Monday, March 05, 2007

Lecture 1

Hey everyone, this is is a short bio of myself...

My Short Bio
So as you know my name is Sangyoun Han. I am Korean, but I live and study in Toronto,Canada. I attend the Schulich School of Business at York University and I'm in my third year of studies. I am completing my iBBA degree with a specialization in Finance and Marketing. I have been at IESEG since Jan 2007, and will be leaving once this semester is finished. I have a Finance internship back in Toronto for TD Securities, which is one of the largest bank in Canada, so I'm pretty excited about that. In the future, I am planning to have a career within the finance sector in I-Banking and/or consulting.
The reason I chose this course is because I haven't learned too much on this topic, and so I thought it would be a great opportunity to learn it here, in France. Also, I think its important to have at least a general understanding of other topics other than Finance and marketing, in order to help me in my career with a broad understanding of many business concepts. Therefore, I hope I learn a lot from this course, and I hope the topics learned in this course will help me someday in the future.
Finally, something interesting about me is that I love to experience different cultures, and one day I would love to take a year off and just travel the world!

Lessons learned from Lecture 1
So today was the first class for Global ERP Systems. I thought it was very interesting, especially because I came into the class with a very limited understanding of this concept. However, after a fun, interactive ice-breaker, I quickly realized how detailed an ERP system really is.
Today’s lecture was more theoretical, as the purpose of the class was to give an underlying idea of what the concept of ERP is. I learned that many firms use this system to replace the old methods, which operate on multiple systems for each department. The ERP system introduces ONE system, in which all modules (finance, accounting, marketing, HR etc…) can be linked to the same database. What this creates is higher efficiencies through decreased time wasted and increased quality.
Furthermore, there is more than just one ERP system. We can divide them into three groups, Major Systems, Medium Systems, and Open Source Systems. Each category addresses certain attributes to specific groups, and therefore it is impossible to say which group is the best. Moreover, within each category are several ERP systems such as SAP and Oracle, which gives even more options for organizations to chose from. Therefore, issues such as customization, costs, way of business, and security all play and important role in choosing which ERP best suits a firm.
Finally, it was explained that although ERP systems are beneficial for most firms, it is very costly and requires constant maintenance and updates. Furthermore, the further we delve into this topic, the more it is apparent how intricate the system truly is, as specific software updates are needed for specific programs such as open systems architecture (“Bolt-on”). Thus, firms need to calculate whether the benefits in investing in an ERP system outweigh the costs in the long-run.
Today’s lecture was very insightful, with examples of real life experiences as well as open discussion within the class, and I look forward to tomorrow’s class.
Anyways that's it for today, see you all tomorrow!


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