Impact of Information Technology on Business: CBA

Running head: IT FOR BUSINESS
Impact of Information Technology on Business: CBA
Name of the Student
Name of the University
Author’s Note:

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IT FOR BUSINESS
Executive Summary
The most significant objective of the report is knowing about impact and importance of
information technology in Commonwealth Bank of Australia (CBA). Information technology
system is generally used by several companies to perform numerous tasks. It also includes
certain software, hardware and applications to execute every business related procedures or
operations. The computers and software are also utilized to maintain a proper balance within
business strategies and attainments. This report has highlighted several aspects such as
benefits, risks and major features of IT in CBA. Moreover, suitable recommendation is also
provided here.

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IT FOR BUSINESS
Table of Contents
1. Introduction............................................................................................................................3
2. Discussion..............................................................................................................................3
2.1 Need of IT in Commonwealth Bank of Australia............................................................3
2.2 Importance of IT for Survival of Business.......................................................................3
2.3 Need to apply Information Technology within CBA.......................................................4
2.4 Procedure of CBA to use Information Technology.........................................................5
2.5 Advantages of Information Technology in the Australian Banking Sector.....................6
2.6 Types of Risks within Information Technology for CBA...............................................6
2.7 Procedure to maintain and monitor Information Technology in CBA............................7
3. Conclusion and Suitable Recommendation...........................................................................7
References..................................................................................................................................9
Appendix..................................................................................................................................11

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IT FOR BUSINESS
1. Introduction
Some of the major and the most significant impacts of information technology in a
business include transaction processing, information flowing, data management, decision
support, executive support and few others (Dutta, Geiger and Lanvin 2015). The growth of IT
has thus brought few significant innovations and creativity. This report will be demonstrating
a brief description of the overall impact and effect of information technology over CBA.
Several relevant details like need of IT, advantages or risks of this technology for CBA would
be described here.
2. Discussion
2.1 Need of IT in Commonwealth Bank of Australia
Commonwealth Bank of Australia (CBA) is a popular bank that is providing several
services and products to their customers. Due to its flexible structure, CBA gets high
opportunity to enhance their position in the banking sector (Marchewka 2014). Information
technology is responsible to increase production by reducing time after automation of tasks.
Moreover, communication is also improvised by this technology like emails, phone call or
audio and video conferences. Efficiency is improved by including interconnectivity of
internal and external structures (Holtshouse 2013). Data storage is even improved so that
CBA is able to manage their confidential data effectively and no data breach is faced.
2.2 Importance of IT for Survival of Business
IT plays an important role for survival of business. Such distinctive technology can be
referred to proper usage of systems so that business information is properly stored, retrieved
and sent (Bloom et al. 2014). Furthermore, it also maintains a major stability between
demand and supply of business services to ensure that every client is satisfied with their
services or products (Tarafdar, Gupta and Turel 2013). As a banking sector has to consider