ITC563 - ICT IN BUSINESS ASSIGNMENT HELP

ITC563 – ICT IN BUSINESS ASSIGNMENT HELP

Assessment 1

Australian Finance Direct was previously called as FAI finance. It provides a solution regarding finance to their consumer in Australia. Information Technology is now an important part of an organization. Companies maintain their database in their mainframe system. It is a rapid change in management. ICT helps in conveying information at a very high speed and in a very efficient manner. The computer is able to store the data and modify or manipulate the data as per the instruction of the user. The important role of information and communication technology in organization activities are as follows:

Communication relationship: Electronic mail is the easiest means of communication message between the employees, customer, and suppliers. As the demand of new era various advanced tool is introduced like live chat system, telephones or other high technology tools for the employees by whom they can easily communicate with each other. Financial institutes require the best means of communication method (Usmanfarouk,2015).

Administration information system: By the help of information technology, the manager can easily track the transaction, expenses and immediately take action against the lowest transaction as per the expectation. It helps in to maximize the sales and reduce the cost of the other services. The organization used new technology for storing their data which help them in their progressive planning.

Automatic printing schedule: Information technology used in the financial institution is generate the receipts of deposits, passbooks or other documents which is an evidence of the transaction.

Organized Management: In previous times companies stored their data in files which only create confusion and filling the cabinets. After the introduction of information technology, companies used digital technologies for data storage. It helps to maintain a large amount of data and make easier to access data whenever they need ( Aliyu,2012).

Computers are primitive need of the organization, especially financial institute. New technology brought enormous impact on staff and customer of the bank. Technology makes the fastest delivery of banking services to their customers but it creates the new competition base as well. But the main aims should be the direct marketing and consistency in management which support in decision making.

Information plays a vital role in the financial institution. Institute bound some activities which need the platform of information. This is the main reason for the values of information in the organization. Branches are connected through computerized factor which increases the efficiency of decision making and monitors the activities. They can create good relationship factor with the staff of other branches (Abbas, 2017).

Reduce cost: Accurate information reduce the cost of productivity. It can be said due to some evidence like good information emphasizes better planning methods. The Planning for the productivity guide the exact material and other expenses. Cost of paper, pen or other elements which now be able to work digital platform.

Save time: Quality of information saves time in many ways- it avoids duplication in entries if the entry is done already. Australian Finance Direct saves times their employees and customer who make the transaction or performing other activities. Mobile application and website save lots of time and energy. The consumer can able to perform their activities easily on the digitization.

References

  • Abbas,A, and Weigand, H.,(2017). The Impact of Digital Financial Services on Firm’sPerformance: a Literature Review. Department of Management
  • Aliyu,A,A,and  Tasmin,R,B,H., (2012). The Impact of Information and Communication Technology on Banks ‟ Performance and Customer Service Delivery in the Banking Industry.Department of Technology Management 
  • Usmanfarouk,B,K, and Dandago,K,I.,(2015). Impact of Investment in Information Technology on Financial Performance of Nigerian Banks: Is There a Productivity Paradox?.Journal of Internet Banking and Commerce