| Factoring software can be defined as an interacting, | | | | basic step. When clarity is lacking with regard to |
| continuing, future-oriented structure of equipment | | | | information needs, the software as a whole gets |
| and procedure, designed to generate and process | | | | misdirected and handicapped. Good software |
| information flow that can aid business executives in | | | | recognizes that different executive levels in the |
| the management of their programs. | | | | company require different types/ segments of |
| Factoring software involves broader and more | | | | information and it ensures that information needs of |
| inclusive activity then, say, research. It includes | | | | various executive positions in the company are |
| determining and specifying the data needed, the | | | | defined by the concerned executive themselves. |
| generation of this information by means of research | | | | Good software should fulfill the following |
| then the processing of this data. While this is a | | | | requirements. It must be unified. It must be |
| system concept, research usually deals with | | | | conceived and used as a decision support system. It |
| fragmented, unrelated research projects, done to | | | | must be compatible with the company and with the |
| solve an existing problem identified by some | | | | overall level of sophistication of the firm. It must be |
| executive. | | | | user oriented and it must secure the involvement of |
| Software is used on a continuing basis, serving as | | | | users. It must also involve and motivate the suppliers |
| both a prognosis and a diagnosis. It is preventive as | | | | of the information. It must be economical. The cost |
| well as curative medicine for factoring companies. | | | | value ratio of the information processed by the |
| Defining the information needs is the most important | | | | software should be favorable to the firm. It must be |
| step in the development of factoring software. The | | | | capable of absorbing smoothly any changes that may |
| efficacy of the system as a whole depends on this | | | | become necessary in the system. |