Discuss about the Service Outcome Quality on Trust and Distrust.
Accounting software is the type of software which is associated with the execution of various transactions along with tracking and operating the transactions along with it. This type of software are used along with the different models of business and this application is very much effective for the various business processes. The following portion of the literature review would be discussing about one of the major organizations of Australia known as the Commonwealth bank of Australia. The Accounting software is mainly associated with working as an information system for the accounting purpose (Hallikainen et al. 2017). This type of software is mainly taken form the third party vendors and are then distributed to the companies which are wishing to have an accounting software but in some cases it is often acts as the integration of the two cases but having some slight alterations. Accounting software can be online based as well as computer based. Along with the information related to accounts can be retrieved every time form everywhere.
The literature review that has been conducted below would be greatly helping in the process of understanding the structure of the organization, Commonwealth bank. Besides this the review has also been associated with discussing about the various problems which are faced by the commonwealth bank and this problems mainly includes the various kind of inefficiencies along with the various type of errors that are present in the flowchart for the sales and the shares that the bank is having. In the second part of the literature review a discussion has been made regarding the major competitors of the Commonwealth bank.
This organization or better to say the Commonwealth bank of Australia is one of the largest bank in the country of Australia. Besides this the branches also has its branches in different part of the world which includes the Asia, U.K, U.S, Fiji and lastly New Zealand. The bank is associated with providing different type of financial services which mainly includes the “ management of the funds”, “ services related to providing of loans and making of investments”, “retail banking”, “education loans”, “other types of loan” and many more. The ASE or the “Australian Securities Exchange has designated this bank as the best bank of Australia in the year of 2015. The bank had started its operations in the year of 1911 by the Government of Australia. This bank is listed as one of the top four banks of Australia whereas the other three banks mainly includes the Australia New Zealand bank, Westpac and lastly the NAB or the National Australian Bank. The Government of Australia fouded this bank but it become totally private in the year of 1996 (Commbank.com.au, 2018).
The complete management as well as the corporate section of the bank has been included in the organization structure of the organization. Besides the management and the corporate section the structure of the organization also includes the managing bodies and the employee’s as well as the customers who are associated with this bank (Galliers and Leidner 2014). In the figure which has been provided below mainly depicts the main structure of the organization where the management level has been divided into three different levels which includes the higher management level, middle management level and lastly the lower management level.
Despite of being listed as one of the top banks the bank has been facing several types of problems. It has been seen that the shares of this bank has fallen at a tremendous rate which has ultimately resulted in various kinds of drawback in the business conducted by the bank. In last few years it has been seen that the shares of the bank are falling very rapidly due to the adaptation of the various wrong strategies (Ismail and King 2014). But now the bank has started to take certain steps in order to tackle all this problems and also to make improvements in the share that they are having. Despite of taking certain steps to tackle the problems it was seen that most of the strategies which were adopted by them are mostly wrong as constant alterations were taking place in the market trends. The main reason responsible for all this alterations is the structure of the organization is the competition which exists between the Commonwealth bank and the other banks which are situated in Australia (Pearlson, Saunders and Galletta 2016). The problem grew more and more when the bank was not capable of satisfying the customer requirements. Besides this the necessities of the customers were also not fulfilled. One such example is incapability of providing loans to the customers due to fall of the shares. The bank is also having a higher rate of interest as compared to the other banks for this reason also the clients of the bank started losing their interest from the Commonwealth bank. The easy payments of the loans was also not possible due to this various customers stopped taking loans from this bank along with creating new accounts in this bank. For all reason the customers opted for the other banks present in Australia which are having lower rate of interest and the payments of loans is also easy. The figure which consists of a graph shows the major downfall of the commonwealth banks shares (Ismail and King 2014). Form the graph it is clear that the shares of this bank was above 76 which was very good but initially this started degrading and a sharp downfall of the shares has occurred. From the figure it is also possible to conclude to the fact that the efficiency of the commonwealth bank of Australia in order to hold the customers is totally absent. The fall in the shares has also effected the new clients as well as they are totally afraid of investing their money on the bank (Cassidy 2016). Due to the fall of the shares the customers have also lost their interest in taking loans from this particular bank and this has also happened due to the higher rate of interest charged from the customers by the bank. Customers always looks for those banks where the rate of interest is low and also when they fell secure about the money. Another problems which are included in the commonwealth bank of Australia is the problems related to the employees who are working in the bank and also the staffs (Peppard and Ward 2016). The officials of the bank often reacts rudely towards the clients this is also considered as another problem which is associated with the creation of a negative impact on the minds of the clients.
The organization understood the fact in order to tackle the problems they need to adopt certain strategies and due to this the major four elements for success were identified and this identified elements on which the bank decided to focus mainly includes the following:
The figure which has been provided below shows the percentage of the strategies which has been adopted by the Commonwealth bank of Australia.
Many organizations is associated with the use of the ERP or the Enterprise Resource Planning. Commonwealth bank also uses the ERP. By making use of the ERP the bank has been associated with manufacturing different types of control along with amalgamating the major portion of the business as well (Nguyen, Nguyen and Bosch 2017). The IS of the management and the ERP is associated with combining the various areas of the organization which mainly includes the marketing, planning, sales, finance, purchasing and human resources. The bank has also been associated with the use of the basic systems, application and product model or the SAP model for the purpose of their business. The introduction of the SAP in the business model of the bank is very much complex and due to this reason there is a requirement of knowledge as well as training (Appelbaum et al. 2017). This method would be greatly increasing proficiency of the bank along with increasing the flexibility and would also be integrating all the modules of the business at an extreme rate. Additionally the SAP is also cost effective (Abraham and Dao 2017). The wrong strategies that were adopted in the past days acted as the major reason responsible for the problems faced by the bank. Updating and renewing of the SAP is done in order to make the shares of the bank become steady (Hallikainen et al. 2017). Additionally the shareholders of the bank are also trying to reduce the interest rates of the banks in order to make the clients interested in again taking loans.
The figure that has been provided above is associated with showing the flow of different processes in the bank. This figure illustrates the various procedures conducted by the bank in detail. Besides this the figure also helps in finding the loopholes that occurs in the processes of the bank. The flowchart provided above has been classified into three major categories and the categories mainly includes the review, evaluation and lastly the response (McKnight et al. 2017). The feedbacks of the customers are included in the review section. The evaluation section mainly includes the answers and the steps which are necessary after the feedback form the customer is received. In the response section all the major processes and the functions of the banks are included. There are necessary steps which are to be taken even if the bank is incapable of responding in time (Ismail and King 2014).
The major problem which is faced by the Commonwealth Bank of Australia are responsible for the creation of different type of modifications in the shares of the bank (Peppard and Ward 2016). The different aspects which are responsible for the growth of bank mainly depends on the shareholders, clients and the marketing team of the commonwealth bank of Australia. The problems in the system has been greatly affecting the reputation of the Commonwealth bank of Australia.
The bank has been associated with including various types of clients and this has been acting as an extremely important factor for all success of the bank. The involvement of the clients with the Commonwealth bank would be greatly helping in the process of maintain the willing power to work and the involvement of the employees of the organization. The process of service is the basic need in this particular case (Nguyen, Nguyen and Bosch 2017). The organization should have made some alteration in the structure of the organization after starting its business in the year of 1911 and the alterations should have been associated with the use of innovative trends in the market. The bank employees are not enough for the bulk quantity of the clients who are the regular clients
CRM or the Customer Relationship Management acts as one of the most important feature for any organization especially for the bank. The Bank is associated with dealing with the clients and it their responsibility to fulfill the entire requirement of the clients. Customer Relationship Management is the characteristic, which mainly refers to the techniques and the various strategies which is used by the bank in order to maintain a good relation with their clients (Li Cui and Lu 2017). The CRM of Commonwealth Bank is not at all sufficient for the various processes. They are not capable of maintaining a good relation with the customers. The bank should put an extra focus upon the customer relationship management in order to make the clients seek their interest in the bank.
The reduction of the various type of problems and the challenges that are faced by the Commonwealth bank of Australia is possible by introduction of the accounting software in the business. Commonwealth bank of Australia is associated with the usage of the B2C or Business-to-Customers software package (Kavanagh and Johnson 2017). The advantages of B2C software are as follows:
The figure which has been provided below is associated with showing the slight degradation that has occurred in the shares of the market of Commonwealth Bank of Australia (Pearlson, Saunders and Galletta 2016). In the previous years the shares was 283 but now the shares has gone down to 262.
There are various competitors of Commonwealth Bank of Australia (Appelbaum et al. 2017). They are as follows:
The figure which has been provided below helps in describing the core and main competitors of Commonwealth Bank. Seven banks are the core competitors of this particular bank. The chart helps in understanding the fact that the market is still occupied by the Commonwealth Bank of Australia despite of the various type of problems.
Conclusion
The above discussion helps in concluding to the fact that the Commonwealth Bank of Australia is a leading banks in Australia and New Zealand. The bank has been associated with facing various type of problems even after being listed as one of the top four bank of Australia. Due to various problems the customers are losing their interest on the bank and besides this the shares of the bank are also falling. Despite of all the problems the bank has been trying a lot with different type of efforts to evolve out of the situation and they have thought of bringing new ideologies and strategies in their business. The above literature review covers a basic discussion on the structure, errors, inefficiencies and the process designing of Commonwealth Bank of Australia. It also covers the market size, market leaders and competitors of the bank. Specific recommendations are also provided to overcome the risks and challenges of the organization.
References:
Abraham, T. and Dao, V., 2017. An Empirical Investigation of Sustainability Innovation Systems and the Stages of Sustainability Maturity.
Appelbaum, D., Kogan, A., Vasarhelyi, M. and Yan, Z., 2017. Impact of business analytics and enterprise systems on managerial accounting. International Journal of Accounting Information Systems, 25, pp.29-44.
Cassidy, A., 2016. A practical guide to information systems strategic planning. CRC press.
Commbank.com.au. (2018). Personal banking including accounts, credit cards and home loans – CommBank. [online] Available at: https://www.commbank.com.au/ [Accessed 10 May. 2017].
Coviello, N. and Tanev, S., 2017. Initiating a New Research Phase in the Field of International Entrepreneurship: An Interview with Professor Nicole Coviello. Technology Innovation Management Review, 7(5).
Galliers, R.D. and Leidner, D.E. eds., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.
Hallikainen, H., Paesbrugghe, B., Laukkanen, T., Rangarajan, D. and Gabrielsson, M., 2017, January. How Individual Technology Propensities and Organizational Culture Influence B2B Customer’s Behavioral Intention to Use Digital Services at Work?. In Proceedings of the 50th Hawaii International Conference on System Sciences.
Hatton, C., Hatton, C., Kolk, M., Kolk, M., Eikelenboom, M., Eikelenboom, M., Beaumont, M. and Beaumont, M., 2017. Four approaches for staffing and structuring a product development team to identify the crucial unmet needs of B2B customers. Strategy & Leadership, 45(2), pp.25-32.
Ismail, N.A. and King, M., 2014. Factors influencing the alignment of accounting information systems in small and medium sized Malaysian manufacturing firms. Journal of Information Systems and Small Business, 1(1-2), pp.1-20.
Kavanagh, M.J. and Johnson, R.D. eds., 2017. Human resource information systems: Basics, applications, and future directions. Sage Publications.
Li, M.H., Cui, L. and Lu, J., 2017. Marketized state ownership and foreign expansion of emerging market multinationals: Leveraging institutional competitive advantages. Asia Pacific Journal of Management, 34(1), pp.19-46.
Madhavaram, S. and Hunt, S.D., 2017. Customizing business-to-business (B2B) professional services: The role of intellectual capital and internal social capital. Journal of Business Research, 74, pp.38-46.
McKnight, D.H., Lankton, N.K., Nicolaou, A. and Price, J., 2017. Distinguishing the effects of B2B information quality, system quality, and service outcome quality on trust and distrust. The Journal of Strategic Information Systems, 26(2), pp.118-141.
Nguyen, T.V., Nguyen, N.C. and Bosch, O.J., 2017. Enhancing the competitive advantages of Vietnamese coffee through the exploration of causal loop modelling in the supply chain. International Journal of Logistics Systems and Management, 26(1), pp.17-33.
Pearlson, K.E., Saunders, C.S. and Galletta, D.F., 2016. Managing and Using Information Systems, Binder Ready Version: A Strategic Approach. John Wiley & Sons.
Peppard, J. and Ward, J., 2016. The strategic management of information systems: Building a digital strategy. John Wiley & Sons.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download
