IT For Business 2 Running Head: IT For Business 2 Running Head: IT For Business 2 Running Head: IT For Business 2 Running Head: IT For Business 2 Running Head: IT For Business 2 Running Head: IT For B

2/2/2020
Running Head: IT FOR BUSINESS 0
Student name
IT for Business
Report

IT FOR BUSINESS 1
Table of Contents
Introduction...................................................................................................................2
Role of IT in Business...................................................................................................2
CBA need IT..............................................................................................................2
Why IT is important for business survival?...............................................................2
What is required to apply IT into CBA?.....................................................................2
How CBA use IT?......................................................................................................3
What benefits and advantages does IT bring CBA?.................................................3
What type of risks does IT bring to CBA?.................................................................3
How can CBA maintain and monitor IT?...................................................................3
Recommendations........................................................................................................3
Conclusion....................................................................................................................4
References...................................................................................................................5

IT FOR BUSINESS 2
Introduction
In the present era, the business was based on the Information Technology (IT)
systems, as most of the processes have used IT to reduce errors from business
processes. Commonwealth Bank of Australia (CBA) has provided many services to
Australians, which are related to banking and financial fields. CBA has faced data
breach of 20 million customer’s data (Barbaschow, 2019). The organization has
created a good image in the market place because of their valuable services.
Moreover, CBA has taken competitive advantages using strategies and technological
innovations. In this report, the impact of IT will discuss using various factors.
Moreover, it will provide risks and challenges in the CBA because of IT. This report
will provide security and privacy importance in a CBA.
Role of IT in Business
IT has used for improving the performance and productivity of a firm. However, there
are some disadvantages of IT, which can be dangerous for a firm. It can damage
their reputation and financial conditions. Moreover, there are many benefits to IT in
the CBA. The organization has used the latest information systems to manage their
business functions. In addition, Artificial Intelligence (AI) has used for improving the
speed and security of CBA. The company has adopted IT-systems at the initial
stage, which is a good decision for the company as well as its customers. In addition,
CBA has spent a large amount on the security of the system (Barbaschow, 2019).
CBA need IT
Bank has used many processes to manage its main functions. Thus, it is necessary
to integrate various business functions that can improve the performance of the
overall organization. There are a number of transitions in a bank, which cannot
manage using manual processes. CBA needs IT-system for managing their business
processes, which are sales, purchases, loans, and many processes. A large amount
of data cannot manage using manual processes. Therefore, CBA needs to advance
IT-systems to increase its speed. IT survival management can be used for managing
various services (Bhagat, 2012).
Why IT is important for business survival?
It is so important to use IT-systems in the present era, as most of the industries have
used technological innovations and IT-systems to integrate and manage all the
functions. It is a good process to manage all the functions of a bank. In addition,
competition is increasing day-by-day in the banking industry. Most of the customers
are interested in those firms, which have adopted technologies, such as AI, the
Internet of Things (IoT), and many more. Moreover, many processes can easily
manage all the things. In addition, IoT has increased the performance of the system
(Bendovschi, 2015).
Moreover, a business can grow because of IT-based innovations. In addition, basic
processes can be managed using IS-systems in a better manner. Customers
relationship makes a huge impact on the business of a firm. Thus, CBA must include
new data centers and servers to secure their data and information from cybercrimes
as well as cyber-attacks (Andrijcic & Horowitz, 2016).