Impact of Information Technology on Business: CBA

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

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IT IMPACT ON BUSINESS
Executive Summary
The main aim of this report is to understand impact of IT in a banking organization,
Commonwealth Bank of Australia. Few organizations use information technology for
transaction processing, however others allow suppliers, distributors and customers in
interacting with the company via several distinctive systems of communication technology
like Internet. By information digitization, businesses leverage the advantages of few digital
tools for the core purpose of improving the prospects. The entire process is turned into
complete success due to these impacts. This report has clearly described about impact of IT in
CBA after researching about a security breach in this bank.

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IT IMPACT ON BUSINESS
Table of Contents
1. Introduction............................................................................................................................3
2. Discussion..............................................................................................................................3
2.1 Requirement of IT in Commonwealth Bank of Australia................................................3
2.2 Importance of IT for Business Survival...........................................................................3
2.3 Requirement for applying IT into CBA...........................................................................4
2.4 Process of CBA using IT..................................................................................................5
2.5 Benefits and Advantages of IT in Banking Sector...........................................................6
2.6 Type of Risks in IT for Commonwealth Bank of Australia.............................................7
2.7 Process of CBA maintaining and monitoring IT..............................................................8
3. Conclusion and Relevant Recommendation..........................................................................8
References................................................................................................................................10
Appendix..................................................................................................................................12

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IT IMPACT ON BUSINESS
1. Introduction
The systems of information technology are being utilized by organizations for
performing several tasks. There are several distinctive impacts of this information technology
within an organization, like flow of information, decision support, processing of transactions,
and management of data, executive support and many more (Schwalbe 2015). This following
report outlines a proper discussion over the impact of IT on Commonwealth Bank of
Australia. Various details such as importance of IT, applying IT into the business, benefits
and risks of IT in CBA and many more will also be mentioned in the report.
2. Discussion
2.1 Requirement of IT in Commonwealth Bank of Australia
CBA or Commonwealth Bank of Australia has eventually become one of the most
important banks and highly competitive environment in the entire banking sector of
Australia. It has a flexible structure, which could respond promptly for enhancement of a fast
changing market. Information technology is extremely important for this particular bank for
some of the major reasons (Dutta, Geiger and Lanvin 2015). IT in CBA will be responsible
for increasing production after reduction of time by automating tasks. Communication is
improved with the help of certain tools of technology such as electronic mails, video
conferencing and phone calls. The movement of information within the respective banking
sector of Australia is quite important for making any kind of change and also for
incrementing efficiency in business operations. Interconnectivity in the entire external and
internal structure (Holtshouse 2013). Moreover, CBA will be able to improve the data storage
and manage their files efficiently.