Impact and Importance of Information Technology in Commonwealth Bank Australia

Running head: INFORMATION TECHNOLOGY FOR BUSINESS
INFORMATION TECHNOLOGY FOR BUSINESS
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Author Note

INFORMATION TECHNOLOGY FOR BUSINESS 1
Executive summary:
The purpose of this paper is to discuss the impact and the importance of the information
technology in Commonwealth Bank Australia (CBA). The IT system is naturally utilized by
different organisations for performing several tasks. This is also including certain hardware,
software as well as the applications for executing each of the business related process or the
operations. The software and computers are also used for maintaining a proper balancing
between attainments and business strategies. This paper highlights different aspects like risks
and benefits as well as the primary features of the Information technology in CBA. A suitable
recommendation has also been provided in this paper.

INFORMATION TECHNOLOGY FOR BUSINESS 2
Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................3
Need of IT in CBA:................................................................................................................3
Importance of IT for Survival of Business:............................................................................4
Need for applying Information Technology inside CBA:......................................................4
Procedure of CBA to utilize Information Technology:..............................................................5
Advantages of Information Technology in the Banking Sector of Australia:.......................6
Types of Risks:.......................................................................................................................7
Process to maintain and monitor IT in CBA:.........................................................................7
Conclusion:................................................................................................................................8
References:.................................................................................................................................9

INFORMATION TECHNOLOGY FOR BUSINESS 3
Introduction:
Some of the most important impacts of the IT in the business are information flowing,
transaction processing and it also includes decision support, data management and executive
support. Currently the growth of the information technology has been bringing several
significant creativity and innovations. The IT system is naturally utilized by different
organisations for performing several tasks (Admati and Hellwig, 2014). This is also including
certain hardware, software as well as the applications for executing each of the business
related process or the operations. The software and computers are also used for maintaining a
proper balancing between attainments and business strategies. The purpose of this paper is to
discuss the impact and the importance of the information technology in Commonwealth Bank
Australia (CBA). Different relevant details such as the need of IT, risks and advantages of the
technology for the CBA will be discussed in this paper.
Discussion:
Need of IT in CBA:
The Commonwealth Bank of Australia (CBA) is one of the most popular bank in
Australia, which provides different kind of services as well as products to the customers of
them. Due to the flexibility in the structure of it, the bank gets huge opportunity for
enhancing the position of them in the banking sector. The information technology have the
responsibility for increasing the production by reducing the consistency of time after the
distribution of the tasks. The technology has also improvise the communication such as
emails, video and audio conferences and most importantly the phone calls (Imam and
Kpodar, 2013). The efficiency is also improving after including the interconnectivity of the
external and internal structures. Even the storage that is capable to store data and information