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Through its registered assets, the PIC controls more than 10% of the Johannesburg Stock Exchange and has a significant impact on almost every sector of South African industry. A portion of the company's goal statement is to invest in Africa and beyond. In addition, the PIC aspires to provide social benefits through its investing in capital programs, which invests in projects that help the advancement of the underprivileged community.
The PIC, which was founded in 1911, is Africa's largest and most successful asset management company. Environmental, social, and governance (ESG) problems are taken into account in every investment made by the PIC. With a portfolio that includes numerous asset classes, the PIC is one of the most well-diversified institutions. Listed stocks, real estate, capital markets, private equity, and impact investment are all examples of these asset groups. The PIC holds more than 10% of the Stock Exchange of Johannesburg and has direct and indirect influence to almost every area of South Africa's business through its registered assets. Investing in the rest of Africa and beyond is part of something like the company's mission statement. Additionally, the PIC aims to produce social benefits via its investment in financial programs, which invests in initiatives that support the progress of the underserved population (Heald et al, 2020). An asset management corporation run by the South African government, administered by the Minister of Finance, is known as that of the Public Investment Corporation (PIC). Government Workers Pension Money (GEPF), Unemployment Benefits Fund (UIF), and Indemnity fund investments are managed on authority of something like the PIC. A leading asset management company, the PIC, manages assets totaling more than R2 trillion as well as strives to satisfy and exceed the expectations of customers. Because she works as a Documentation and Management Administrator for the PIC, the investigator seems to have a strong interest in this subject (Hockett, 2020). It is her responsibility to offer PIC with comprehensive system and information advisory services in support of the organization's transition from a paper-based to an electronically managed records system. Listed below is the team's breakdown in terms of its members:
PIC is required by Section 13 of something like the National Archives and Records Provider of "South Africa Act (Act No. 43 of 1996, as amended") to maintain its records in accordance with the Act's prerequisites as well as to implementing procedures one which ensure compliance with the Act's record-keeping and records management practices. Legislation mandates that all government entities (including statutory organizations) are subject to the Act's requirements and must use appropriate record-keeping procedures (Hepburn et al, 2020). Personnel, equipment, as well as equipment all play a critical role in effective management, but so does information. Because of this, PIC's information resources must be treated as a significant asset.
An electronic health records management is crucial to sustaining and increasing the asset's worth in light of Covid-19, among some other things by allowing the PIC to quickly locate the required information. All relevant laws and regulations must be adhered to by PIC, which is a statutory body.
Client: Customers as well as clients have a significant impact on a PIC's success. When it comes to a company's success, consumer feedback is critical. When consumers have an interesting time, they will establish a strong brand recognition, which would be vital to the success of a business. When it comes to doing business, a strong brand is essential since people like to buy branded products even if the price tag is higher (Palma-Ruiz et al, 2020). Consumers who have a positive experience with a brand's goods are more likely to spread the word about it, therefore retaining existing clients is much more critical than gaining new ones in order to build brand awareness of the product.
Actors: Actors inside the company are those who have a stake in the issue and have the skills necessary to find a solution. Staff members, distributors, authorities, as well as authorities were all part of this group. Every stakeholder in the company must be taken into account while trying to find a solution to an issue. Customer service organizations and membership, for example, will need to be bolstered in ability to deal with the issues of customers. Advertising boards should have to be positioned in high-traffic locations, and attention must be given to ensure that the main shop is located inside the center of the city.
Transformation: An essential phase throughout the CATWOE Assessment is to discover the issue and then work toward a solution. IKEA's disadvantages include terrible customer service, late deliveries, high shipping costs, and no clear instructions for delivering goods. Because of these issues, the company's procedures must be restructured, for example, by increasing the number of employees, who can handle customer complaints, and afterwards analyzing the customer complaint and making an appropriate choice to ensure client satisfaction (Le et al, 2021). Even though the goods cost more, customers will not care about the shipping costs if the product itself is of high quality. Due to this reduction in transportation expenses, customers will be satisfied with lower product prices and less shipping costs. In addition to the main shop, certain sub-offices inside the key locations must be developed from which they may simply and swiftly transport their items to clients.
World: In order to prevent the long-term impacts of an issue, it is more vital to look at it from a global perspective. Designers should never overlook an issue once it has been brought to their attention, as it may have a negative impact on the reputation of a company and allow us to manage everything in a right manner.
Owner: Rather than referring to the founder of the company, "owner" in this context refers to the individual who is experiencing difficulties. Who has the authority to solve the situation, whether he can do it so.
Environmental: All issues have clear answers, but these answers can indeed be put into action because of certain environmental standards, such as a lack of time or money.. If, for example, users were to find a way to lower product delivery fees, designers could easily do so, but if the consumer lives a long way away from the shop, the firm would incur transportation costs to get the goods to them (Siegel et al, 2021). As a result, delivery fees must be charged to customers depending on their distance from a business to avoid this issue. Customers who live close to the business will be unhappy if they have to pay the same delivery fee as everyone else.
To arrive at solutions towards the issue, the last phase requires the participants to face reality. To arrive at an effective solution, one must first analyze the issue and then filter out all possible alternatives based on what is really possible.
Customers are forced to wait longer for their transactions to be authorized because of the inaccessibility of some papers, while staff are unable to work from home because of the COVID-19 restrictions. Many factors could account for this, including the fact that the Records Manager who was hired to help encourage and help the procedure only came on board throughout 2021. The fact that employees lacked proper filing structure knowledge, the fact that innovation that can save documents was inadequate, and the fact that resources were limited due to the nature of the investor deals (Sun et al, 2021). There are more and more requests from customers to PIC every day, but the number of committees accessible for approval is rather long. In addition, the organization's present system is hampered by several additional difficulties that complicate matters further. Since there aren't any "end to end" specialists, it takes a long time to sign up or get started with the system. One consultant, who also serves as the procedure’s administrator, leads the process. A lengthier wait time for customers is caused by consultants' inability to properly retain data. In addition, consultants are more interested in working with customers who have larger contracts than those who are just starting out since they want to meet their yearly goals (Bouri et al, 2021). If PIC can engage two consultants, one to bring in new leads and another to keep track of the papers presented by the clients, this would save the members of the committee time when they need to access specific information from the customer. In addition, there is indeed a lack of support workers and interns within the organization. As a result of insufficient support personnel, the approval committees are forced to spend an excessive amount of time to approve the contract. Time management is a major factor in the financial/investment business. Investing at the wrong moment may have a significant impact on returns.
Even while record keeping would not be a new phenomenon, in recent months this has been a hot topic of discussion. PIC, like many other companies, has begun to see the value of efficiently handling customer data. Because of COVID-19, there seems to be an increasing attention on how archives should indeed be kept (Carroll, 2021). That necessitated immediate changes in working arrangements and settings for organizations like PIC, as well as a push to modernize their technology. A lack of access to critical documents would mean that staff would not be able to perform their duties.
The adjustments and critical choices had to be communicated to key stakeholders. Staff as well as senior executives have to be educated on how to use the new system. Stakeholders in the Records Management division are required to be supported consistently. Implementation of a document management system has to be enforced without an assessment of preparedness. Because of the prohibition on entering the premises, most of the other hard copies were not accessible. As a result, several of the paper-based records became inaccessible to researchers. Since no centralized database for documents existed and systems were not connected, some employees couldn't even get to the electronic copies since they weren't technically educated, used poorly structured folder structures, and didn't have access to a centralized archive for records. The whole value chain was left perplexed and frustrated as a result.
This necessitates the establishment of a comprehensive records management program that extends across the company (Gajdzik et al, 2020). As a result, due to increases of storages will be reduced, data breaches will be removed, lawsuit risks will be averted, and enhanced ownership of records would be handled if effective as well as effective record keeping procedures are implemented.
The execution of the performance management system relies heavily on monitoring and evaluation.
Because of the document's life cycle, it was necessary for the Records Leadership Team and IT Section to work together in order to automate a few of the operations. New best standards necessitated an update to information administration processes and regulations.
Acknowledging that perhaps a strong recordkeeping system is required for PIC to operate efficiently. COVID-19, on the other hand, had carried the PIC's management documents with him. Despite the danger, there was a lot of room for improvement in the way records are maintained. Because of Covid-19 legislation, businesses were forced to shut their doors. Sound records management methods required to be enhanced in both their quantity as well as quality. Poor record management was discovered in several departments, resulting in a rise in the number of records that could not be accessed (Škare et al, 2021). In addition to making it easier to find the information you need, good records management techniques may also help you conserve storage space, cut down on expenses, and reduce the danger of a lawsuit.
As soon as PIC came to this understanding, it took the business choice to purchase new laptops and provide its staff with high-quality mobile devices and tablets. Records Management as well as IT built the proper records management system, which allowed electronic access to papers and records. So that all PIC data is safely kept on the Cloud, Pic must nevertheless comply with current technical criteria (Liu et al, 2020). A more efficient system for keeping track of documents means easier access to information, better compliance with laws and regulations, and more rapid decision-making for everyone involved. As of now, the PIC's archives are being held forever in a warehouse in a basement, and the PIC's future aim should be to digitize the data and make them accessible to everyone through a centralized repository. The problem is that not all workers have adapted to the new adjustment. I am still not satisfied with the information I have been able to get.
Question
How has the Covid-19 affected the system of managing the records throughout all the operations of PIC?
Answers
Events
What we call occurrences are what they see with their personal eyes and experience on a regular basis, throughout COVID-19, the PIC's inadequate record handling was uncovered. This is usually only the tip of something like the iceberg, and all these occurrences are dealt with whenever they arise.
Patterns
Over time, these might build up. Every day, for example, records are destroyed or lost due to human error (Loayza et al, 2020). Repeated patterns have emerged in which the files as well as documents are also sometimes recovered and other times they are not. Employee morale suffers as a result of constant searching for documents and data that they are unable to locate.
Systematic structure
It is possible that PIC will come up with imaginative remedies, based on the patterns as well as happenings that make the daily lives possible. In order to react to the pattern as well as occurrences that we see in our world, we need certain inventive frameworks (Kinnunen et al, 2021). Having a look at how far back the records go is a good idea.
Reference list
Journals
Heald, D. and Hodges, R., 2020. The accounting, budgeting and fiscal impact of COVID-19 on the United Kingdom. Journal of Public Budgeting, Accounting & Financial Management.
Hockett, R., 2020. An FSOC for Continuous Public Investment: The National Reconstruction and Development Council. Mich. Bus. & Entrepreneurial L. Rev., 10, p.45.
Hepburn, C., O’Callaghan, B., Stern, N., Stiglitz, J. and Zenghelis, D., 2020. Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?. Oxford Review of Economic Policy, 36(Supplement_1), pp.S359-S381.
Palma-Ruiz, J.M., Castillo-Apraiz, J. and Gómez-Martínez, R., 2020. Socially responsible investing as a competitive strategy for trading companies in times of upheaval amid COVID-19: Evidence from Spain. International Journal of Financial Studies, 8(3), p.41.
Le, D. and Phi, G., 2021. Strategic responses of the hotel sector to COVID-19: Toward a refined pandemic crisis management framework. International Journal of Hospitality Management, 94, p.102808.
Siegel, D.S. and Guerrero, M., 2021. The impact of quarantines, lockdowns, and ‘reopenings’ on the commercialization of science: micro and macro issues. Journal of Management Studies.
Bouri, E., Cepni, O., Gabauer, D. and Gupta, R., 2021. Return connectedness across asset classes around the COVID-19 outbreak. International review of financial analysis, 73, p.101646.
Gajdzik, B. and Wolniak, R., 2021. Influence of the COVID-19 crisis on steel production in Poland compared to the financial crisis of 2009 and to boom periods in the market. Resources, 10(1), p.4.
Škare, M., Soriano, D.R. and Porada-Rocho?, M., 2021. Impact of COVID-19 on the travel and tourism industry. Technological Forecasting and Social Change, 163, p.120469.
Loayza, N. and Pennings, S.M., 2020. Macroeconomic policy in the time of COVID-19: A primer for developing countries. World Bank Research and Policy Briefs, (147291).
Kinnunen, J., Georgescu, I., Hosseini, Z. and Androniceanu, A.M., 2021. Dynamic indexing and clustering of government strategies to mitigate Covid-19.
Liu, L., Wang, E.Z. and Lee, C.C., 2020. Impact of the COVID-19 pandemic on the crude oil and stock markets in the US: A time-varying analysis. Energy Research Letters, 1(1), p.13154.
Assessment, O.I.E., 2020. Coronavirus: The world economy at risk. Organisation for Economic Co-operation and Development. France: Assessment OI.
Carroll, A.B., 2021. Corporate social responsibility (CSR) and the COVID-19 pandemic: Organizational and managerial implications. Journal of Strategy and Management.
Sun, Y., Wu, M., Zeng, X. and Peng, Z., 2021. The impact of COVID-19 on the Chinese stock market: Sentimental or substantial?. Finance Research Letters, 38, p.101838.
Perspective of an employee
They understand the importance of having a reliable records management program in place so that they may retrieve their digitized information and evidence from home.
Perspective of the senior managers
The outcomes of COVID-19 have pushed the topic of records management to the forefront of the discussion. Since staff were working from their homes, a new kind of technology and online devices were required to enter important information, top management explained.
Perspective of the clients of the PIC
Because of whatever cause, PIC should also have access to the most recent technology to guarantee that they can readily access their data. Third parties may ask for information under the Advancement of Right to Information Act, as well as PIC should really be able to locate these documents with ease.
The purpose is to enhance the policies and record management of PIC after the Covid-19 era.
The PIC owns more than ten percent of the Johannesburg Stock Exchange and has a significant impact on almost every aspect of South African industry via its registered assets. Investing in the rest of Africa and the rest of the world is a component of the company's stated objective. As part of its social mission, the PIC invests in financial programs that help the advancement of the underprivileged community.
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