The set of guidelines, helping any specific organization or company to set their strategies or plans as per their principles is known as strategic information system. The procedure to take any type of decision is extremely easier with this particular system and thus could be easily accepted by all organizations (Konsynski & Karimi 2013). Moreover, this type of information system helps to align the business processes minutely. The data collection processes are much easier with this type of information system. Accounting information system is the proper storage, collection or processing of all types of accounting or financial data that are utilized by the users for reporting the information to the investors or management bodies (Simkin, Norman & Rose 2014). This accounting information system is the method that is completely based on the computers or systems to track the accounting activities with the resources of the information technology. The accounting information systems are utilized by the organizations with the help of accounting software packages.
The following literature review focuses on the concept of strategic information system and accounting information system by taking into consideration one of the most famous banks in Australia, ANZ Bank. The various details regarding this bank including a brief organizational background, organizational structure and various operation problems will be provided here. Moreover, this review will also highlight on the most likely method of system acquisition and the system flowchart of the sales process of ANZ Bank. There are various control problems within the system and accounting software packages are utilized for mitigating them. The market size with the leaders of market and the several competitors of ANZ Bank will be provided here. Important recommendations are provided for the selected organization.
Australia and New Zealand Banking Group Limited or ANZ Bank is considered as the third largest banking sector is Australia (Anz.com.au. 2018). The bank started in the year of 1951 and till today it is being extremely beneficial for the country they are serving. The operations of the ANZ Bank mainly deal with the retail banking and the commercial banking. It was a government bank before 2003 and however it became completely private in 2012 (Anz.com.au. 2018). In the time span of 2003 and 2012, this particular operated in two brands, namely, National Bank of New Zealand and ANZ. Several branches were present. This specific bank works in 34 different nations.
ANZ Bank is the leading banks in the entire region of Asia Pacific and has expanded its services to markets of Indonesia, China and Vietnam. It is one of the four banks in Australia. The most significant services provided by this particular bank are credit cards, loans, accounts, insurance, internet banking, retail banking and many more (Anz.com.au. 2018). This bank even helps to find financial solutions for the businesses. Market capitalization has made this organization extremely popular and famous in the market of banking.
The organizational structure of this ANZ Bank comprise of all the key management committees and principal board committees (Galliers & Leidner 2014). All these members are extremely important for the organization for making the organization popular and accepted by every customer.
The organizational structure of the ANZ Bank comprises of two specific parts. They are the board of directors and the management board of the bank. The main part of the board of directors is the CEO of the organization and various other members like governance committee, audit committee, human resources committee, risk committee and the technology committee are present (Bryson 2017). Apart from them, various key management committees are also present for the bank. All of them together, constitute the organizational structure of the ANZ Bank.
ANZ Bank is one of the most popular banks in Australia and New Zealand. Although, this bank is responsible for producing various advantages and benefits to the customers, there are some of the fundamentals problems in their operations. These operational problems often become major problems for the bank. The first and the foremost problem that the bank suffers is the incorporation of wrong strategies (Alexander 2013). The strategies that they have taken for the organizational objectives and customers are absolutely wrong and thus it becomes a major problem for them. These strategies have often back fired them and thus they have suffered major losses in their business due to them. The higher interest rates are one of them. Since, they are the leading banking sector, the interest rates are extremely high and thus the customers often avoid this bank. As the customers have started avoiding this bank, the shares of the organization are falling drastically (Laudon & Laudon 2016). In the last one year, the shares have gone down.
In June 2017, the shares were above 32; however, in April 2018, the shares have gone down to below bottom line, i.e. below 20 (Yoo 2013). This is extremely dangerous for the organization as this degradation is making the position of the bank lower than the rest of the popular banks in Australia and New Zealand. Moreover, they are always involved in major competition with the rest of the banks and hence they are not being able to concentrate on their business strategies. There is a constant change in the trend of market and thus this becomes one of the major problems in understanding the market features. They have undertaken various significant strategies and these strategies are extremely important for them (Haux et al. 2013). ANZ Bank is responsible for their popular strategies. Four distinct strategies are present within the business of this particular bank. These are customer, technology, productivity and strengths. They always focus on the customers as they feel that the customers are the most important part of their organization and without them it is impossible to build their organizational field. The next important part is the technology (Al-Hiyari, AL-Mashre & Mat 2013). They focus on the new and advanced technologies. Strengths and productivity are the other two strategies.
The system acquisition method that the organization of ANZ Bank has taken is ERP or Enterprise Resource Planning. It is the specific procedure through which the organization controls as well as integrates the various business processes (Dandago & Rufai 2014). The marketing, finance, human resources, purchasing, sales and many more are being integrated through this ERP. They utilize this ERP as their system acquisition method as there are several business processes in a bank and it is extremely important to integrate all of them to one single business process. The disadvantage of the Enterprise Resource Planning is that it is extremely costly and every organization cannot afford them (Amrollahi, Ghapanchi & Talaei-Khoei 2013). However, since, ANZ Bank is one of the leading banking sectors in Australia, they could easily afford them in their business and thus they have selected ERP as their system acquisition method.
The various advantages like human resources, employee management, payroll systems, vendor management, customer relationship management, tasks management, client management, sales management and project management are done with the help of ERP in the banking sector of ANZ Bank (Gholami et al. 2013).
The systems flowchart of the ANZ Bank provides a clear image of the sales procedure of the bank.
The first component of the sales process is review (Youn et al. 2013). The second component is evaluate and the third component is the respond. At first, reviews are taken from the customers regarding the services of the bank. If they are happy of the products of the organization, then they eventually select the services they are choosing. Henceforth, if the feedbacks are negative, they try to avoid the bank and the bank wants to know the reason behind the dissatisfaction of the bank. Next, comes the evaluation sector. Here the organization of ANZ Bank evaluates according to the feedbacks of the customers (Simkin, Norman & Rose 2014). The respond component comprises of the various banking services like e banking, credit cards, debit cards, general services, personal services, deposit services and many more. All these services are extremely important and significant for the customers and thus they remain happy with the bank (Arvidsson, Holmström & Lyytinen 2014). However, if the services are not worthy, they significantly try out to be a major failure for the ANZ Bank.
In spite of being one of the leading banks in Australia and New Zealand, there are some of the major control problems and frauds within the system. These control problems are extremely dangerous for the organization (Willcocks 2013). The first and the foremost problem within the system of the ANZ Bank is the falling of market shares. The shares of the organization have fallen down and the organization is not being able to overcome this particular situation. The most affected part of this organization is their brand name. Since, the market shares are going down, the customers are not investing in the bank anymore and thus they are avoiding the bank. Moreover, due to the higher interest rates in the bank, the customers are not taking loans from the bank any more. The marketing team is not doing their job perfectly and are not advertising the bank any more (Laudon & Laudon 2016). Therefore, the new customers are not interested in the bank and thus the organization is suffering major losses. The several kinds of frauds in the bank include fake emails and fake SMS messages.
The accounting software packages help any organization to properly execute their business operations without any type of problems or complexities. Several accounting packages are present in market. Amongst all of them, the organization of ANZ Bank has selected the accounting package of Xero (Xero Accounting Software. 2018). The various modules of functions such as trial balance and general ledger are processed with this type of accounting packages. All these accounting packages differ in complexities and costs.
Xero is the specific kind of accounting software that is based on cloud and is taken by various organizations. Mostly, the medium sized and the smaller organizations take up this software (Xero Accounting Software. 2018). The services and the products of Xero are solely based on model of software as a Service of SaaS. The several benefits of Xero are given below:
iii) Simple Collaboration: The process of collaboration is very easy and effective with the accounting software of Xero.
The current market size of the ANZ Bank is clearly shown in the image (Hill, Jones & Schilling 2014). Maximum shares are still in the favour of ANZ Bank and they help the organization in understanding the position of the bank. 26.3% shares are in the business of ANZ Bank.
ANZ Bank is one of the leading banks in the banking sectors. There are other banks as well and three other banks are present in the list of top four banks. They are the competitors of this bank. They are given below:
iii) National Australian Bank or NAB (Palvia & Palvia 2013).
CBA is in the first position with maximum shares and ANZ Bank is in the third position (Ogiela 2015). Thus, it clearly depicts that Commonwealth Bank of Australia is the market leader in banking sector in Australia. However, there is scope for the ANZ Bank to be on top.
ANZ Bank is suffering from various problems and all those problems should be solved as soon as possible. There are various recommendations for the bank and these suggestions would be extremely helpful for the business. The first problem in their downfall of shares and this could be increased with the lower interest rates and thus the shares would be in better position. Moreover, they should maintain a better customer relationship management or CRM with their customers. These recommendations would be helpful for the ANZ bank.
Conclusion
Therefore, from the above discussion it can be concluded that, the information systems developed to corporate the several business initiatives and objectives are known as strategic information systems. The organization is expected to gain competitive advantages form this type of information systems. They are extremely beneficial for the organization and thus most of the organizations in today’s world, utilize this particular system in their business. The most vital and effective advantage of this type of information system is that it is extremely cost effective and always focuses on any specific segment of market. It is the most salient feature in the field of information technology, helping the organizations in storing and processing information. The most significant or vital goal of this strategic information system is that it helps all the entrepreneurs in successfully accessing the various environmental alterations for utilizing then for the utmost advantages of the organization. There are technically three types of strategic information system in any organization. They are the financial, strategic and operational. This type of strategic information system completely and solely depends on the particular kind of business the organization is. Two types of objectives are possible in any business. They are the short term objectives and the long term objectives. Market survey is another important benefit of this organization. Various tools and techniques are present in this information system that is utilized by the companies. Accounting information system is the typical segment of information system that deals with any information related to accounting and financial data. This type of information system is being utilized by various organizations and thus is popular and well accepted by all. Accounting software packages are utilized for the accounting information system. There are various types of accounting software packages available for the organizations. They are MYOB, QuickBooks, Xero, Sage One, FreeAgent, FreshBooks, Harvest, AccountEdge Pro and Hiveage. The above literature review has clearly demonstrated about the popular organization of Australia, ANZ Bank. Various details regarding this organization with various recommendations are provided here.
References
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