Business Use of ICT Technologies and Its Innovation Report

This report delves into the business applications of Information and Communication Technology (ICT), focusing on innovation within the sector. It examines the implementation of innovations, contrasting acceptance and abandonment, and analyzes innovation rates across various industries, particularly highlighting Agriculture, Forestry, and Fishing. The report explores the relationship between employment size and innovation in professional, scientific, and technical services, identifying key benefits such as increased revenue and improved customer service. It presents a successful implementation case study in the telecommunications industry, including statistical data and analysis. Additionally, the report identifies barriers to innovation, such as funding limitations and regulatory compliance issues, and provides a graphical presentation of these barriers across different industries. A flow diagram illustrates the home loan application process at Westpac, with recommendations for improvement. The report concludes with an assessment of the analysis, the loan application system, and further recommendations.

Running head: BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Name of the Student
Name of the University
Author Note

1BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Abstract
The focus of this is on the business use of ICT technologies and the innovations that took place
or will take place. The discussion part of the report handles with the statistical analysis of the
data regarding the innovation and barriers to innovation. The final part of the discussion focuses
on the flow model of home loan application for an Australian Bank, called, Westpac. This report
ends with a conclusion of how the analysis is done and the loan application system and
recommendations on it.

2BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Innovation Implementation – Accepting and Abandoning..........................................................3
Highest percentage of Innovation and Reasons in the background.............................................4
Innovation activity by employment size......................................................................................5
Professional Services...............................................................................................................5
Scientific Services...................................................................................................................5
Technical service.....................................................................................................................5
Key Benefits achieved by introducing Innovation......................................................................6
Instance of successful implementation of Innovation.................................................................6
Key Barriers of Innovation..........................................................................................................7
Regulation and Compliance for/against the Innovation..............................................................7
Graphical Presentation of Barriers to Innovation for all Industries.............................................9
Inference of the graph..................................................................................................................9
Flow Diagram for Home Loan Application in Westpac............................................................11
Phases of the Flow of a Home loan management system in Westpac.......................................12
Recommendations to the existing model...................................................................................12
Conclusion.....................................................................................................................................13
References......................................................................................................................................14

3BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Introduction
The use of Information System in business is something that is practically necessary for
the successful completion of the processes associated. More approaches are planned in order to
innovate the process execution towards the users. Hence, for the achievement in such
approaches, innovation in the information system is necessary to be implanted and upgrading
should be done regularly. This report focuses on the use of information system in business
sector, its innovation, analysis and the design tools involved in the designing of the system.
Discussion
Innovation Implementation – Accepting and Abandoning
It is quite general that to meet the customer needs and upliftment of the business, an
organisation have to look forward for innovating ideas to be implemented in the system so as to
serve the necessities successfully. Few of the organisations accepted the concept of
implementing the innovations and got themselves accustomed to it. While many are left who
have abandoned this approach. The only reason behind abandoning the implementation of
innovation is the threat of failure. Once a new approach is being implemented, it is nearly
impossible to revert back the changes that took place. Every organisation has their own vision
but when it faces the reality, there are less scenarios where vision wins. A failure while
implementing the innovation leads the company to face many challenges regarding its existence
in the market competition. All this will result into the failure of the entire project and the

4BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
company will suffer through heavy losses and maybe a fall in reputation. Hence, for them
approaching in traditional manners or the existing ways are the best approach towards perfection.
Maybe the organisation will not stand top in the market, but at least they can run themselves with
what they have the expertise in.
Highest percentage of Innovation and Reasons in the background
In the given reference table the highest percentage of innovation is found to be in the
industry of Agriculture, Forestry and Fishing. The percentage is found to be 95.3%. This industry
stands first in the list of 14 industries, and with the percentage it is clear that how much the
industry is concerned with the implementation of innovation (www.abs.gov.au, 2019).
Fig.1 – Innovation (in %) among the industries
(Source: Created by author)
Benefits (%)
Agriculture, Forestry and
Fishing Administrative and
Support Services Health Care and Social
Assistance
Wholesale Trade Information Media and
Telecommunications Financial and Insurance
Services
Other Services Rental, Hiring and Real
Estate Services Mining
Manufacturing Professional, Scientific and
Technical Services Retail Trade
Electricity, Gas, Water and
Waste Services Arts and Recreation
Services Construction
Accommodation and Food
Services Transport, Postal and
Warehousing

5BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Data Reference: www.abs.gov.au
The reason behind the maximum implementation of innovation in the industry of
Agriculture, Forestry and Fishing is the necessity to meet the daily needs. The mentioned
industry is responsible for the sustenance of human and animal lives. Agriculture being the
primary necessity for the living world, needs to have new ideas as this would not only help in the
amount of production but also modifies the way it is cultivated. Forestry needs to be done as due
to the preservation of natural resources that are supplied mainly from the forests. Apart from that
the most important is to preserve the forest for maintaing a balance in the ecosystem. Fishing on
the final side plays an important role in the sectors where it is nearly impossible to grow crops
due to unsuitable weather conditions and soil parameters. Extreme cold places is nearly
incapable of production of crops and these kind of places do need the process of fishing to
sustain. Besides, there are lots of places where pisciculture is done for breeding new variety of
fishes those are edible for human beings.
Innovation activity by employment size
Professional Services
The number of employees and services provided by the organisation has been always
directly proportional. However, depending on quality this proportion may not have a chance to
hold its position. The measurement of innovation activity in professional services based on
employee size will be both positive as well as negative. The reference data after being analysed
results that less number of employees create more innovative activity on an average as compared
to the large group of employees. The main reason behind this measurement could be large

6BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
number of ideas working for similar interest leading to confused results whereas less variations
can be incorporated into one outcome.
Scientific Services
Almost same as the concept for the professional service could be applied in the case for
scientific services. However, regarding scientific services where everything needs to have a
practical approach increased amount of varied ideas could lead into lag in the service as
incorporation could not be done into a single approach. As for this instance, less number of ideas
would be actually benefit the whole process as there would be a possibility of uniqueness in
ideas and filtering could be easily done based on its benefits for the service.
Technical service
Innovation activity in technical service is an important measure that can create changes in
the overall technical service of an organisation. Various issues from the customer’s end comes
for solution. Afterwards it will be upto the technician to whom the issue has arrived. The
innovative skill that the technician will use to solve the problem will be beneficial for the service
department and benefitting the organisation. Hence, regarding this individual application of new
ideas for the solution of the issues will be positive for a firm of large strength.
Key Benefits achieved by introducing Innovation
The key benefits that the industry under consideration achieved through the introduction
of innovation are increment in revenue, cost reduction, gaining of a competitive edge and
improved customer service. Any sort of innovation is beneficial if it causes improvement in these
parameters for an organisation. Being the key parameters, none of them could be left unattended
as all of them play significant roles in the development of an organisation. Increment in revenue

7BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
will encourage for more investment on the idea and also on other sectors that the organisation
deals in, whereas reduction in cost is something that can lead to addition of more features into
the project. Gaining a competitive edge will help the organisation to make their name in the
market and emerge among the top organisations. Finally, improved customer satisfaction is
something that every sector, every organisation look for as the entire business depends on the
customers feedback.
Instance of successful implementation of Innovation
Due to deviations present in the statistics of other industries, the telecommunication
industry has been considered for the depiction of successful implementation of innovation as all
of the data related to the industry are free from deviation flagging. In the commercial year of
2016-17, massive changes are noticed in the industry of Information Media and
Telecommunication regarding the key benefits that are achieved by the implementation of
innovation. A significant 45.8% increment in revenue is seen for the mentioned commercial year
in the media and telecommunication industry. In this year, the reduction in cost was 20.3%, and a
competitive edge has been gained by 28.1% with an improved customer service of 30.2%
(www.abs.gov.au, 2019). The entire year of 2016-17 showed some great effects that took place
with the implementation of innovation into business. As for an example, Amaysim group had an
increment of 19.3% in their net revenue. The report of Amaysim Annual report for 2016
describes the economic upliftment of the company (Islam et al., 2016).

8BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Fig.2 – Innovation statistics in Information Media and Telecommunications
(Source: Created by author)
Data Reference: www.abs.gov.au
Key Barriers of Innovation
The key barriers that comes in between the application of innovative ideas and success
are the following:
 Lack of access to additional funds
 Cost of development
 Lack of skilled persons within the business
 Lack of skilled persons within the labour market
 Lack of access to knowledge or technology to enable development or implementation
 Government regulations and compliance
 Adherence to standards
 Uncertain demands for new goods or services
Increased revenue
Reduction in costs
Gained a competitive edge
Improved customer service
Too early to measure benefits
Other benefits
Any benefits
0.0
20.0
40.0
60.0
80.0
100.0
Information Media and
Telecommunications
Information Media and
Telecommunications

9BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Regulation and Compliance for/against the Innovation
According to the conventional theory of economics, the regulations and technical
innovation could be never beneficial to each other. Regulations and standards do cause stifling
the scope of innovation in any organisation. However, there should be a harmonization across the
various standards and regulations, or else there could be a confusion or misunderstanding with
the prevailing standards and may cause difficulty while implementing any new ideas. In spite of
it, regulations do put barriers on the flow of innovation regarding its implementation. Sometimes
the standards get so tight that there remains no scope of development and following the
traditional format producing the same as was done. Maybe just due to the possibility of a minor
failure, which would not affect the organisation in any critical manner, various ideas gets
confined and not get the light of implementation. Strict set of guidelines do make the process of
innovation cornered and only the usual processes are followed. The case study by Prieger puts
light on the fact through his research where every telecommunication company have to submit
CEI (Comparable Efficient Interconnection) plans to the Federal Communications Commission
(FCC) before the implementation of any new services to get verified by the commission
(Aprigliano & Rhodes, 2018). According to the plans of FCC, if any similar services is being
provided by smaller companies then FCC allows those small rivals to go for the implementation
they want to. This kind of regulative measures according to the author brings down the level of
innovation and does not let the larger firm to introduce their innovations. Again Prieger found
out another instance where an American telecommunication carrier known as Ameritech needs to
apply to the Public Utility Commission in order to have the access to introduce any new system
(Fremeth, Holburn, & Vanden Bergh, 2016). Such regulatory measures cause delay to the
introduction of any new ideas into the market. On the contradiction, Tardiff and Taylor in 1993

10BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
stated their research to find out the positiveness of the regulations regarding innovations. They
found an increment in entire factor productivity that is considered as a measure of technological
innovation (Agostini, VIEIRA, & Bossle, 2016).
Graphical Presentation of Barriers to Innovation for all Industries
Lack of Access to Additonal Funds
Cost of Development
Lack of Skilled Persons
Lack of knowledge or tech for development
Government regulations
Adherence to standards
Uncertain demands for new goods or services
0
2
4
6
8
10
12
Barriers to Innovation
Barriers to Innovation
Fig. 3 – Barriers to Innovation
(Source: Created by author)
Data Reference: www.abs.gov.au

11BUSINESS USE OF ICT TECHNOLOGIES AND ITS INNOVATION
Inference of the graph
From the graph it can be concluded that the most important parameter that becomes the
biggest barrier towards innovation is the lack of access of additional funds towards the project. It
is common to be afraid to invest into something that is totally unpredictable regarding all aspects.
One has to be enough confident about the project and the consequences that will come in the
later section of the idea implementation. If the project faces any issues or troubles in later course
of time, adequate support supply should be ready and not just to overcome the situation but also
needs to do modifications that will prevent the issues from happening in future.
The lowest among the parameters is seen to be the lack of knowledge or technology for
the development of the project. Though it seems to be quite important, still it impacts the lowest
as because in the later course of the project one who has little knowledge could be taught about
the project so that the person can contribute to the project.