Impact of digital disruption on business
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Added on 2021-04-21
Impact of digital disruption on business
Added on 2021-04-21
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Business 1BUSINESS: A REPORT ON IMPACT OF DIGITAL DISRUPTIONS ON BUSINESSNameCourseTutorUniversityCity/StateDate
Business 2Executive SummaryTechnology has dramatically impacted the way many organizations run their businesses indelivering their services to their customers. The growth of technology has been however rapid inthe modern corporate world with great innovations having their way into the market andchanging many business models. The response or the adoptions of this technology in businesseshas not been rapid compared to its growth. The adoption of new technologies in companies andorganizations is always dependent on some factors. However, the big question many businessowners have would be on how this technology would fit in their business models and bring abouta positive impact on their general business performance. Not every technology can meet everyneed of a business which implies that a company can only adopt the specific technology.However, we cannot be blind to the fact that technology has brought significant transformationto businesses. The impact of technology has affected not only the large corporate companies butalso the small businesses. The effect, however, should be understood that it can be detrimental oreven positive. Based on the impact they create on the industry some technology may be laborintensive while others may be capital intensive. The rapid growth in technological advancementsand innovations has therefore brought about great digital disruptions in the corporate world.Background to Digital DisruptionsDigital disruptions in the corporate world define the changes that occur and affect the valueproposition of existing services caused by new digital technologies and business models (Bughin2017). Deloitte (2012) identifies digital disorders as the transformation brought about by howcompanies and corporate businesses adapt to the disruptive technologies which affect businessengagement with their customers (Karimi & Walter 2015, p, 42). The most challenge that has
Business 3faced many organizations is the need to update their existing technology, strategies as well astheir supporting methodologies to adapt to the new technological changes. The primary focus ofdigital transformations has been on how businesses can create more value to their customer’sthought their life cycles (Gilbert 2015, p 166). This report, therefore, will help us understand theimpact of digital disruptions in the banking industry by analyzing how the industry offered theirservices before and after digital disruptions to their customers. We will be able to establishwhether it has created any value to the customers or even changed the business model of theorganizations. We focus on the impact of Digital disruptions to the Citibank Financial institution.Citi Bank Work-Centered Analysis FrameworkCitibank group is a multinational financial services group with its headquarters in New York.The bank was founded back in the year 1812 as the city bank of New York and providesfinancial services to its customers such as offering credit cards, provision of mortgage,commercial and personal loans as well as other lines of credit (Huerta et al. 2015, p. 194). Thebank has over 2649 branches in 19 countries with most subsidiaries in the United States andMexico City. It is recognized as one of the early financial institutions to experience digitaldisruptions and adoption of new technology in enhancing customer value creation in their serviceprovision.Work centered analysis framework provides an opportunity through which most businessprocesses and systems can be analyzed (Ghose et al. 2016, p. 2). The structure, therefore,outlines or provides a designed business system showing how human participants with the use ofinformation and technology perform business processes. The figure below shows businessprocesses under the work centered analysis framework.
Business 4The significant elements of work centered analysis include the business customers who may be either internal or external, the product or services provided or offered by the business, and the significant steps in the business process (Chheda, Duncan, & Roggenhofer 2017). The study alsoidentifies the participants and information used as well as the technology used to deliver added value to the customers. Figure 1: Citibank work centered Analysis before digital disruptions tablecustomersBoth internal and external customersServices obtained at the banking institituionService offered by bank tellers to customersproductsMain products included cash deposits andwithdrawals.Used bank letter to authorize the transactions
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