Importance of Information Technology in Business Success: A Case Study of Bank of America

This report discusses the importance of information technology in business success with a case study of Bank of America. It covers the impact of IT on business operations, social and ethical issues, different types of computer networks, and the impact of artificial intelligence on business enhancement.

INTRODUCTION TO
INFORMATION
TECHNOLOGY

ABSTRACT
With the help of Information technology and Artificial intelligence, business can easily
enhance productivity and improve customer experience too. The major purpose of this report is
to create an understanding about the importance of information technology in business success.
The report is going to cover all the important factors which are related with the IT services which
has positive impact on the development of the banking institutions. Not only this, it will
highlight about information technology which can also generate business insights in order to
make smart decisions which is beneficial for business success. Nowadays, it is highly crucial for
firms to find out about social and ethical issues and make effective changes in their strategies for
the development. So, the report is going to explain about these issues which can have negative
influences on the business success. Further, it is going to cover computer networks which is used
by businesses to gain and enhance their performance in the competitive world. Finally, overall
impact of artificial intelligence is analysed in this report to identify the necessities for the
businesses to grow in service sector.

TABLE OF CONTENT
ABSTRACT.....................................................................................................................................2
INTRODUCTION ..........................................................................................................................4
LITERATURE REVIEW ...............................................................................................................4
ANALYSIS AND DISCUSSION...................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In today's business environment, information technology plays a vital role in the success
of organization. It helps company to enhance their business operations as well as daily
transactions and activities. The present report will be based on Bank of America corp. which is
one of the largest financial institutions in the world. The bank provides various types of services
to its consumers, not only this they provide support to small scale business and middle market
businesses. Bank of America provide full range of support in various activities such as risk
management, asset management, banking and investing services or products. The report will
cover impact of IT in helping businesses to enhance their business operations. Furthermore, the
study will show some importance of social and ethical issues. In addition, it will highlight some
different types of computer network with their impact on operations of businesses. At the end, it
is going to discuss about the importance as well as impact of artificial intelligence in enhancing
their business.
LITERATURE REVIEW
Theme- 1 The Impact of IT in helping businesses to enhance their operations
Moore and et.al., (2020) Commented that, Basically, information technolog is the use of
any computers, systems, networking, storage and infrastructure to create, secure as well as store
all forms of electronic data which can be used by companies to make decisions. As we have
already discussed that information technology play an important role in the success of business.
IT is very helpful to exchange and process all forms of data so that it can be used to solve any
kind of organizational problems on a broad scale. With the increase in the use of IT, many
people want to make their career in this IT field, workers or you can say members working for IT
companies in IT department works with each others so that they can easily solve any kind of
technology problems whether it is small or big. With the use of IT, the institutions like banks can
safeguard data and important information. With the help of IT, the company can easily able to
build communications networks and create databases. By using IT in banks of America,
employees can easily troubleshoot problems with their mobile devices, laptops and computers. In
addition to this, with the support of IT, the company's employees can easily work with each other
to ensure the efficiency of business information as well as security of operations.

IMPACTS:
Talking about its positive impact, with the help of IT banking process has become more
faster and reliable. By using IT, the banks can easily maintain their documents much more
quicker and it is becoming more comfortable to work than it was before.
As per the views of Ahmed and et.al., (2018), Information technology is helpful for
banking sector while using communication technologies, companies can easily able to offer
better services to its customers. While using these technologies, the bank of America can serve
its customers in a most affordable manner which can be used by them to sustain competitive
advantages over other leading banks. With the help of IT, the company can easily provide
service to customer in a better way and understand their needs related to data security. With the
support of IT, the company can develop innovative financial services. As we all know that
development of better payment systems is a key challenge for companies nowadays, to deal with
such things, IT department are using artificial intelligence and computers networks to run
business smoothly. By using IT the bank of America can easily able to take managerial decision
making, enhance business systems and processes and improve their effectiveness of services
offered to customers. Not only this, it helps to enhance work group collaborations which helps
banks to strengthen their competitive position in banking sector where everything is becoming
digital and rapidly changing. Mobile technology has taken the whole process of communication
to new level. It helps the individual to perform tasks with great agility such as access of
important information on their finger tips.
Productivity - Rehman and et.al., (2018) says that with the help of technology, banks can
easily improve their business processes as well as develop the skills of employees working in the
different departments. By improve this, it helps to increase productivity in various operations
related to business. Bank of America is using emails and software to communicate with each
other which makes the business operations easier as well as faster. Online customer service have
reduced the work pressure and increase the personal attention in all areas without sacrificing
customer satisfaction.
Global communication- supporting the above statement, Sathish and et.al., (2020)
shares that, with the use of IT, banks are now able to communicate with different companies as
well as transfer important resources and files from one place to another. They can easily conduct
operations of business with their clients from any part of the world without the need for

travelling or physical presence. With the increase in the use of internet video conferencing and
different software the company has made it easier to conduct businesses in different parts of the
world.
Money management- The automation of processes such as invoicing saves a lot of time
and energy of employees. Financial services are finding out new ways which helps them to offer
financial services to business and made it easy for employers to monitor employee spending in
real time through effective app (Moore and et.al., 2020).
Theme- 2 identifying and discussing at least three important issues to run business efficiently
As per the views of Lee and Oh, (2020), one the major common issues that are
increasingly becoming significant in the virtual world is data protection, security and privacy.
Customers are becoming more concerned about their data privacy, the reason behind that is
increasing hacking and ransomware attacks. Due to this issue, many large sectors of the
American economy have shut down. With the increase in information technology in banking
sector, the threat of privacy related to data is also increasing rapidly. Cyberattacks by hackers
and cyberbullying is a threat for banking sector to secure the money of clients. So, the use of
internet should be used with strong security so that all the data can be secured and protected with
strong password. Due to this social issue, data which is stored and created can be attacked by the
hackers which can put the business in serious trouble which is not beneficial for the reputation of
bank.
According to Zhang, (2021), Hackers nowadays are using details of customers and use it
for wrong purpose. Talking about its another issue, which is reliability of information because of
increasing use of information sometimes it is not necessary that sources of information and
customer details are always right. The information of clients is either copied or fake as hackers
creates fake profiles. So, identification of the correct information whether it is reliable or not is
the genuine concern and sometime it takes a lot of time and energy. With the increase in digital
world and information technology the misinformation and fake profiles are flooded on the
internet that often spread inaccuracy which can create a major issue for business. Copyright
infringement is also an issue because it harms the original creator of works, and they are not
getting any kind of credibility and payment for their hard work.
Whereas, Lee and Oh, (2020) commented that emerging artificial intelligence is creating
issues like unemployment as most of the businesses especially in banks everything is going

online. Businesses are driven toward automation and replacing the manual works with machines.
So, it is said that this is one of the major social concern as artificial intelligence may overtake the
humans and creates negative impact on their working proficiency. So, the use of IT in the
banking field should be followed strictly with strict regulations and policies.
Theme-3 different types of computer networks and their impact on business
Millán, (2021) states that information technology has made the business systems very
fast and easy. Bank of America is utilizing its IT resources for providing the best services to its
customers by offering them services like mobile banking, internet banking and online banking
facilities in which clients can easily avail services from home only. There are different types of
networking technologies which is used by bank of America and other organizations. In order to
run regular activities based on the wants and requirement of the company, use of wide area
network, metropolitan area network and local area network is increasing.
Contrasting the above statements West, (2022), shares the point of views that with the
increase in the use of networks companies are enhancing their business operations. For instance,
campus area network, storage area networks are most commonly used and best examples one can
take to explain about computer networks. By using modern networking, the companies can
transmit their business information in a real time manner. With this they can easily enable to
receive as well as send messages on their fingertips. This networking is bringing better
communication facilities to people and enhance organisational diaspora in terms of
communication. With the use of these networks the business can fulfil the demands of customers
as per their requirements.
Theme 4- impact of Artificial Intelligence in enhancement of business
According to Ahmed and et.al., (2018) , In today's business environment, artificial
intelligence plays a vital role as it helps organization to gain insight through data analysis.
Nowadays companies are more likely to be depended on AI. In order to run business in smooth
manner organizations are using AI as it helps them to save time and energy both. By using
artificial intelligence, business will be able to engage with employees of the firm and customers
too. It helps to speed up tasks and perform in a better way to compete with others. Frankly
speaking, nowadays companies who use artificial intelligence can attract more customers as
compared to those companies who cannot use artificial intelligence while operating business.

Zhang and Lu, (2021), Articulated the views that, With the help of artificial intelligence,
help company to find out connections and understand human language with machine learning
technology. The positive impact of Artificial intelligence is that it improve the customer
experience and increase the profitability of the banking sector. For example- by using Al- driven
chatbots the company in service sectors can easily provide customer care service 24/7. By using
this they can automate communication via online chats, emails and also through phone calls
which can attract customers as customer feel more valued. AI is providing upper hand to service
sectors like banks to be highly productive and manage the quality of their work in a most
effective manner. The service sector like bank is constituting a great market share in the total
economy just because of AI.
Vaishya and et.al., (2020), Says that When we talk about working in the firm, machines
are more efficient than human beings of-course. AI helps company to save their time and money
both, hence it is said that it is not limited to certain set of dimensions but it is helping
organizations to be highly efficient as well as fully automated. With the help of artificial
intelligence machines the company can analyse large amount of important data within a few
seconds which saves time. To conclude, AI is able to proceed different complex tasks in a very
simple way.
ANALYSIS AND DISCUSSION
From the above study it has been analysed that the role of IT services is crucial for all sectors.
These services create the major influences over business operations for Bank of America and
encourage their part of decision making aspects through which they can share better output in
their industry. Information Technological tools provides better and improved support that further
improves the work efficiency as well as overall productivity (Yudana and Prapitasari, 2019). For
analysing the data such services are favourable in providing with better opportunities and getting
in touch with several customers. Bank of America executed the customer analytics plays
significant role in order to maintain a good strategy which positively impact to the overall
development while being in such competitive business environment. Although, by getting
through such effective measures organization would be capable to provide strong workforce that
will formulate better image for working concerns and build better image of bank in industry.
Another relevant source, cloud computing has seemed as major contributing cause for Bank of
America that access business to enhance operational capabilities. This IT source is vital for bank

for easily accessing to remote working culture and aiding employees to increase adequate
amount of productivity for getting through better success outputs. Overall, remote access forms it
easier to improve the efficiency and productivity on better scale in which most of the operations
can be analysed with ease of several places. Hence, making an effective approach for various
technological sources will always serves business with vast benefited results. It is essential for
business to implement such effective methods to drive the change in business standards and
creating good image as compared to other competitors in places. Most of the customers in this
segment are concerned with banks who is providing them with major benefits.
While considering social and ethical issues, communication services are relevant for IT
revolution which has made collaboration between management more specific. It is convenient
for most of the employees to mitigate their task into teams and increase the chances for good
output. In the context of Bank of America, they are favourable with facilitating their fruitful
services and maximize cooperation of individuals getting in touch with information technology
software entitled for growth of business in industry. Storage and management services is another
significant term for bank in development of information technology services which serves
business to drive with better opportunities as securing essential information and other data which
is required to be protected. The change due to IT services serves positive result in business and it
paves the way for business to grow in industry.
Moreover, there are different types of computing networks that have been initiated
through Information technological sectors towards business for uplifting their rapid growth in
working criteria into the industry (Kaddoura, 2020). For Bank of America, formulating the speed
of internet has major concern which favours good impact to their business practices for
delivering great output to their customers by forming a differentiation from others. The changes
in existing business environment is positive for organization to raise quality of work for covering
effective scope. Furthermore, rapid transaction services through internet is major concern to gain
the level of satisfaction from each and every customer. Through such process it motivates them
and increase loyalty being forwarded to process and decisions that are taken into consideration
by bank to accomplish business goals. Whereas sources of advance networks are termed for
better connection towards broad area of population that is supportive for organization for
expansion across the world. It can be stated that by suitable aid of these practices Bank of
America will be able to target customer from different culture, religion and backgrounds. This

would formulate positive impact over satisfactory levels of different kind of individuals and
make them attentive to grant services from the banks respectively. Thus, improvement in internet
networks enable to decrease common operational issues that usually creates a bad image over
company perspectives. In international level, Bank of America would be able to serve advanced
information technological services in order to set better business practices for their customers in
such highly competitive environment.
The impact of artificial intelligence in business can be termed as modern change for Bank
of America. It has enabled various opportunities for business to reduce their time which is
usually taken for completion of essential activities in working environment. There are various
consistency and systems available in this technological term for accomplishing positive result.
Banking sectors can focus over weak areas which is most significant part of IT revolution, and
using such lucrative services tend to increase improved quality of output. By following adequate
measures business gain huge growth in marketplaces. Bank of America is capable to minimize
their complexities that were being faced by them from past because of slower working systems.
With the help of AI it has favoured several opportunities for making their business practice more
clear and specific and formed their task completion more convenient. Most of the complex
problematic concerns are managed with lucrative strategies as with IT sector to launch Artificial
Intelligence solutions to such problems (Rajaraman, 2018). It has been figured out that there are
many problematic concerns through which banking sectors are dealing the worst outcomes and
facing difficulties to overcome. It is impacting over efficiency and productivity of business
operations which is crucial for development. While sudden change in this phase by IT services
lead to significant for bank to operate quality of output that clutch attractive image towards
customers. Thus, implementing artificial intelligence software in organization is most
fundamental aspect in which organization tend to get quality results. The business can focus
more clearly at weaker aspects can carry out suitable strategies in order to provide solutions for
further improvement. On the other hand unemployment can be negatively impact due to
implementation of AI tools that generally reduces contribution of manpower.

CONCLUSION
To conclude, IT have been a major development which has taken place in industry like
banking and finance over a time period. Information Technology services have provided a great
support to business operations and increased the overall operational capabilities in this
competitive world where everything is going online. In addition, it has also concluded that
organizations in the banking sector can easily able to flourish with computer networks like LAN,
WAN and MAN. With the use of services and technological tools, the firms has been able to
eradicate the threat of issues which can impact the overall success of business in service industry.
IT had contributed in improving the issues' identification of the business. Due to this, businesses
in service sector is able to grow and achieve better success which helps them to gain good
market position and achieve better competitive advantage.

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