posit

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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.

How POSIT standardization works

As all standards, this is also an assessment. However, the difference is that it measures companies on three aspects:

1. Process activity and flow standards
2. Process performance standards
3. 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 Group. 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.

References

• POSIT
• Investment Technology Group