IT for Business: Analysis of IT Implementation and Risks in Westpac

IT for business
9/13/2019
Student’s Name

IT for Business 1
Contents
Introduction.................................................................................................................................2
Analysis.......................................................................................................................................2
Conclusion..................................................................................................................................4
References..................................................................................................................................5

IT for Business 2
Introduction
In the 21st century, businesses are becoming smart and updated. They are increasing the
use of information technology in their operations. Such use makes their working easy and
helps in serving their customers and clients in a better and smart way. Nevertheless, to say
that increased use of IT also increased the risk of security breaches. Many such issues used
to report daily in media. The data security breach selected for this report is related to Westpac
banking Group that is a leading financial service provider in Australia. Company is having its
headquarters in Sydney and recently been in news for being a failure to maintain a strong IT
system at the place. In the presented report, the discussion will be made to many of the
aspects related to this case such as the need of IT in Westpac, required elements for the
application of IT, the risk associated with the use of IT, solutions to mitigate these risks and so
on.
Analysis
As mentioned above, the selected data breach case is of Westpac, which is a banking sector,
and hence IT is required for various reasons. In the market full of competition, businesses are
required to make them different in the eyes of customers and clients. People use banking for
almost every other transaction in their lives and therefore they need access to their bank
accounts and financial services 24*7. For this reason, Westpac is required to provide online
access to customer and need IT for business. For Transfer of money, exploring investment
opportunities, issuing draft and other tasks, an online platform is required to provide to
customers. Further Westpac has millions of customer and maintaining data of such a huge
number of people in physical form or b using manual efforts is not possible for organization
and for these reasons IT is needed by Westpac.
IT is important for the survival of the business as it resolves many of the issues and makes
the working fast and smooth. It does not only make the process faster but also reduces the
chances of errors. Firstly, the use of technology simplifies communication for businesses.
Further, it helps in marketing as well as in business growth. For the survival of every
business, continuous growth is important and IT helps in the same. Decision-making is an
important aspect for each business and IT assist the same. By using IT, businesses may
keep records of market conditions, customer satisfaction, and financial resources and by
using these trends; they may take a sensible and efficient business decision. Correct and
efficient decisions are truly important for the survival and success of the business and due to
this crucial role, IT is important.
For the successful implementation of IT in a business, many aspects are important to
consider. If to see in a broader context, mainly five components are required in this process,
which are resources, people, structure, system, and culture (Olsen, 2019). Further, if to
discuss individual aspects that are required to keep in consideration while IT implementation
in Westpac, this is to state that the very first aspect is cost. Before applying any new tool of IT
in practice, Westpac is required to consider the element of cost. Estimation of cost is the
much-required thing to do while applying IT to Westpac. It gives an idea about the expenses
and also let the management know whether to implement a new IT tool/software of not.
Without investing in money, the selected business may not implement IT hence; money is one
of the important requirements to apply IT. The second necessity is planning. It involves the