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The Times Group is the biggest media agglomerate in India. It is leaded by brothers Samir Jain(MD) and Vineet Jain(MD).
The company has eleven publishing centers, 50 printing centers, fifety-five sales offices, Over seven thousand employees, five dailies, including two of the largest in the country with approx 4.3 million, copies circulated daily, two lead magazines, twenty nine magazines reaching 2468 cities and towns, thirty- two Radio Stations, 2 Television News Channels, 1 Television Life Style Channel.
Brands & Subsidiaries
The Times of India
The Economic Times
The Times of India - Kannada
Times Private Treaties
ENIL & TIML - Times Infotainment Media Limited & Entertainment Network India Limited
TIL - Times Internet Limited
Times Global Broadcasting Limited
Times Business Solutions
World Wide Media
VPL - publisher of vijaya karnataka
Times Private Treaties
TIML Radio Limited
Times Syndication Service
Financial Management is the process of managing the financial resources, with accounting and financial reporting, budgeting, risk management, collecting accounts receivable and insurance for a business.
The key features of financial management are
Automatically maintains account
Handle multiple companies with multiple financial years.
Can browse any financial year
Automatic EMI calculation
Penalty & Interest calculation.
Takes back up and restores on its own
Compatible with any windows-9X or higher.
The most advantage of financial management being it reduces manual labour and all the tedious and time-consuming, hand written book keeping procedures. The data is also secure since it can be password protected. Thus data secrecy can be maintained.
Need For Financial Management Information System
The 3 main reasons were
To achieve these needs, in 1998-99 The Times Group started to research the market for vendors who could satisfy them with an integrated replacement for its endless advertising,
business, and production systems. After 18 months of research they realized that a single vendor could not satisfy all the three needs. Thus they took help from Ifra(the world's leading
association for media publishing). Ifra short listed 14 vendors for The Times Group.
Their main requirements were
Financial system to manage billing
Data warehouse to act as a repository for all
Thus they decided to finalize a deal with System analysis & product development (SAP).
Inputs to Financial MIS
Business transactions - sales, sales return, profit,etc
Transaction processing systems(TPS)
Data bases of transactions - bills of sales, invoice records, etc
Data bases of internal & external data
Annual reports & Financial statements
Outputs of Financial MIS
Uses and management of funds
Financial statistics and control
Financial application and databases
These are the following modules of SAP used by The Times Group :-
SAP FI/CO (finance & control)
SAP BW (business warehousing)
Vendor name - Siemens Information Systems Ltd.
Database - IBM DB2
Hardware - IBM
Operating System - IBM AIX
The main finance related modules are SAP FI/CO & SAP BW
SAP BW (Business Warehouse)
In times group SAP BW is mainly used to draw all kind of data from their internal systems and external sources, to create analysis and reports out of the data warehouse. So, they use business warehouse extensively to monitor their performance, strategy-making and financing and all those areas. Thus it is a complete business intelligence package for them.
ETTL--Extracting, Transferring, Transforming, and Loading Data
It is tough to design a dataset, because making a data warehouse involves a significant task. It is difficult to collect, convert, transfer and load the data from the wide source to data storage.
Extracting data - data is transferred from initial source system like SAP system. The idea of this extraction is to recognize the right data. The right source of data system is very important to achieve the goal.
Transfer - large amount of data is transferred from different sources to the business warehouse. The main purpose is to plan an acceptable agenda and should have safe and fast networks.
Data transformation - the data is designed data in such a way to maintain consistency in the data warehouse. The initial data which exist in various databases may use different data types or different file formats. Some are case sensitive; others may not be. Thus we have to convert the file format to a single file format to maintain consistency.
Loading - the data is loaded in actual tables appropriately. Main purpose is to establish a complete procedure.
ETTL is a complex and time-asking task. Any error in extracting data will put data quality into a risk. This will also affect business decision making .Thus the warehousing companies have to complete their task in time. SAP has a good business functionality but leads to a complex database. Sometimes the tables and columns do not have precise English descriptions. Due to continuous usage of SAP R/3 data for decision making, the business people do face a problem. After research SAP planned to develop a new data warehousing solution to help its users. The result they found is SAP Business Information Warehouse.
SAP FI/CO (Finance & Control)
SAP FI Module - where FI means Financial Accounting - essentially this SAP module helpsto keep 'books of record', including
The SAP FI Module has the potential to meet all the accounting and financial needs of an organization. It is so much capable that financial managers can review the financial position of their company in real time whereas in other software it takes a day or two to update the data before it can be viewed.
The FI Module also interacts with Human Resources which consists of Personnel Management, Payroll Document, Travel Management, Time Management transactions occurring within the specific modules generate account postings via account determination tables.
SAP CO Module - CO stands for Controlling - basically the SAP Module allows us to deal with the following cost management accounting
The SAP CO (Controlling) Module provides supporting information to Management for the purpose of planning, reporting, as well as monitoring the operations of their business. Management decision-making can be achieved with the level of information provided by this module.Â
As illustrated in the above report, we can notice the advantages of managing information systems. The high functionality of the SAP increases convenience for both the managers and employees. I am going to conclude my report by mentioning how financial management system has helped The Times Group
1. After they installed SAP the scope for capacity and change has drastically improved. They had a whole lot of changes with respect to business policies and configuration after installing MIS. There has been an improvement in product configuration and marketing configuration, in terms of pricing and billing.
An example of a change they came up with - The Times of India went live, the newspaper changed the width of its paper. That meant a complete makeover of the technical solution on the ppi Media system side. And in September that same year, the Group changed its entire pricing policy, which was constant since 10 years.
2. There was higher customer satisfaction and people started accepting changes easily and faster. Ad tracking also improved dramatically.
3. The Times Group has achieved considerable benefits after the implementation of SAP solutions. This also gave them tremendous amount of flexibility. It can now handle changes up to within about two hours of press time. Just in three years time after implementation of SAP solutions The Times group doubled their turn.