Importance of IT for Business Survival: A Case Study of National Australia Bank

HC1041
Running Head: COMMERCIAL LAW 0
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HC1041 1
Contents
Contents
Introduction........................................................................................................................2
Does the business need IT?..............................................................................................2
Importance of IT for business survival...............................................................................2
Requirements for the application of IT..............................................................................3
Manner of adoption of IT....................................................................................................3
Advantages of IT use for NAB...........................................................................................4
Risk of IT use for NAB.......................................................................................................4
Maintenance and Monitor of IT..........................................................................................5
References.........................................................................................................................6

2
Introduction
Business is being global and smart and hence using technology these days to serve
their customers and client in a better way than earlier. Different business uses
information technology in different ways. Some of them use it only for its internal
business operations whereas operations of some of the business depend on information
technology (IT). The leading purpose of such use is to gain a competitive advantage in
the market. The company selected for the preparation of this report is National Australia
Bank. The purpose of this report is to seek an understanding of the manner in which IT
is being used by the same. In the presented report, different questions related to IT use
in this business will be addressed such as whether the business uses IT or not, why
such use is important for the survival of the business, what types of risks are involved in
the process and the manner in which they can be mitigated. The report will be ended
with a conclusion that will summarize the key points of the report.
Does the business need IT?
As mentioned, National Bank Australia (NAB or the bank) has selected as an
organization for this report. The bank secures its place in one of the four largest
financial institutions in Australia (Hoek, 2018). The same is having headquarters in
Melbourne city of Australia (Emporis.com, 2019). In order to answer the query whether
the business needs IT or not this is to state that yes, NAB needs informational
technology for its business practices. Company is involved in banking and financial
services and needs IT to provide an online platform to its customers. In each
commercial transaction, transfer of funds or other aspects of banking is involved.
Everyone wants the process fast and to access the bank accounts at any time of the
day. To fulfill these specific requirements of customers NAB needs IT. Without using the
same, a business cannot provide online and continuous access to banking to
customers. Being a bank, NAB has to ensure that none of the customers are facing
issues while doing banking activities such as payment and receipt, the making of
demand drafts and so on
Some artificial intelligence and another type of IT is required in this manner to provide
24*7 support to its customers. NAB has shifted its focus from traditional banking and to
maintain efficient relationship banking, the same needs IT (Mbaknol.com, 2019). Not
only for the purpose of the customer but to communicate with other stakeholders such
as regulators and investors, again IT seems to be highly required
Importance of IT for business survival
IT plays direct as well as an indirect role in the survival of the business. In recent time,
the way of interaction of business with various stakeholders has been changed
(Mycomputercareer.edu, 2016). Business is being global and facing tough competition.
To survive in such a situation, business is required to provide additional services to
customers or existing services in a better and fast mode to customers in comparison to
the competitor (Ramey, 2012). IT helps business in such a situation and increases the