Background Information about the Research Paper:
In the current time, it is more essential and noteworthy for the business firms or multinational companies to adopt and implement different types of information systems and technologies in order to run business functions and operations more innovatively and effectively. It is because information systems and its applications allow the organizations to bring innovation, accountability, and flexibility within the various business process and strategies. In addition to this, an information system is allows companies to bring development and improvements within their existing business operations. For instance, with the help of information system, company could create new business opportunities and overcome several operational costs effectively. Moreover, information system is also provides competitive advantages to the user organizations over the competitors. Overall, information system is used to improve organizational productivity and attain long term objectives.
The main purpose of conducting this research paper is to improve abilities to develop complete implementation proposal for an information system that uses a systems approach. In addition to this, it should also be noted down that, in the context of the commonwealth bank of Australia is selected as a sponsor organization. In the same way, the Systems Implementation Proposal would target to the sponsor organization. Moreover, CRM system is chosen as an information system in the context of this research paper. Additionally, the appropriateness and effectiveness of the proposed new system such as CRM system with regards to Commonwealth bank would be discussed. At the same time, the internal and external environment of the company would be analyzed to propose new information system. Different types of opportunities for IS/IT improvement would also be analyzed in the context of sponsor organization. The concepts and applications of Systems Development Life Cycle (SDLC) would also be analyzed in order to attain the research objectives of this paper.
In the present time, the Commonwealth Bank is considered one of the leading, fast growing, and reputed, trusted, largest and profitable banking institution in the Australia that offers a wide range of financial products and services to their clients at the reasonable costs. Moreover, the Commonwealth Bank is a financial banking company that belongs from the Banking and Financial service industry. The products and services of the bank are more effective and attractive as compare to the other banking companies in the Australia. It is because the financial products/services are designed by the company as per their clients’ needs, wants, perception. This helped the bank in attaining the competitive scope in the market. In addition to this, it should also be noted down that, the financial products/services of the bank are playing a key and fundamental role in satisfying the financial needs of their customer (Commonwealth bank of Australia 2017).
For instance, the bank is not providing only a single product or services but also it is offering different financial products and services to their customers including business loans, personnel loans, equipment & trade finance, and rural & agribusiness products, insurance, debit/credit cards, insurance, term deposit, investment & broking services, current & saving accounts. The products and services of the bank helped it in making a full service bank in the Australia. Apart from this, it should also be noted down that, the mission of the commonwealth bank is to shine at securing and improving the economic/monetary happiness of their customers, business firms and social communities. On the other hand, the vision statement of the bank is to become one of the trusted, respected, reputed and important financial services organizations in the global market. The core values of the organization are Comfortable, Elegant, Confident and Comfortable. On the other hand, the banking company is also operating their business functions and operations across the national boundary such as: New Zealand, Fiji, Asia, USA and the United Kingdom (Commonwealth bank of Australia 2017).
Internal Environment Analysis:
Value System: It is one of the most important tools to analyze and access the internal environment of a company. It is found that, the value system of the commonwealth bank is very strong because it had adopted various ethical policies and strategies that guide the bank and its employees in attaining the organizational long term goals ethically and effectively. For example, the attitude, and behavior of the commonwealth bank’s customers, management and employees is positive that would support the new information system at the workplace.
Mission and Objectives: The mission and objective of the bank is to maximize profit by reducing overhead and additional costs. So, this would also support the company to adopt and implement new information system within the company (Commonwealth bank of Australia 2017).. .
Organisation Structure: This is also effective because all the people of bank are fully dedicated and responsible for the duties, responsibilities, roles and functions in the overall success of the bank. This would also help the bank to effectively and successfully adopt new system.
Corporate Culture: It is found that, in order to access the corporate culture of a company, the top management of a company is play significant role. For example, the corporate culture of the commonwealth bank is more effective, dynamic and innovative. It is because the top management of the bank mainly focuses on using new tools and technologies to reduce several costs and improve productively. So, the top management of the bank would support to adopt and use new information system in the company (Commonwealth bank of Australia 2017)..
Competitors Analysis: Today, in the banking business sector of Australia, there is tight competition among the banking and financial companies. Most of competitors of the commonwealth bank are using various types of technologies and information system to conduct the business functions effectively and attain competitive advantages. Hence, this tight competition would force the bank to adopt new information system to improve productivity.
Technological Advancement: In today’s globalized economy, there are rapid advancement and up-gradation in the technology that forcing the companies or firms to use new systems to improve their productivity. So, the commonwealth bank would also have to focus on using new technology and tools.
Political, Social, legal and Cultural Environment: Political, social and culture are the major external factor that would directly affect the business operation and functions of the commonwealth bank. For example, the changes in the political would force the bank to use and implement the new technology in the country. Moreover, change in the perception and attitude of customer regarding the products/service would also affect the functioning of the bank in the market. So, the bank should adopt and implement new system at the workplace (Commonwealth bank of Australia 2017). .
Opportunities and Justification:
Based on the internal and external environmental analysis of commonwealth bank, it is suggested that, the bank should adopt and implement a CRM system within the organization in order to improve productivity and gain competitive advantages from the market. In addition to this, it is also important to know that, the commonwealth bank would need to align or link the CRM system with the organizational core business strategies and methods. In the same way, the CRM system would provide a wide range of IT/IS opportunities to the bank. This would also help the bank in providing strategic direction to improve current business process and strategies in an effective and proper manner (Riyad, 2012).
Along with this, it is also accessed that, from the last few years, the overall sales, revenue level and profitability of the commonwealth bank is decreasing due to poor customer service and lack of appropriate information systems. So, CRM system would be most appropriate and effective tool for the bank in order to overcome encountered issues and problems. This system would also help the bank in improving relationships with its customers and enhancing the profitability and productivity of the bank. Along with this, it is also important to know that the proposed system CRM would be linked with the sales operations of the bank and it would provide strategic direction to the company in order to overcome the issues and improve profitability (Jurisic, and Azevedo, 2011)..
In addition to this, based on the cost/benefit analysis, it can be said that, the new system would bring various implementation costs but also provide different tangible and intangible benefits. The implementation cost would be related to CRM software licensing and maintenance or support contracts. The tangible and intangible benefits of the new system would be reduction in the operational cost, business challenges and improvements in the ROI of the company.
The implementation of CRM in the bank would bring innovation, Royalty; improve relation with the customers & stakeholders and retain and motivate the employees. Moreover, information and data could be collected effectively that would improve the satisfaction level of customers. Different benefits would be gained by the bank including reduction in internal cost, improvements in profit & customer services, positive work environment, and improvements in business methods.
Basically, a CRM (Customer Relationships Management) system can be defined as the software applications that assist the organizations in improving its productivity, profitably and accountability by developing relations with the key customers. It means the CRM would help the bank in attaining its long term objectives and providing the competitive scope by supporting strategic goals, vision and mission of the organization in an effective and proper manner. At the same time, the standards features of the CRM system would help the bank in providing a lot of tangible and intangible benefits. For example, a CRM System would allow the bank to analyze and determine the wants, needs and preference of their customers by managing, organizing, tracking and storing all the customer integrations in a simple and easily manner. This is a standard feature of CRM system related to simplicity and ease of integration (Dagger, David, and Ng, 2011).
This would also help bank in developing strong relationships with their customer effectively. For example, master data management feature of CRM System would allow the bank company to understand the needs and wants of their clients about the company’s products and services and bring improvements in the product range. On the other hand, customization feature of CRM System would allow the bank to gather and store important and valuable information effectively that would be important for the bank to take strategic marketing and sales decisions in an effective and proper manner. Moreover, Mobile access feature of CRM would also allow the bank to conduct and perform various banking business in an effective and more innovative manner through the mobile access (Deng, Lu, Wei, and Zhang, J. (2010).
Furthermore, it is also accessed that, CRM is also deals with stronger multichannel support that would help the bank in attaining their basis and core business goals on the pre-determined time period. Remote access feature of CRM system would provide several business opportunities to the bank so that they would be able to understand and know the specific needs of customers regarding the financial products and services. In the same way, the bank would be successful in delivering more personalized products and service as per the needs of their client. This would directly improve profitability as well as productivity of the bank. For case, CRM systems would provide innovative facilities to the bank such as a central documentation location, allowing employees across different department’s access to the same information (Ganguli, and Roy, 2011).
In order to effectively, properly, and successfully execute, install or implement the CRM, the commonwealth bank would have to adopt a seven step SDLC model. As per this, the bank has to follow the following steps including:
Conclusion
On the basis of above discussion, it can be concluded that, business firms or organizations must focus on adopting and implementing different information system not only to reduce organizational operational cost but also improve profitability, productivity, existing process and system. Additionally, it is found that, before using any new information system, a company should analyze its internal and external environment. Moreover, it is analyzed that, CRM system is characterized with a lot of standardized features so business firms should adopt this system. Finally, it can be concluded that, in the implementation of any new information systems, company should adopt steps of the Systems Development Life Cycle (SDLC) effectively.
References
Commonwealth bank of Australia (2017). About Us. Available at:
https://www.commbank.com.au/ {Accessed On: 16 May 2017}.
Dagger, T. S., David, M. E., and Ng, S. (2011). Do relationship benefits and maintenance drive
commitment and loyalty?. Journal of Services Marketing, 25(4), pp.273-281.
Deng, Z., Lu, Y., Wei, K. K., and Zhang, J. (2010). Understanding customer satisfaction and
loyalty: An empirical study of mobile instant messages in China. International journal of
information management, 30(4), pp.289-300.
Ganguli, S., and Roy, S. K. (2011). Generic technology-based service quality dimensions in
banking: Impact on customer satisfaction and loyalty. International Journal of Bank
Marketing, 29(2), pp.168-189.
Jurisic, B., and Azevedo, A. (2011). Building customer–brand relationships in the mobile
communications market: The role of brand tribalism and brand reputation. Journal of Brand
Management, 18(4-5), pp. 349-366.
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