Task: Draw a BPMN diagram for the financial workflow business process illustrated on pages 133-134 in Chapter 5 (pictures uploaded). 134 INTRODUCTION TO INFORMATION SYSTEMSat TechSmart because the supplier's contact information is all filled out in GulfTravel's system.TechSmart staff receive the order and electronically deliver it to the warehouse forfulfillment. Gulf Travel's system is linked to TechSmart's inventory information, soShaun already knew that TechSmart had the headsets in stock. TechSmart's ware-house ships the box to Gulf Travel.Sven, the goods receipt clerk at Gulf Travel, signs for the 10 headsets and logs in tothe system to indicate they have been received. He drops the headsets off to Shaun,who hands them out to the sales reps.TechSmart's system automatically generates the invoice and sends it electronically toGulf Travel Accounts Payable, where Takia can see immediately that the goods wereproperly requested, approved, shipped, and received. She approves the electronictransfer of funds to TechSmart's bank account.The system automatically updates the general ledger and asset records to indicatethe company now owns 10 Bluetooth headsets. Other staff may add detail to thoserecords, such as serial numbers or warranty data.Humans are part of the loop, making decisions, approving actions, and confirming stepsin the process. But except for the package's wrapping, paper is not. All the players have real-time access to the same underlying information, so inconsistencies are unlikely. Compare thisscenario with one in which orders, approvals, invoices, and payments are all handled manu-ally, moving paper from one person's plastic in-tray to the next, with massive filing cabinets,handwritten signatures, inked stamps, and endless voice mail to clarify stock levels, prices,and shipping dates.Financial Reporting, Compliance, and TransparencyReports are the lifeblood of people in finance and accounting, and information systems rou-tinely generate detailed and summary reports on all the organization's transactions and assets.EXCEPTION REPORTING AND DATA MININGFinancial systems generate considerable data, and they can tag unusual events and anoma-lies-ones that human beings must review. Such reports and analyses are used to spot mis-takes and also patterns that might point to fraud. U.S companies lose hundreds of billions ayear to fraud, and the incidence of fraud continues to mount. Exception reports that identifyevents that fall outside normal ranges and data mining software that picks up unusual trendsare powerful tools to help curb this growing problem.'COMPLIANCE REPORTINGFinancial systems also carry the major burden of compliance reporting, and in doing so theymust conform to local, national, and international regulations that grow increasingly strict.For example, changes in federal banking laws require all banks to report on the assets ofAmerican citizens, regardless of whether the bank is in the United States or another country. FINANCIAL WORKFLOWSThe integration of these components supports the development of paperless workflows in anorganization. Procurement and accounts payable were some of the first targets for this kindof process improvement. Staff can now use online shopping carts to generate purchase ordersfrom established vendors, routing their requests to supervisors and then to the vendors them-selves. The software builds in online, interactive forms so staff can make corrections along theway, using customized workflow tables that determine the routes.Let's buy some Bluetooth headsets for sales reps at Gulf Travel to see how this works(Figure 5-3):Shaun, the office manager in the sales department, browses the web for the bestmodels and then logs in to the financial system. He requests price comparisons forthe model he's chosen and finds the lowest prices from TechSmart, Inc., which hasa special supplier arrangement with Shaun's company. Shaun enters the order for 10headsets into the shopping cart, selecting TechSmart as the vendor. Totals and taxesare all computed, and Shaun splits the purchase against two budget numbers 40%for the Northern sales group with four sales reps and 60% for the Southern salesgroup for its six reps.Simple serviceRania, Shaun's supervisor, logs in and sees a message in her inbox-"Shoppingcart approval needed." She is authorized to approve purchases for both budgets,and when she does, the electronic order goes straight to the sales departmentFIGURE 5-3A paperless workflow in procurementto buy 10 Bluetooth headsets.TechSmartGulf TravelTechSmart staffreceive order,transmit toRania, Shaun'ssupervisor, approvesorderwarehouseTakia in AccountsTechSmart's systemgenerates invoiceelectronicallyPayable approvespayment toTechSmart. GeneralStart-ledger and assetrecords are updatedShaun finds bestmodels and prices,enters orderTechSmartwarehouse staffSven logs the receiptof 10 headsets, deliversship order to GulfTravel, updateinventoryto Shaunfinancial management systemEnterprise information system that supportsfinancial accounts and processes, includingaccounts payable, accounts receivable,procurement, cash management, budget planning,assets, general ledger, and related activities.

Question

Task: Draw a BPMN diagram for the financial workflow business process illustrated on pages 133-134 in Chapter 5 (pictures uploaded). 134 INTRODUCTION TO INFORMATION SYSTEMSat TechSmart because the supplier's contact information is all filled out in GulfTravel's system.TechSmart staff receive the order and electronically deliver it to the warehouse forfulfillment. Gulf Travel's system is linked to TechSmart's inventory information, soShaun already knew that TechSmart had the headsets in stock. TechSmart's ware-house ships the box to Gulf Travel.Sven, the goods receipt clerk at Gulf Travel, signs for the 10 headsets and logs in tothe system to indicate they have been received. He drops the headsets off to Shaun,who hands them out to the sales reps.TechSmart's system automatically generates the invoice and sends it electronically toGulf Travel Accounts Payable, where Takia can see immediately that the goods wereproperly requested, approved, shipped, and received. She approves the electronictransfer of funds to TechSmart's bank account.The system automatically updates the general ledger and asset records to indicatethe company now owns 10 Bluetooth headsets. Other staff may add detail to thoserecords, such as serial numbers or warranty data.Humans are part of the loop, making decisions, approving actions, and confirming stepsin the process. But except for the package's wrapping, paper is not. All the players have real-time access to the same underlying information, so inconsistencies are unlikely. Compare thisscenario with one in which orders, approvals, invoices, and payments are all handled manu-ally, moving paper from one person's plastic in-tray to the next, with massive filing cabinets,handwritten signatures, inked stamps, and endless voice mail to clarify stock levels, prices,and shipping dates.Financial Reporting, Compliance, and TransparencyReports are the lifeblood of people in finance and accounting, and information systems rou-tinely generate detailed and summary reports on all the organization's transactions and assets.EXCEPTION REPORTING AND DATA MININGFinancial systems generate considerable data, and they can tag unusual events and anoma-lies-ones that human beings must review. Such reports and analyses are used to spot mis-takes and also patterns that might point to fraud. U.S companies lose hundreds of billions ayear to fraud, and the incidence of fraud continues to mount. Exception reports that identifyevents that fall outside normal ranges and data mining software that picks up unusual trendsare powerful tools to help curb this growing problem.'COMPLIANCE REPORTINGFinancial systems also carry the major burden of compliance reporting, and in doing so theymust conform to local, national, and international regulations that grow increasingly strict.For example, changes in federal banking laws require all banks to report on the assets ofAmerican citizens, regardless of whether the bank is in the United States or another country. FINANCIAL WORKFLOWSThe integration of these components supports the development of paperless workflows in anorganization. Procurement and accounts payable were some of the first targets for this kindof process improvement. Staff can now use online shopping carts to generate purchase ordersfrom established vendors, routing their requests to supervisors and then to the vendors them-selves. The software builds in online, interactive forms so staff can make corrections along theway, using customized workflow tables that determine the routes.Let's buy some Bluetooth headsets for sales reps at Gulf Travel to see how this works(Figure 5-3):Shaun, the office manager in the sales department, browses the web for the bestmodels and then logs in to the financial system. He requests price comparisons forthe model he's chosen and finds the lowest prices from TechSmart, Inc., which hasa special supplier arrangement with Shaun's company. Shaun enters the order for 10headsets into the shopping cart, selecting TechSmart as the vendor. Totals and taxesare all computed, and Shaun splits the purchase against two budget numbers 40%for the Northern sales group with four sales reps and 60% for the Southern salesgroup for its six reps.Simple serviceRania, Shaun's supervisor, logs in and sees a message in her inbox-&#34;Shoppingcart approval needed.&#34; She is authorized to approve purchases for both budgets,and when she does, the electronic order goes straight to the sales departmentFIGURE 5-3A paperless workflow in procurementto buy 10 Bluetooth headsets.TechSmartGulf TravelTechSmart staffreceive order,transmit toRania, Shaun'ssupervisor, approvesorderwarehouseTakia in AccountsTechSmart's systemgenerates invoiceelectronicallyPayable approvespayment toTechSmart. GeneralStart->ledger and assetrecords are updatedShaun finds bestmodels and prices,enters orderTechSmartwarehouse staffSven logs the receiptof 10 headsets, deliversship order to GulfTravel, updateinventoryto Shaunfinancial management systemEnterprise information system that supportsfinancial accounts and processes, includingaccounts payable, accounts receivable,procurement, cash management, budget planning,assets, general ledger, and related activities.

Accepted Answer

Creating a Business Process Model and Notation (BPMN) diagram for the financial workflow process…