountforthemajorityofITinvestmentintheU.S.economy.Inadditontobeingalargecomponentofthecoststructure,informationtechnologyhasastronginfluenceonfinancialfirmsoperatonsandstrategy.Fewfinancialproductsandservicesexistthatdonotutilizecomputers

7、atsomepointinthedeliveryprocess,andafirmsinformationsystemsplacestrongconstraintsonthetypeofproductsoffered,thedegreeofcustomizationpossibleandthespeedatwhichfirmscanrespondtocompetitiveopportunitiesorthreats.Apersistentfindingofresearchintotheperformanceoffinancialinstitutionsisthatperformanceandef

8、ficiencyvarieswidelyacrossinstitutions,evenaftercontrollingforfactorssuchassize(scale),productbreadth(scope),branchingbehaviorandorganizationalform(e.g.stockversusmutualforinsurers;banksversussaving&loans).Giventhecentralrolethattechnologyplaysintheseinstitutions,atleastsomeofthisvariationislikelyto

9、beduetovariationsintheuseandeffectivenessofITinvestments.WhilesomeauthorshavearguedthatthevalueofITinvestmenthasbeeninsignificant,particularlyinservices,recentempiricalworkhassuggestedthatITinvestment,onaverage,isaproductiveinvestment.Perhapsmoreimportantly,thereappearstobesubstantialvariationacross

10、firms;somefirmshaveveryhighinvestmentsbutarepoorperformers,whileotheresinvestlessbutappeartobemuchmoresuccessful.BrynjolfssonandHittfoundthatasmuchashalfthereturnstoITinvestmentareduetofirmspecificfactors.OnepotentiallyimportantdriverofdifferencesinITvalue,andoffirmperformancemorebroadly,islikelytob

11、ethedecisionandmanagementpeocessedforITinvestments.HorrorstoriesofbadITinvestmentdecisionsabound.Considertheexampleofthenewstrategicbankingsystem(SBS)atBancOne(AmericanBanker1997).BancOneCorp.andElectronicDataSystemsCorp.agreedlastyeartoendtheirjointdevelopmentofthisretailbankingsystemafterspendinga

12、nestimated$175milliononit.AsstatedintheAmericanBankerarticle,SBSwasjustsooverwhelmingandsocompletethatbythetimetheyweregettingtomarket,itwasgoingtotaketoolongtoinstallthewholething,saidAlanRiegler,principalinErnst&Youngsfinancialservicesmanagementconsultingdivision.However,notallthestoriesarenegativ

13、e.NewITsystemsareplayingavitalroleinreshapingthedeliveryoffinancialservices.Forexample,newcomputer-telephonyintegration(CTI)technologiesaretransformingcallcenteroperationsinfinancialinstitutions.Byinvestingintechnology,moreandmoreinstitutionsaremovingoperationsfromhigh-costbranchoperationstothetelep

14、honechannel,wherethecostpertransactionisone-tenththecostofatellerinteraction.ThisITinvestmentnotonlyreducesthecostofservingexistingcustomers,butalsoextendsthereachoftheinstitutionbeyonditstraditionalgeographicboundaries.Inthispaper,weutilizedetailedcasestudiesofsixretailbankstoinvestigateseveralinte

15、rrelatedquestions:口.WhatprocessesdobanksutilizetoevaluateandmanageITinvestments?口.HowwelldoactualpracticesalignwiththeoreticalargumentsabouthowITinvestmentsshouldbemanaged?口.WhatimpactdoesthatmanagementofITinvestmentshaveonperformance?HowFinancialFirmsDecideonTechnology(PartTwo)Forthefirstquestion,w

16、edevelopastructuredframeworkforcatalogingITinvestmentpracticesandthenpopulatethisframeworkusingacombinationofsurveysandsemi-structuredinterviews.WethencomparetheresultsofthisexercisewithasynthesisoftheliteratureonITdecisionmakingtounderstandinghowpracticesvaryacrossfirmsandtheextenttowhichthisiscons

17、istentwithbestpracticesasdescribedinpreviousliterature.Finally,wewillcomparetheseprocessestointernalandexternalperformancemetricstobetterunderstandwhichsetsofpracticesappeartobemosteffective.Tomakethesecomparisonsconcrete,weexamineboththegeneraldecisionprocessaswellasthespecificprocessesusedfortwore

18、centITinvestmentdecisions:theadoptionofcomputer-basedhomebanking(PCbanking),andthedevelopmentofthecorporatewebsite.Thesedecisionswerechosenbecausetheywererecentandarerelatedbutprovidesomecontrast;inparticular,PCbankingisafairlywelldefinedproductinnovation,whilethecorporatewebpresenceismoreofaninfras

19、tructureinvestmentwhichislesswell-definedintermsofobjectivesandbusinessownership.Overall,wefindthatwhilesomeaspectsofthedecisionprocessarefairlysimilaracrossinstitutionsandoftenconformtobestpracticeasdefinedbypreviousliterature,thereareseveralareaswherethereislargevariationinpracticeamongthebanksand

20、betweenactualandtheoreticalbestpractice.Mostbankshaveastrongandstandardizedprojectmanagementforongoingsystemsprojects,andformalstructuresforinsuringthatline-managersandsystemspeopleareincontactattheinitiationoftechnologyprojects.Atthesametime,manybankshaverelativelyweakprocesses(bothformalandinforma

21、l)foridentifyingnewITinvestmentopportunities,allocatingresourcesacrossorganizationallines,andfundingexploratoryorinfrastructureprojectswithlongtermoruncertainpayoffs.Thereminderofthispaperisorganizedasfollows.Section2describesthepreviousliteratureonperformanceoffinancialinstitutionsandtheeffectsofIT

22、onperformance.Section3describesthemethodsanddata.Section4describesthecurrentacademicthinkingonvariouscomponentsofthedecisionprocessandcomparesthattoactualpracticesatthebankswevisited.Section5describestheresultsofourin-depthstudyofPCbankingprojectsandthesummary,Section6containsasimilaranalysisfortheC

23、orporateWebSiteanddiscussionandconclusionappearinSection7.HowFinancialFirmsDecideonTechnology(PartThree)2.0PreviousLiteraturePerformanceofFinancialInstitutionsTherehavebeenanumberofstudiesthathaveexaminedtheefficiencyofthebankingindustryandtheroleofvariousfactorssuchascorporatecontrolstructure(typeo

24、fboard,directors,insiderstockholdings,etc.),economiesofscale(size),economiesofscope(productbreadth),andbranchingstrategy;seeBerger,KashyupandScalise(1995)andHarkerandZenios(forthcoming)forareviewofthebankingefficiencyliterature.Whilethereissubstantialdebateastotheroleofthesevariousfactors,thereisone

25、unambiguousresult:thatmostofthe(in)efficiencyofbanksisnotexplainedbythefactorsthathavebeenconsideredinpriorwork.Forexample,BergerandMester(1997)estimatethatasmuchas65-90%ofthex-inefficiencyremainsunexplainedaftercontrollingforknowndriversofperformance.Asimilarstoryalsoappearsininsurancewherex-effici

26、encyvariessubstantiallyacrossfirmswhensize,scope,productmix,distributionstrategyandotherstrategicvariablesareconsidered.Ithasbeenarguedthatonemustgetinsidetheblackboxofthebankotconsidertheroleoforganizational,strategicandtechnologicalfactorsthatmaybemissedinstudiesthatrelyheavilyonpublicfinancialdat

27、a.InformationTechnologyandBusinessValueEarlystudiesoftherelationshipbetweenITandproductivityorothermeasuresofperformanceweregenerallyunabletodeterminethevalueofITconclusively.Loveman(1994)andStrassmann(1990),usingdifferentdataandanalyticalmethodsbothfoundthattheperformanceeffectsofcomputerswerenotst

28、atisticallysignificant.Barus,KriebelandMukadopadhyay(1995),usingthesamedataasLoveman,foundevidencethatITimprovedsomeinternalperformancemetricssuchasinventorytrunover,butcouldnottiethesebenefitstoimprovementsinbottomlineproductivity.Althoughthesestudieshadanumberofdisadvantages(smallsamples,noisydata

29、)whichyieldedimprecisemeasuresofITeffects,thislackofevidencecombinedwithequallyequivocalmacroeconomicananlysesbyStevenRoach(1987)implicitlyformedthebasisfortheproductivityparadox.AsRobertSolow(1987)onceremarked,youcanseetehcomputerageeverywhereexceptintheproductivitystatistics.Morerecentworkhasfound

30、thatITinvestmentisasubstantialcontributortofirmproductivity,productivitygrowthandstockmarketvaluationinasamplethatcontainsawiderangeofindustries.BrynjolfssonandHitt(1994,1996)andLichtenberg(1995)foundthatITinvestmenthadapositiveandstatisticallysignificantcontributiontofirmoutput.BrynjolfssonandYang(

31、1997)foundthatthemarketvaluationofITcapitalwasseveraltimesthatofordinarycapital.BrynjolfssonandHittalsofoundastrongrelationshipbetweenITandproductivitygrowthandtahtthisrelationshipgrowsstrongeraslongertimeperiodsareconsidered.Collectively,thesestudiessuggestthatthereisnoproductivityparadox,atleastwh

32、entheanalysisisperformedacrossindustriesusingfirm-leveldata.Thedifferencesbetweentheseresultsandearlierstudiesisprobablyduetotheuseofdatatahtwasrecent,morecomprehensice,andmoredisaggregated(firmlevelratherthanindustryoreconomylevel).Mostprevioussutdieshaveconsideredtheeffectsoftechnologyacrossfirmsi

33、nmultipleindustries,althoughafewstudieshaveconsideredtheroleoftechnologyinspecificallyinthebankingindustry.SteinerandTeixierasurveyedthebankingindustryandarguedthatwhilelargeinvestmentsintechnologyclearlyhadvalue,littleofthisvaluewasbeingcapturedbythebanksthemselves;mostofthebenefitswerebeingpassedo

34、ntocustomersasaresultofintensecompetition.AlparandKimexaminedthecostefficiencyofbanksoverallandfoundthatITinvestmentwasassociatiedwithgreatercostefficiencyalthoughtheeffectswerelessevidentwhenfinancialratioswereusedastheoutcomemeasure.PrasadandHarkereexaminedtherelationshipbetweentechnologyinvestmen

35、tandperformancefor47retailbanksandfoundpositivebenefitsofinvestmentsinITstaff.WhilethesestudiesshowastrongpositivecontributionofITinvestmentonaverage,theydonotconsiderhowthiscontribution(orlevelofinvestment)variesacrossfirms.BrynjolfssonandHittfoundthatfirmeffectscanaccountforasmuchashalfthecontribu

36、tionofITfoundintheseearlierstudies.Recentresultssuggestthatatleastpartofthesedifferencescanbeexplainedbydifferencesinorganizationalandstrategicfactors.BrynjolfssonandHittfoundthatfirmsthatusegreateroverallITbenefits.Bresnehan,BrynjolfssonandHittfoundasimilarresultforfirmsthathavegreaterlevelsofskill

37、sandthosethatmakegreaterinvestmentsintrainingandpre-employmentscreeningforhumancapital.Inaddition,strategicfactorsalsoappeartoaffectthevalueofIT.FirmsthatinvestinITtocreatecustomervalue(e.g.improveservice,timeliness,convenience,variety)havegreaterperformancethanfirmsthatinvestinITtoreducecosts.While

38、thesestudiesarebeginingtoexplorehowtheperformanceofITinvestmentvariesacrossfirm,particularlyduetoorganizationalandstrategicfactors,littleattentionhasbeenpaidtothetechnologydecisionmakingprocess.HowFinancialFirmsDecideonTechnology(PartFour)ITInvestmentDecisionsWhilethereisnoconcisedefinitionofbestpra

39、cticeinITinvestmentdecisions,thereareanumberofconsistentargumentsadvancedintheITmanagementliteraturethatcanbesynthesizedintoanunderstandingoftheconventionalwisdom.ForthepruposesofdiscussionitisusefultosubdividetheprocessofITmanagementintosevendiscrete,butinterrelatedprocesses.Thefirstsixprocessesare

40、orientedaroundtheproposal,developmentandmanagementofITprojects,whilethelastprocessisaboutmaintainingthecapabilitiesoftheITfunctionanditsinterrelationshipswiththerestofthebusiness:dentificationofITopportunities.Evaluatingopportunities.ApprovingITprojects.Themake-buydecision.ManagingITprojects.Evaluat

41、ingITprojects.ManageandDeveloptheITFunctionThissubdivisionlooselycorrespondstomanyofthemajorissuesinITmanagementsuchasoutsourcing,linemanagement-ITalignment,softwareprojectmanagement,andevaluatingITinvestments.Inaddition,thislistlooselycorrespondstoframeworksforthemanagementofIT.Theprimarydifference

42、isthatthislistviewstheITmanagementprocessasmanagingastreamofprojectsratherthanfocusingonthefunctionoftheITdepartmentoverallortheroleoftheCIO,thetypicalperspectiveinthepreviousliterature.Forexample,acommonframeworkusedtoalignITtobusinessstarategy,thecriticalsuccessfactors(CSF)method,includethreeworks

43、hops:thefirsttoidentifyandfocusobjectives,thesecondtodecideandprioritizeonsystemsinvestment,andthethirdtodevelop,deployandreevaluateprototypesystems.Boynton,JacobsandZmud(1992)identifyfivecriticalITmanagementprocesses:settingstrategicdirection,establishinginfrastructuresystems,scanningtechnology,tra

44、nsferringtechnologyanddevelopingsystems.Rockart,EarlandRoss(1996)proposeeightimperativesfortheITorganizationwhichcanbegroupedintomanagingtheIT-businessrelationship,buildingandmanagingsystemsandinfrastructure,managingvendors,andcreatingahighperformanceITorganization.Thus,whilepreviousworkhassubdivide

45、dtheprocessindifferentways,collectivelythestudiescoverallthesevenprocessesweexamine.Wewilldiscusseachoftheindividualpointsindetailbelow.IdentificantofOpportunitiesHistorically,theITfunctionwasprimarilyreactive,respondingtorequestsbybusinessunits.Abusinessunit.Abusinessunitmanagerwouldidentifyaneedfo

46、ranewsystemorarepair/enhancementtoanexistingsystemandcommunicatethisneedtotheITfunction.TheITpersonnelwouldthenevaluatetheideafortechnicalfeasibilityanddevelopaprojectproposalincludeaninitialdeterminationofresourceneeds,cost,anddeliverytime.WhilethismakeseffectiveuseofITpersonnelinevaluatingparticul

47、arideas,itprovidesonlyalimitedroleforITpersonneltoaidintheidentificationoftechnology-basedbusinessopportunities.Forthatreason,someauthorshavesuggestedthattheITfunctionshouldplayalargerroleintheidentificationoftechnologicalopportunities.Forexample,DavenportandShort(1990)emphasizethatITcapabilitiessho

48、uldinformbusinessneedsaswellasthebusinessunitsplacingdemandsontheITfunction.Fockart,EarlandRossandBoynton,JacobsandZmudidentifytheroleoftechnologyscanningandtechnologyeducationasanimportantcomponentofacentralizedITdepartment;theyarguethatinformationsystemsspecialistsshouldbereponsibleforevalustingne

49、wtechnologiesforbusinessapplicabilitysincebusinessunitswillgenerallylacktheresourcesorthetechnologicalcapabilitytoperformtheseevaluationsthemselves.Moreover,centralITisbestpositionedtoeducatetheendusestomakethemgoodcustmersofthecentralITgroup.Inthebankingindustry,ITmaybeabletoplayanadditionalroleinc

50、oordinatingtechnology.Becausebanksandotherfinancialfirmsareoftenmanagedwithlargelyautonomousbusinessunits(forexample,banksareoftendividedintoproductlines-cashmanagement,investmentoralongcustomersegments-wholesale,commercial,retail)onlythecentralITfunctionwillhaveaperspectiveovertheporfolioofsystemsp

51、rojectsandcapabilities.OnecriticalroleinthisrespectistheprovisionanddevelopmentofthesharedITinfrastructure(e.g.centralprocessors,networks,softwarestandards,etc.).OftentheseprojectsnaturallyspanbusinessunitssuchthattheonlyralowneristheITfunction;alsotheygenerallytendtobehighlytechnicalandthusthenatur

52、alresponsibilitywouldalsofallontheITdepartment.HowFinancialFirmsDecideonTechnology(PartFive)EvaluatingOppoutunitiesOnceaprojectisatleastinitiallydefined,thereisaprocessbywhichtheinitialideaisconvertedintoaproposalthatcanbeevaluatedbymanagementforapprovalorrejectionoffunding.Inthelasttenyears,ithasbe

53、comemoreorlessstandardpracticestodevelopabusinesscaseorbusinessplanforanysubstantialITinvestment(somesmallmaintenanceprojectsaresimplydoneonrequest),althoughthecontent,sophisticationandformalityofthisprocessvariedsubstantially.Themosttypicaloftheseprojectproposals(assumingamid-sizetolargeproject)tak

54、etheformofabusinessplanwhichincludesaqualitiativedescriptionoftheobjectives,competitiveenvironment,adescriptionoftheopportunityand,insomecases,animplementationplan.Whiletheformoftheseplansvarieswidely,therearesomegeneralpointsofcomparison.Forthequalitativeportion,themajorissueiswhethertheplanexplici

55、tlyaddresseschangesinthebusinessenvironment,orisprimarilyinwardfocused.Forminorsystemsenhancementprojectswithnostrategicobjective(orevenmajorinvestmentsthatarenotstrategicsuchasyear2000repairs),itmakessensefortheplantofocusentirelyoninternalissues.However,totheextentthattheinvestmentismadeforcompeti

56、tivereasonsorislikelytospurareactionfromcompetitors,itisimportanttoqualitativelyevaluatewhetherthebusinessenvironmentwillremainstaticand,ifnot,examinepossiblescenariosthatarelikelytooccur.TheassumptionofastaticbusinessenvironmentisacommondecisionbiasthatcanparticularlyplaguestrategicITinvestments;Cl

57、emens(1991)termsthisthetrapofthevanishingstatusquo.Forthequantativefinancialevaluation,mostITevaluationmethodshavetheirrootsintraditionalcapitalbudgetingproceduressuchasdiscountedcashflowanalysis(DCF).However,whilethesetechniquescanworkwellforprojectswherecostsandbenefitsarwelldefined(e.g.purchasing

58、off-the-shelfsoftwareinpursuitofoperationalcostsavings),itisincreasinglyrecognizedthatsimpleapplicationofDCFapproachesisnotsufficientforITinvestments.ThisisbecausemuchofthevalueofmodernITinvestmentsislikelytobedifficulttoquantify-suchasrevenueenhancementsorcostsavingsthroughimprovedcustomerservice,p

59、roductvariety,ortimeliness.Onecommonlyusedstategyistovaluenon-quantifiablebenefitsatzero,althoughthisstrategywillsystematicallybiasprojectevaluationstounnecessarilyrejectprojects.RecognizingthelimitationoftheDCFapproach,severalalternativeapproacheshavebeenproposed.Onemethodistobasetghecaseentirelyon

60、qualitativeanalysis;unfortunately,thisapproachoftenleadstohightlysubjectivejudgementsandislikelytoerronthesideofacceptingbadprojects.Kaplan,recognizingthisprobleminthecontextofevaluatingcomputerintegratedmanufacturing(CIM),proposedusingavariantofDCF;afirmcalculatesthepresentvalueoftheinvestmentusing