POSIT
Encyclopedia
POSIT is an acronym of Process Optimization, Standardization and Innovation Technique, a standard to measure global business processes that are maintained in multiple business applications and serviced by various outsourcing companies.
Internationally, POSIT is assessed, managed and monitored by ICIM, a Chicago
-based decision science company.
. It attempts to match buy and sell orders between larger traders. POSIT is a type of crossing system, where a broker acts as agent on both the buy side and sell side of a given transaction. If the broker has a buy order and an equivalent sell order, he/she can "cross" the orders. This is a common situation in the case of large orders.
o Innovation demands commitment for time, efforts and capital.
o Efforts for innovation require an outline about the goals which must be communicated from top to bottom in the organization.
o It is very important to know any prior research and development in the same or similar field with respect to the current market situation.
o Identify the stake holders for an innovation, their preferred way of working and align the resources accordingly.
o All the departments’ with-in the organization must be explored in order to utilize their expertise for innovation and everyone should make an effort to contribute for innovation.
o If required, the organizations must hire new and different people to bridge the gap of capabilities required for innovation.
o An organization must gauge the level of support its senior manager is getting while leading the efforts along with his personal commitment and credibility.
o Clearly define the parameters over which the success will be quantified.
o Establish the realistic time frame for implementation which is mutually accepted by the team.
o Identify and use the correct tools and processes required to lead the innovation.
There isn’t an organization on the planet which could not prosper from an innovation. When overwhelmed by problems and challenges, all organizations seek innovative solutions. Our challenge is to unlock that ability to create in our waking hours. To channel our midnight dreams into the daylight where they can do us greater benefit.
Creativity is doing something which hasn’t been done before. This definition suggests part of the obstacle which creativity is facing. Doing something new requires courage and ability to think out of box. We should always recognize and encourage feedbacks for continuous improvements. Even incremental improvements may result into an innovation.
Internationally, POSIT is assessed, managed and monitored by ICIM, a Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
-based decision science company.
How POSIT standardization works
As all standards, this is also an assessment. However, the difference is that it measures companies on three aspects:- Process activity and flow standards
- Process performance standards
- Process management standards.
How is it different from other standards like CMM or Six Sigma?
POSIT is not just an assessment and labeling a company at a certain level. It works on simple traditional business and technology principles. There are three principles- It is objective driven: It determines where the company wants to be - the strategic intent, and defines the level accordingly and provides the trajectory to reach that particular level. Therefore, if a particular process can only be reached at level 8 (at its optimum point) there is no economic sense to reach at 10 with 99.999% precision or significance level. Thereby it add values to the bottom-line.
- It is a management: It takes 4M - Money, Market, Material and Manpower - into consideration. The POSIT assessment is to help companies understand, through Modeling, Simulation, and Process Management System that connects various internal applications and/or external services through web services for business purposes that linking pieces of processes does not yield the necessary process controls. Business rules trapped in automated processes with no ability to arbitrate or adjust them dynamically are inadequate and limiting. There is an extreme need to bring business processes and their associated rules upfront - one that rises above existing applications and technology boundaries and lives in the extended enterprise - with real-time participation, reaction and management.
- It is a monitoring service: It is a journey of continuous improvement. POSIT is the practice for understanding of competitive advantages, visibility and continuous improvement of all the processes that drive the business performance and values.
POSIT Trading System
POSIT is also an acronym for Portfolio System for Institutional Trading, an electronic trading system serving institutional traders. It is run by the Investment Technology GroupInvestment Technology Group
Investment Technology Group, Inc. is a United States-based multinational agency brokerage and financial markets technology firm aimed at a hedge fund and asset management clientele. One of the first suppliers of electronic trading services, ITG launched the industry’s second anonymous electronic...
. It attempts to match buy and sell orders between larger traders. POSIT is a type of crossing system, where a broker acts as agent on both the buy side and sell side of a given transaction. If the broker has a buy order and an equivalent sell order, he/she can "cross" the orders. This is a common situation in the case of large orders.
Techniques of Innovation
To remain competitive, organizations require innovations but, in a busy and changing market even starting or planning an innovation is difficult and challenging. It demands a lot of intellectual energy, time, efforts and resources.o Innovation demands commitment for time, efforts and capital.
o Efforts for innovation require an outline about the goals which must be communicated from top to bottom in the organization.
o It is very important to know any prior research and development in the same or similar field with respect to the current market situation.
o Identify the stake holders for an innovation, their preferred way of working and align the resources accordingly.
o All the departments’ with-in the organization must be explored in order to utilize their expertise for innovation and everyone should make an effort to contribute for innovation.
o If required, the organizations must hire new and different people to bridge the gap of capabilities required for innovation.
o An organization must gauge the level of support its senior manager is getting while leading the efforts along with his personal commitment and credibility.
o Clearly define the parameters over which the success will be quantified.
o Establish the realistic time frame for implementation which is mutually accepted by the team.
o Identify and use the correct tools and processes required to lead the innovation.
There isn’t an organization on the planet which could not prosper from an innovation. When overwhelmed by problems and challenges, all organizations seek innovative solutions. Our challenge is to unlock that ability to create in our waking hours. To channel our midnight dreams into the daylight where they can do us greater benefit.
Creativity is doing something which hasn’t been done before. This definition suggests part of the obstacle which creativity is facing. Doing something new requires courage and ability to think out of box. We should always recognize and encourage feedbacks for continuous improvements. Even incremental improvements may result into an innovation.