The business organizations are rapidly integrating the use of information systems for managing effectively their complex data for supporting their decision-making process. The information systems can be described as the software that provides help to an organization for recording, controlling and analyzing the data in order to interpret useful information from it. In this context, the present report aims to investigate and analyze the usefulness of the information system concepts used by business entities such as decision-support systems and cloud computing. These are specialized information systems that are specially designed for supporting a particular business process within an entity in order to carry out specific tasks. The report has evaluated and analyzed the use of decision support system in modern business entities for managing their operational processes and activities. Also, the report discusses the opportunities associated with the use of cloud computing for modern business entities. The usefulness of these financial applications and information systems in modern business entities is discussed and evaluated in respect of Commonwealth bank industry in the present report.
The decision-support system can be regarded to as a computer-based information system used for supporting the decision-making process. The system provides flexible business intelligence tools for analyzing the complex data through collecting, gathering and interpreting the relevant business information. This is done through the help of interactive software-based system of DSS that helps in gathering useful information from the raw data (Dimitris, 2012). The commonwealth bank is a recognized multinational bank of Australia that has wide business operations across various parts of the world. The bank as such faces semi-structured and unstructured situations where it requires the use of computer- based information system as a decision-making tool. The semi-structured situations include requiring information related to loan approvals and fingerprint matching while unstructured includes estimating the price of stocks and assessing the risk involved in money lending (Kroenke et al., 2013).
Figure 1: Decision Support System
The commonwealth bank for resolving the semi-structured situations incorporates the use of decision-support system such as use of borrowing power calculator and automatic fingerprint identification system. The borrowing power calculator helps in estimating the amount of loan a customer can borrow and the amount of repayment to be made. The automated fingerprint identification system helps in generation of possible matches for making decision regarding the fingerprint similarity detection. On the other hand, the DSS used by Commonwealth bank for resolving the structured situations include the use of spreadsheet, databases, and neural networks and management information systems. The use of these decision-support systems helps in recording the data that can be used at the time of emergency conditions for making decisions in regard to prediction of stock prices, responding to risks through identification of potential problem in advance and developing effective strategies for mitigating them (Yutaka, 2007).
The cloud-computing system refers to an internet-based system that provides the benefit of storing the data on a centralized location so that it can be accessed by anytime and anywhere from any device. As such, the cloud computing presents various opportunities for transforming the nature of business operations of Commonwealth bank. The increasing pressure of integrating flexibility and agility into the IT infrastructure of banking industry has caused the banks such as Commonwealth bank to adopt cloud computing systems. The cloud computing system will enable the banking company to automatically assemble, integrate and configure the technology resources for achieving the business goals and objectives. The most attractive opportunity presented by the cloud computing system to bank industry is that it helps in overcoming the need of having a physical infrastructure at each operating location of banks. Thus, the Commonwealth bank can easily provide its services from anywhere and as such reduces the operating cost of banking operations (Pearlson, Saunders, and Galletta, 2016).
Figure 2 Cloud Computing
Also, the cloud computing software has large capacity to store real time data about the need and preferences of customer. This in turn will help the bank to develop customized product and services and thus achieving good customer experience. As such, the cloud computing system helps the bank in meeting the customer expectations rapidly and thus achieving customer satisfaction. The use of internet-based system for banks also helps them to provide an online payment system that proves beneficial to them in reducing their operational cost and maximizing their efficiency. The development of standard development process, scalability and service offerings helps the banks to achieve customer engagement and respond to market changes immediately. Thus, it can be said that cloud computing is providing the potential opportunity to Commonwealth bank the opportunity of global expansion with reaching to huge customer base instantly and rapidly (Nicoletti, 2015).
Conclusion
It can be summarized form the overall discussion held in the report that use of information system concepts such as DSS and cloud computing can help in improving the efficiency of business processes of Commonwealth bank. This in turn can help the bank to achieve a competitive advantage and thus fostering its long-term growth and development.
References
Dimitris, F. 2012. Outsourcing Management for Supply Chain Operations and Logistics Service. IGI Global.
Kroenke, D. et al. 2013. Experiencing MIS. Pearson Higher Education AU.
Nicoletti, B. 2015. Cloud Computing in Financial Services. Springer.
Pearlson, K., Saunders, C.S. and Galletta, D.F. 2016. Managing and Using Information Systems, Binder Ready Version: A Strategic Approach. John Wiley & Sons.
Yutaka, K. 2007. Information Technology and Economic Development. IGI Global.
Commonwealth Bank of Australia. 2017. [Online]. Available at: https://www.commbank.com.au/ [Accessed on: 2 September 2017].
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