ACC 508 Informatics and Financial Applications

This report discusses the impact of information technology on businesses, with a focus on social media and data analysis. It also examines the role of financial applications in business success. The report uses AuMake International Limited as a case study.

ACC 508 Informatics and Financial Applications
ACC508
Informatics and Financial
Applications
Assignment 1
1 | a g eP
nformatics andI
inancialF
Applications
ntroductionI Social Media
and usinessB
Data And
usinessB Conclusion

ACC 508 Informatics and Financial Applications
ecutive SummaryEx :
Now a day, Information Technology is playing a vital role in the industry. This became
possible due to use of technology at an extreme level by the human beings. Every
organization is looking for its success by providing better service to its customers and
increasing its share in the market etc. As per study, it was reported that the organization,
which had opted the technology with the latest updates, has got the lead in the competitive
business environment and became financially compatible. The waves of the technology are
moving around the business environment in terms of cloud computing, digital marketing,
smart decision-making tools etc. In the modern era, every organization needs to take the right
decision at the right time so that it can provide the service effectively and efficiently. The
technology provides the various tools like Google Analytics, Big Data etc. which can extract
the relevant information for the purpose of better decision making.
In addition to that, the Finance Applications are also critical to the success of any business.
As it processes the financial data and decisions are taken by the management are based on
such data. Financial applications may be accounting software, payroll software, production
software, inventory management software etc. These all applications are used for the efficient
management of the business process as well as to comply with the statutory requirements.
2 | a g eP

ACC 508 Informatics and Financial Applications
Table of Contents
ntroductionI :............................................................................................................................................5
Social Media and usinessB :....................................................................................................................5
Data and usinessB :................................................................................................................................8
Conclusion:............................................................................................................................................9
References:..........................................................................................................................................11
Appendi Ax :.........................................................................................................................................14
3 | a g eP

ACC 508 Informatics and Financial Applications
Table of Figures
lobal Digital ReportG 2018 1..................................................................................................................7
4 | a g eP

ACC 508 Informatics and Financial Applications
Introduction:
In this report, we will discuss how the business would get affected by the Information
Technology. In the recent years, there were drastic changes which have affected the human
lives and organizations as well. Social media become more popular in various aspects like
digital marketing, customer trends, service at remote locations etc. (Scheck, 2016).
Data Analysis is another concept which is critical to the business growth. Various decision-
making tools are available in the market which is being used by the various organizations.
Also, it becomes compulsory for the organization to opt the technological advancements to
sustain their business in persisting cut-throat competition. Now many organizations have
understood that without the use of technology, they cannot achieve the growth which may
either in the monetary or non-monetary forms (Afzal, 2015).
For the discussion purpose, we picked an Australian based company “AuMake International
Limited”. The company is a retail company engaged in the business of connecting Australian
suppliers with Chinese customers through its e-commerce platform and its retail stores in
Australia.
Social Media and Business:
The one aspect of the technology is Social Media. In the earlier years, we have noticed the
boom in the social media. Every day peoples are joining the social network increasingly.
With such speed, we can expect the growth of the social media in upcoming years. Such an
increase in the use of social media is the positive indicator to the business entrepreneurs who
are seeking the growth (Business Queensland, no date).
5 | a g eP

ACC 508 Informatics and Financial Applications
Social Media may be used in modern business in the following manners:
 Advertisement on social platform: As we realized that advertisement at social
platform seems to be very attractive and catch our attention. It is being most
commonly used because no more resources are required which are required in the
conventional approach like human resources, transportation etc are not so required in
comparison to the traditional approach (Smith, 2017).
 Cost Reduction: In traditional approach medium of the advertisement was mostly TV,
print media etc. but the cost of advertisement is come to high in comparison to social
advertising. Advertising through such technology is economical to every business
entity.
 Customer Awareness: With the use of information technology a business keep its
customers update with its new product, up gradation in their business, rivals existing
in the market etc. It would create the loyalty among the customers not only at the
particular location but at the remote location. (Queensland, 2018).
Problem: A company “AuMake International Limited” has its online e-commerce stores, in
addition, to retails stores located in Australia. In this case, we assume that the company has
not an e-commerce platform as well as does not use the social media like Facebook, Twitter
etc. What is the impact of thereof?
Impact: In this case, tourist would not come to know about the existence of the company in
the country in which they are visiting. Also, it has no account on social media it would not be
getting benefitted with potential customers from remote locations. It will ultimately impact
the financial performance of the company as well as the growth of the company.
6 | a g eP

ACC 508 Informatics and Financial Applications
Real Facts of the company:
As the company was adaptive to changes so it has its online platform for the sale of its
products. Every organization knows very well without technology its publicity will be
restricted to a particular location and growth will ultimately depend thereon.
As far as social media concerns, we notice that the company has its account on Twitter,
Instagram, Linkedin and YouTube. As such, it is much clear that it is adopting the social
media platform to get the benefit thereof. Through such a platform the company may
advertise as well as get the customer feedback to improve its quality of products or services
(AuMake International Limited).
Some of the key takeaways from their Global Digital Report 2018 include:
Global Digital Report 2018_go to
Table of Figures
Global Digital Report 2018 1
 The number of internet users worldwide in 2018 is 4.021 billion, up 7 percent year-on-
year
 The number of social media users worldwide in 2018 is 3.196 billion, up 13 percent year-
on-year
7 | a g eP

ACC 508 Informatics and Financial Applications
 The number of mobile phone users in 2018 is 5.135 billion, up 4 percent year-on-year
8 | a g eP

ACC 508 Informatics and Financial Applications
Data and Business:
In the dynamic environment, every organization has required a data. Alternatively, data can
be said as information. Data may be financial and non-financial. Financial data may be like
revenue, market share etc and non-financial data may be like customer’s trends, product
quality etc. Generally, data is used for the purpose of analysis so that an appropriate decision
can be taken. There are various decision-making tools available in the market (like Decision
Support System, Management Information System etc.) which works on the concerned data
and proceed to decision making (Larsen, 2017).
Data may help the organization in the following manners:
 Improvement in performance: With the help of data, the organization may know
its ongoing performance and it may take necessary actions to improve the
performance of the company by monitoring any weakness in the existing one
(Sirianni, No date).
 Marketing Research: To know about the customer and market, data become a
critical factor. Data is the tool by which it can be understood that which
customers are satisfied or not, which product is being demanded and in which
season etc. (MacDonald, no date), (WordStream, no date).
 Easy to access: Where an organization is of such type where customers are
required to access the information or data of the company, i.e. in the e-commerce
platform customer access the data of the company, it is required to the
organization that data can be easily accessible to customers. The new technology
in the data storage is termed as “Cloud Computing”. Where data is stored in the
9 | a g eP

ACC 508 Informatics and Financial Applications
cloud but the biggest advantage is that it can be easily accessed from the remote
location at any time (MacKechnie, 2018).
We are providing a graph which expresses the relationship between data and business:
Cosmetics Dairy roductsP eather roductsL P aby oodB F
0
10
20
30
40
50
60
50
10
45
35
Sales
Sales
Products
Million $
We take an example of the company AuMake International Limited. It deals with the
products like cosmetics and dairy products etc. The graph shows the sales data for each
product. The data will help the management to discontinue the dairy product or not.
Conclusion:
Information Technology has become an essential part of the business. Now a day, an
organization not only requires investing in its accounting or other related activities but also it
requires investing in the information technology. (Faris, 2018) From the organization’s
perspective, Information Technology includes the use of social media, data analysis, cloud
10 | a g eP

ACC 508 Informatics and Financial Applications
computing etc. If an organization is following these tools then it can compete easily in the
market and ensures its growth. (iNurture, no date)
As we discussed, the company AuMake International Limited, it is very clear that the
company is adaptive to changes as it has an e-commerce platform in addition to retail stores.
Such e-commerce platform would attract the people who then be converted into the customer
without any direct communication with the customer. On the other side, it has an account
with Twitter, Linkedin and Instagram. It makes clear the intention of the company to grow
with the help of information technology. (AuMake, no date)
As such in the competitive environment every organization need to compatible with the use
of Information Technology.
11 | a g eP

ACC 508 Informatics and Financial Applications
References:
Smith, K. (2017) The Importance of Social Media in Business [Online].
Available from: https://www.lyfemarketing.com/blog/importance-social-media-
business/ [Assessed 14 August 2018].
Afzal, A. (2015) The Role of Information Technology in Business Success
[Online] Available from: https://www.linkedin.com/pulse/role-information-
technology-business-success-abid-afzal-butt [Assessed 14 August 2018].
Larsen, A. (2017) Why is Data Important for Your Business [Online] Available
from: https://www.grow.com/blog/data-important-business/ [Assessed 14 August
2018].
AuMake International Limited (no date) Company Overview [Online] Available
from: https://aumake.com.au/ [Assessed 14 August 2018].
Scheck, S. (2016) 8 Major Impacts of Information Technology on Businesses
[Online] Available from: https://tweakyourbiz.com/technology/2016/08/30/8-
major-impacts-of-information-technology-on-businesses [Assessed 14 August
2018]
Faris, S. (2018) The impact of Technology on a Business Environment [Online]
Available from https://bizfluent.com/info-7950023-impact-technology-business-
environment.html [Assessed 14 August 2018]
12 | a g eP

ACC 508 Informatics and Financial Applications
iNurture (no date) Technological Environment – How it Impacts Business?
[Online] Available from: http://www.inurture.co.in/technological-environment-
how-it-impacts-business/ [Assessed 14 August 2018]
WordStream (no date) Social Media Marketing for Businesses [Online] Available
from: https://www.wordstream.com/social-media-marketing [Assessed 14 August
2018]
Department of Industry, Innovation and Science (2018) Benefit of Social Media
for Businesses [Online] Available from:
https://www.business.gov.au/marketing/social-media/benefits-of-social-media
[Assessed 14 August 2018]
Business Victoria (no date) Use Social Media for Business [Online] Available
from: http://www.business.vic.gov.au/marketing-and-sales/eCommerce-and-
digital-technology/social-media-for-business/using-social-media-to-boost-
business [Assessed 14 August 2018]
MacDonald, L. (no date) The Role of Data in Business [Online] Available from:
https://smallbusiness.chron.com/role-data-business-20405.html [Assessed 14
August 2018]
Sirianni, A. (no date) The Importance of Data [Online] Available from:
https://www.dcodegroup.com/blog/the-importance-of-data-and-information-in-
business [Assessed 14 August 2018]
13 | a g eP

ACC 508 Informatics and Financial Applications
Rouse, M. (no date) Financial Application [Online] Available from:
https://searcherp.techtarget.com/definition/financial-application [Assessed 14
August 2018]
Cichetti, J. (2017) Role of Information Technology in Business [Online] Available
from: https://bizfluent.com/facts-5977213-role-information-technology-
business.html [Assessed 14 August 2018]
MacKechnie, C. (2018) Information Technology and Its Role in Modern
Organization [Online] Available from:
https://smallbusiness.chron.com/information-technology-its-role-modern-
organization-1800.html [Assessed 14 August 2018]
Queensland, B. (no date) Using Social Media to Market Your Business [Online]
Available from: https://www.business.qld.gov.au/running-business/marketing-
sales/marketing-promotion/online-marketing/social-media [Assessed 14 August
2018]
14 | a g eP

ACC 508 Informatics and Financial Applications
Appendix A:
15 | a g eP

ACC 508 Informatics and Financial Applications
16 | a g eP

ACC 508 Informatics and Financial Applications
17 | a g eP

ACC 508 Informatics and Financial Applications
18 | a g eP

ACC 508 Informatics and Financial Applications
19 | a g eP

ACC 508 Informatics and Financial Applications
20 | a g eP