Impact of Information Technology on business operations of Barclays plc

This report discusses the impact of Information Technology on business operations of Barclays plc. It covers the importance of ethical and social issues, different types of computer networks, and the impact of Artificial Intelligence on enhancing business operations.

Impact of Information Technology
on business operations of a
Barclays plc
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Abstract
Artificial intelligence is one of the major aspect of businesses in today's world. It is
important for the companies to make sure that they are implementing right artificial
intelligence technology in the right segment of their company. In this report, how Artificial
intelligence can impact the workings of businesses are given. Also the importance of social
and ethical issues are given. How social and ethical issues can impact the workings of the
business and the reputation of the company is given in this report. In this report different
types of networks that a company can use is given along with the suitability of the network
on the company according to the usage and the size of the company is given. In this report
the impact of artificial intelligence in enhancing the workings of the company is given. Along
with this an analysis and discussion is given in the end of the report.
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Table of Contents
Abstract ...........................................................................................................................................................3
INTRODUCTION................................................................................................................................................4
Literature review .............................................................................................................................................4
Impact of IT in helping businesses to enhance their operations..............................................................4
Importance of considering ethical and social issues, which are increasingly becoming significant in
the virtual world. Identify and discuss at least three issues to run businesses efficiently.......................5
Discuss different types of computer networks with their impact on businesses.....................................6
Impact of Artificial Intelligence (AI) in enhancing their businesses..........................................................7
Analysis and discussion ....................................................................................................................................9
CONCLUSION..................................................................................................................................................10
REFERENCES...................................................................................................................................................11
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1.Introduction
Information technology is defined as the use of computers, storage, physical devices,
processes as well as networks for the purpose of creating, storing, processing and
exchanging data is electronic form. Informational technology is used in business operations
and it encompasses the use of both computer technology and telecommunication
(Coeckelbergh, M., 2019.). There are specific information technology department is being
formulated by the organisation that ensures organisational system, networks, applications
and data to perform all functions in well defined manner with efficiency. The main purpose
of maintaining informational technology in business is creating effective communication
network within organisation, protect organisational data from any threat, help employees to
solve problems and creating and administrating database with the help of mobile devices or
computers in order to ensuring organisational efficiency and security of business
information.
In this report the chosen organisation is Barclays plc which is multinational universal
bank founded in 17 November McDonald’r, 1690 and headquarter situated in London,
England, UK. It provides financial products through retail banking, private banking and
commercial banking. The organisation is listed in London Stock Exchange as well as
constituent of FTSE 100 Index. The report covers impacts of informational technology and
importance of ethical and social issues that are important in virtual world. Furthermore,
different type of computer networks and artificial intelligence are mentioned in this report
that impacts business functions.
2. Literature Review
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2.1 Information Technology and its impact in service sector businesses in
general
Impact of IT in helping businesses to enhance their operations
According to view point of Steven Scheck, 2021, informational technology is related
to business operations in which organisation uses computers and other technologies for
performing business operations. In current business environment various technologies are
used by the organisations such as artificial intelligence, biometric system, cybersecurity,
networking, software, data and informatics that facilitates to work in well-defined manner.
As information technology is raising at fast rate that bring various innovations in business.
Digitalisation of information enhances the requirement of implementing various digital tools
and techniques in business for the purpose of improving business operations. Informational
technology plays important role in organisational success. Barclays plc organisation adopts
various tools and techniques that help business to attain the objective of growth and
development and conducting operations in more efficient manner. Respective organisation
analysis whole business data and formulates business plans.
2.2 Ethics and Social Issues of using technology in general
Importance of considering ethical and social issues, which are increasingly
becoming significant in the virtual world. Identify and discuss at least three
issues to run businesses efficiently
According to Julia Bossmann, 2016, It is important for the companies to make sure
that they are working according to the ethics and social responsibilities. It is extremely
beneficial for the company to make sure that they are not violating any rules or regulations
of the society. If the company is not working according to the ethics and morals of the
society then the it is a possible threat that the company may ruin its reputation. Ethics and
morals in a workplace is an utmost important factor that should be taken into consideration
as it will help the company in enhancing the brand image and will also help the company in
attracting customers as consumers like to deal with the companies that have strong values
and ethics.
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2.3 Networking Technology, different types in general
Discuss different types of computer networks with their impact on businesses
According to Jess Roberts 2019, their are different types of computer network which
can help the company in its operations and make sure that the company is taking full
advantage of the technology that is prevailing in the market or the technology that the
business actually posses. The computer networks helps the company in delivering
information to their client, suppliers, employees, etc. it is important for the company to
make sure that they are using correct network as the supply chain of the company as well as
management of the company depends up on these networks. The company must choose
computer networks according to the requirements off the company and not on the basis of
just random choices. The design must be chosen keeping in mind the size, industry and
workings of the company.
2.4 The Artificial Intelligence and its importance in general
Impact of Artificial Intelligence (AI) in enhancing their businesses
As per the information provided in the blog published at pixe
lplex, 2020, artificial intelligence has become one of the popular and notable buzzword in
businesses. It can take instructions, give instructions, handle difficult situations or
problematic situation based on technology, etc. artificial intelligence helps the company in
becoming more efficient and will also make sure that the daily routine tasks of the company
are at ease. It is important for the company to make sure that they are saving time and cost
both with the help of artificial intelligence. Some of the examples of artificial intelligence
that the people are using in their daily lives are Alexa, Google's predictive search, Siri, etc. It
is important for the company to understand that the artificial intelligence can provide better
customer satisfaction also it will help the company in getting competitors advantage in the
market.
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3. Analysis and Discussion
Barclay has implemented artificial intelligence within its transactional banking. It is
important for the company to make sure that they are using artificial intelligence in the
form of Chatbots so that simple queries can be resolved with the help of robots and
technology. Artificial intelligence helps the company in carrying out basic tasks and will also
help the company in creating and cancelling standing order which is a big headache for the
company.
The most important step that the company has taken in context to artificial intelligence is
the improvement in customer services. It is important for the company to make sure that
the company is providing satisfaction to the customers in context to the services that the
company is providing to its customers.
The company has also changed its culture and business model in order to implement
artificial intelligence in the workings of the company. It is important for the company to
make sure that they are providing a suitable environment of working to the artificial
intelligence so that the company can get most benefits out of the workings of artificial
intelligence.
3.1 Impact of Information Technology in the selected business
In case of Barclays, Proper implementation of information technology facilitates
organisation to analysis data properly and gaining the objective of higher profitability
(Smolnik and et. al., 2020.). IT bring automation in business process of Barclays plc that
enhances business efficiency as well as increase workflow of organisation. As respective
organisation apply various automatic machines and other tools that facilitates organisation
to reduce overall cost of operations and saves time of conducting business operations that
can be utilised to perform other important work that speeds business process effectively.
3.2 Ethics and social issues in selected business
In context to Barclays, the company have to face some issues as the company is in
banking sector and have to deal with the finances of the people. It is important for the
company to make sure that they are maintaining secrecy and privacy of the customers and
will also have to make sure that the company is not violating any rules and regulations
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related to ethics. The three issues that the business may have to face in order to run the
business efficiently are:
Racist Robots: It is important for the companies to understand that robots are made
by humans an the humans can involve their own perception in the workings and system of
robots. It is important for the company to make sure that they are not racist in any case as it
will not be good for the employees as well as for the management of the company (Rogers,
E.M., 2019.). Racist comments by someone can break the confidence level of other person
and can also demotivate them which is the reason why it is important for the company to
make sure that the company is not having artificial intelligence system which is racist in any
form or can make racist comments. The best example of this factor is that when the google
image reader makes mistake in reading and finding similar images or when the system
target black people when someone try to find criminals or the system try to connect the
image of criminals with black people.
Security issues: It is important for the company to make sure that the company is
having full security in regards to the information that the company is having. This security is
needed to be provided to the information as it may be an information which si of great use.
As the company deals with the funds of the customers it is important fir the company t
make sure that all the information of the company is in appropriate security and all the
information is that is provided by the customers to the company regarding their funds are in
a safe place. Cybersecurity is a major issue nowadays and it is important for the companies
to make sure that they have appropriate security.
Privacy issues: It is important for the company to make sure that the personal
information that the customers are providing to the company is safe and secure (Scholl, M.,
2021.). Customers nowadays wants personalized experience from the company and in order
to0 provide personalised experience to the customers it is important for the company to
take personal information of the users. It is important for the company to make sure that
the information provided by the costumers are safe and secure in the systems of the
company otherwise it can severely damage the reputation of the company and will also
break the trust of the costumers.
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3.3 Types of Networking Technologies that used in the selected business
In context to Barclays, it is important for the company to choose their network carefully as it
is a major decision that the company have to take. The company is in banking sector and it is
important for the company to make sure that they have proper security in their network
and that they are using as they have most of the private information about the customers
and the clients. The company also deal with the funds that the customers deposit in the
bank which means that the banks must make sure that they are protecting the funds of the
customers completely. Their are five types of networks that the company have to choose
from which are given below:
Local area network: It is one of the most simple and popular network designs made
specially for business which wants to connect low-voltage group of devices at a smaller
distance. It is generally used when the company wants to connect the smartphones (Terrell,
G.E. and Julian, D., 2020.). It has the ability to share resources such as printers, applications
and games and will be able to manage workings of small organisations. It is not a high
security network which means that the company who uses this network needs to utilize
effective firewalls in order to protect their information.
Wide area network: It is beneficial for those companies who wants to connect
devices at a wide geographical area. It is important for the company to understand that the
company can connect devices which are far away. This type of network is generally owned
by public or administered departments as it is slightly high in cost as compared to other
networks. It helps the companies and its branches at different locations to connect without
spending much cost on different LAN networks. It is also a safe form of network which is
used by a single company only for its operations and workings. It can be a good network for
companies like banks as it has a high level of security.
Wireless local area network: It helps in improving wireless devices network within a
geographical area. This type of network uses radio signals instead of cables in order to
connect the devices of an organisation (Wei, C.L. and Ho, C.T., 2019.). It is important for the
company as it provide network to people who are working outside the premises of the
company and will be able to provide access to the internet connection. This can be
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beneficial for banks as it will provide safe network to the employee even when they are
working outside the premises of the banks specially on leads.
Metropolitan area network: this network cover larger area as compared to Wide
local area network. The geographical location which is covered by this network is wide and
can be used by companies that are having big offices. This network is best suited for
universities where the campus covers a large geographical area and the students will be
able to enjoy high quality network in all the places of university campus. The maintenance
of this network can be done by a single person the cost is also affordable.
Storage area network: This is a high sped network which connects to various devices
at a time. It helps the company in moving their storage resources from their network into a
high speed network devices which can help the company in sharing storage device pools to
multiple servers. It is important for the companies to make sure that the company is
enjoying a high speed network also with the access to the storage of the company's
resources.
3.4 The importance of Artificial Intelligence in the selected business
The reasons why company should use artificial intelligence are given below:
Access to information: Artificial intelligence helps the company in having access to a
wider information. It is important for the company to make sure that the company is
utilizing the information in making the company more effective and is trying to improve the
workings of the company (Schement, J.R., 2018.). Artificial intelligence makes sure that the
company is having right set of information as and when needed. It will help the company in
having timely. It increases the efficiency in the workings of the company. It is important for
the company to make sure that they are working up to their optimum capacity so that they
can work beyond expectations. Increase in efficiency not only helps the company in
increasing efficiency but will also help the company in decreasing cost of the company and
their will be lesser chances of mistake. It increases the efficiency in the workings of the
company. It is important for the company to make sure that they are working up to their
optimum capacity so that they can work beyond expectations. Increase in efficiency not only
helps the company in increasing efficiency but will also help the company in decreasing cost
of the company and their will be lesser chances of mistakes. Increment in the efficiency of
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the company helps the company in managing the organisation perfectly. It is important for
the company to make sure that they are working towards increasing their efficiency so that
they can achieve their goals and objectives more appropriately. Increment in the efficiency
of the company helps the company in managing the organisation perfectly. It is important
for the company to make sure that they are working towards increasing their efficiency so
that they can achieve their goals and objectives more appropriately. Information which
avoid delays in the workings of the company and helps the company in achieving the goals
related to the tasks on time. The timely information will help the company in having an
advantage in the market.
Increases efficiency: It increases the efficiency in the workings of the company. It is
important for the company to make sure that they are working up to their optimum
capacity so that they can work beyond expectations. Increase in efficiency not only helps the
company in increasing efficiency but will also help the company in decreasing cost of the
company and their will be lesser chances of mistakes. Increment in the efficiency of the
company helps the company in managing the organisation perfectly. It is important for the
company to make sure that they are working towards increasing their efficiency so that they
can achieve their goals and objectives more appropriately.
Competitive advantage: It is one of the major advantage that a company can get in
order to increase their market share in the industry. It is important for the company to make
sure that they are working better and serving better to their customers with the help of
artificial intelligence. It will help the company in increasing their market share and will also
help them in making sure that they are working according to the needs and demands of the
market so that they can increase the customer base of the company and can become more
profitable. It is important for the company to make sure that they are working better than
their competitors.
Improves customer satisfaction: It is important for the company to make sure that
the services or the products that the company is offering is according to the needs and
wants of the customers. With the help of artificial intelligence the company will be able to
provide best in class products and services to the customers which is beneficial for both
company and customers (Tzortzopoulos and et. al., 2020.). It will also help the company in
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creating a loyal customer base and will also make sure that the company is in a profitable
situation. Everything that a company do depends on the factor of customer satisfaction. If
the company is providing better services then they will be able to have competitors
advantage in the market.
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4. Conclusions
From the above report it is concluded that using information technology in the workings of the
company can improve the management of a company on immense level. It is important for the
company to make sure that they are choosing the right network for the workings of the company as
it will help the company in becoming more effective and efficient. It is important for the company to
use artificial intelligence in their workings as it will help the company in enhancing their workings
and will also create a workplace where technology is the key factor. With technology the mistake
factor also decreases in the workings of the company.
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5.References
Coeckelbergh, M., 2019. Introduction to philosophy of technology.
Rogers, E.M., 2019. Introduction: The emergence of information societies. In Mediation,
Information, and Communication (pp. 185-192). Routledge.
Schement, J.R., 2018. Tendencies and tensions of the information age: Production and distribution
of information in the United States. Routledge.
Scholl, M., 2021. Introduction to Cybersecurity for Commercial Satellite Operations (No. NIST
Internal or Interagency Report (NISTIR) 8270 (Draft)). National Institute of Standards and
Technology.
Smolnik and et. al., 2020. Introduction to the Minitrack on Design and Appropriation of Knowledge
and AI Systems.
Terrell, G.E. and Julian, D., 2020. Introduction to Value-Based Reimbursement: How to Get
Started. The Journal of Medical Practice Management: MPM, 36(2), pp.64-67.
Tzortzopoulos and et. al., 2020. General Introduction: Lean Construction: Core Concepts and New
Frontiers. Lean Construction: Core Concepts and New Frontiers, pp.xxvii-xxxii.
Wei, C.L. and Ho, C.T., 2019. Exploring signaling roles of service providers' reputation and
competence in influencing perceptions of service quality and outsourcing
intentions. Journal of Organizational and End User Computing (JOEUC), 31(1), pp.86-109.
Online
8 Major Impacts of Information Technology on Businesses, 2021. [online. Available through
<https://tweakyourbiz.com/technology/8-major-impacts-of-information-technology-on-businesses>.
Top 9 ethical issues in artificial intelligence, 2021 [online]. Available through
<https://www.weforum.org/agenda/2016/10/top-10-ethical-issues-in-artificial-intelligence/>
Types of Computer Network Designs for Businesses, 2019 [online]. Available through
<https://www.actionforrenewables.org/types-of-computer-network-designs-for-businesses/>
Taking advantage of artificial intelligence in business to improve efficiency, 2020 [online]. Available
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