Discuss about the Strategic Information System: Commonwealth Bank of Australia.
Information system has been helping in maintaining different types of goals and objectives of an organization in the market. Several benefits have been associated in the use if the strategic information system (Piepenburg, Archambault and Joergensen 2015). It helps in providing competitive advantage for the company in the market. This report discusses about the strategic information system and accounting software in banking sectors of Australia including Commonwealth Bank. The report focuses on the organizational structure of the company and problems in the organizational structure. A relevant accounting software has been discussed for the CBA.
Commonwealth bank is one of the most popular bank in Australia. This bank has been operating in Europe, Asia and Australia. This bank has been listed as the largest bank of Australia in 2015. This bank has been helping in increasing the revenue system of the country. It has a large business network all over the world (Commbank.com.au. 2018). This bank has been helps in in maintaining the banking services in all over the world.
Figure 1: Organizational Structure of Commonwealth Bank of Australia
(Source: Commbank.com.au. 2018)
The value price of shares pf the company has been decreasing in the market that has created major impact on the business of bank. The bank has been suffering with poor strategic information system. The decision making system of the company has been weak in the operational management (Ogiela, Ogiela and Ogiela 2015). The competitive advantage of the company has been decreasing in the market. The use of old strategies in the market have been main reason for the downfall of the company in the market. The CBA has been a traditional bank that has been using old system and technology. Therefore, the change in the market has minimized success if the bank in the market. The irregularity in the organizational structure has been creating complexity in maintaining performance of the company.
There are different operational procedures that may help in limiting the issues in the CBA. Four of them has been examined underneath:
Customer: This is the primary system for the CBA Bank. Clients are the most critical resource for the organization in the market. In this manner, the fulfillment of the clients in the market is a critical point for the advancement of the organization in the market (Ogiela 2015). The way of life of the bank has been altered in keeping up the desires of the clients in the market. The enhancement of the cash in the market has been legitimately kept up by checking the exercises of the clients.
Technology: The second system of the Commonwealth bank is innovation. Innovation assumes an imperative part in keeping up the improvement to the organization in the market. In any case, CBA have been utilizing low innovation in their framework. Henceforth, they are confronting a few issues eth the new contestants in the market as they are utilizing overhauled innovation in the market (Hernández, Santos and Gallardo 2015). The Commonwealth bank has been endeavoring to overhaul their innovation utilized as a part of the operational framework.
Productivity: The third procedure of the Commonwealth bank is profitability. The profitability of the bank has been more than that different banks in Australia (Laudon and Laudon 2016). The organization is rearranging the strategy for creation in the market. The utilization if the different techniques in the market for the expanding the diminishment have been presented by the organization. Efficiency of the organization has dependably been concentrating on the request of the clients in the market (Mehrjerdi 2014). Be that as it may, consequently has been an exceptionally basic circumstance for the organization to keep up the profitability in the market.
Strength: The last technique of the Commonwealth Bank is quality. The money related emergency of the CBA has been attempting to overcome from different ruin and joining their qualities to bob back in the market (Arvidsson, Holmström and Lyytinen 2014). The harmony between the outside and inward factors influencing the improvement of the organization in the market has been broke down. The utilization of the asset report may help in keeping up the financial plan of the bank and underwrite different open doors in the market.
Enterprise Resource Planning or ERP has been executed by the Commonwealth Bank of Australia for the framework securing technique. As remarked by Konsynski and Karimi (2013), ERP alludes to the procedure by which an association keeps up and controls different fields including arranging, fund, obtaining and showcasing. The hierarchical objectives have been appropriately arranged and examined for the fruition of the objectives in time. The utilization of framework procurement strategy in the bank may help in observing different resources. Ward bank used to use SAP show for dealing with their business. As contended by Hill, Jones and Schilling (2014), usage the SAP demonstrate in an association is not a simple errand as it requires legitimate preparing and aptitude. SAP show encourages in giving adaptability to the operational frameworks utilized as a part of the bank. It helps in giving different chances to the organization in the market. The utilization of the SAP demonstrate helps in recognizing the cost adequacy methodology in the organization (Simione et al. 2018). The savvy items and administrations of the organization helps in pulling in the clients in the bank. The utilization of the SAP demonstrate have helped in giving legitimate market investigation including the measure of increment in the market. It is even used by the bank for making the bank shares completely relentless and working (Amrollahi, Ghapanchi and Talaei-Khoei 2013).
There have been different issues looked by the Commonwealth bank in the market. Along these lines, there is a need of different adjustment keeping in mind the end goal to development in the organization in the market. The estimation of offers of the organization has been diminishing in the market. Subsequently has been a noteworthy issue fir the bank in the market. The partners of the organization have not possessed the capacity to keep up the basic leadership arrangement of the bank. The control issues of the association have been in charge of the decrement of the development of the organization.
There are a few sorts of fakes occurring in the Commonwealth Bank of Australia. The first and the principal misrepresentation of this association mostly incorporate the scam messages or the lie SMS messages (Arvidsson, Holmström and Lyytinen 2014). The other extortion of the bank incorporates phishing and caricaturing. Crushing is the most well known type of phishing and SMS.
The accounting software arrangements are predominantly required for preparing and keeping record of various exchanges utilizing distinctive modules, for example, finance, trail adjust, creditor liabilities, money due, general record, charging of the deals and so on. These sort of programming arrangements are accessible from various outsider sellers or can be produced in-house by the association according to the custom fitted necessities of the association (Bryson 2017).
In Australia there are various accounting software bundles are accessible, for example, MYOB, Xero, Reckon and so on. Among them, CBA teamed up with the Xero keeping in mind the end goal to give, dispatch the first of its kind a safe information sustain arrangement that will be utilized for private companies that are the clients of the bank.
Xero gives cloud based answer for its clients in the SaaS based model. With the accompanying focal points of the Xero, the Common riches bank gets advantage in the market (Alexander 2013).
Taking care of numerous customer request for in insignificant preparing time: With the effective modules of the bookkeeping bundle, Xero can deal with an excessive number of client asks for in negligible measure of time.
Automation: For associations like Commonwealth Bank straightforward upkeep of bookkeeping exchanges and fundamental budgetary announcing are insufficient. In this manner the association requires the total automation of payrolls module, distinctive other representative costs too time sheets (Martinsons, Davison and Huang 2017). Treatment of the diverse buy orders, departmental spending plans and other complex money related exercises are additionally accessible from Xero.
Interoperability: For Commonwealth Bank, information went into the product arrangement can be adequately utilized by various business applications utilized inside the association and distinctive business parts (Amrollahi, Ghapanchi and Talaei-Khoei 2013). Then again, it might be required that the product arrangement can draw data from other programming arrangement/items from various different branches of the association. Accordingly, this builds the effectiveness of the distinctive business forms in the association by furnishing interoperability with other programming arrangements. Utilization of Xero in giving the managing an account administrations to the SSME helped the association to procure new clients as it influenced the saving money to process substantially less demanding (Yoo 2013). With this coordination the clients will have the capacity to determine their managing an account exchanges definitely, and get an up and coming perspective of their trade stream out the go.
There are various banks that are the center rivals in the keeping money division of Australia. The absolute most noteworthy contenders of Commonwealth Bank are recorded beneath,
Figure 2: Competitors of Commonwealth Bank of Australia
(Source: Commbank.com.au. 2018)
From the above outline it is obvious that that the Commonwealth Bank is Australia is as yet driving in the managing an account area of Australia. 20% of the aggregate offer is procured by Commonwealth Bank, 16% by National Australian Bank, 13% by National Australian Bank (Gholami et al. 2013).
Commonwealth Bank of Australia has been confronting an assortment of authoritative and operational difficulties in their framework. The most regular issue in the Commonwealth bank of Australia have been the climb in the financing costs than that of different banks. Accordingly, clients are not willing to contribute their cash with tis bank. It is profoundly prescribed to lessen the loan costs of the bank to draw in more clients to the bank (Jakobson and Rueben 2015). The financing costs on the credit of the general population should be low s that the quantity of advance get expanded in the banks. The second issue in the bank is that the clients are not willing to put resources into the bank. Accordingly, it is prescribed that the bank needs to build the offer in the market (Youn et al. 2013). The client relationship administration has been an issue for the bank in the market. The level of fulfillment has not been enhanced by the amount of administrations gave by the bank. Along these lines, it is prescribed to put resources into the CRM model of the organization.
Conclusion
It is concluded that the strategic information system have helped in keeping up the authoritative objectives and goals. The utilization of key data framework have helped in limiting the issues in the hierarchical objectives of the Commonwealth Bank of Australia. Accounting software execution has been examined in the report. The utilization of the SAP demonstrate has been clarified in the report. The significance of the SP show has been talked about in the report. A few proposals have been accommodated limiting the issues in the CBA
References
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