Business Process Selection for Commonwealth Bank
Discuss about the Business Process Of The Commonwealth Bank.
Commonwealth Bank of Australia is an multinational bank which has its base at Sydney. The bank serves in different countries including Asia, Australia and the United States. The bank has its service on the various sectors like retail banking, investment banking and the corporate banking. It also includes itself in the wealth management and provides customized banking service to the niche consumers of the bank. The commonwealth bank is the largest financial organization which has been listed in the security exchange of Australia. Initially the bank was founded on 1911, the privatization of the bank happened on 1996.Being one of the ‘big four’ in the financial market of Australia this bank plays an important role in the business. Apart from providing the services to the consumers, the bank has taken some steps in order to expand the business. It has some foreign collaboration with countries like China and the Japan. The good internal management policy of the bank has made this bank to hold a place in the top 20 list for the “Dream Employer”.
The main objective of the paper is to make a business report for the client which will deliver the justification choosing the business process applicable for the expansion of the business for the commonwealth bank. The report will be effective for both the client and the business managers of the bank to make the important business decision and take the business of the bank to the next level. In order to understand the business processes, the definition of the business process is stated in the paper. This article has discussed about the selected business process for the bank. The determination and the development of the requirements for the implementation of the business processes is described in this report. The relevant technologies those can be used in this course is also evaluated. Some risks and challenges are associated with the business implementation plans. In this case the risks and opportunities associated with the selected business process has been discussed. Further recommendations are made in order to mitigate the risks and the for future improvement.
Business processes is defined as the collected of inter related tasks. The compilation of these tasks will give a certain output which will help the organization to achieve the goals. The inputs of the tasks are based on then different factors and internal processes of the organization. These factors ensures that the outcome of the business process will help to add the values in the services provided by the organization.
Strategic Business Requirements
There are various kinds of business process exist. The selection of the right business process depends upon the type of the company and the service provided by the company along with the organizational goal of that enterprise. The selection of the implementation of the business process needs to be done after evaluating the requirements of the company and discussing the matter with the managers and stakeholders of the company.
In case of the common wealth bank the selection of the business process depends on the various factors and as the bank is a well known organization which provides various services, the selection of the business process for developing and expanding the business is a complex thing.
The bank has currently operating in the Australia, United States and some of the countries in Asia. One of the major objectives of the Commonwealth Bank is to expand the business in more countries in the different continents. In order to do that the rules and regulations of the banking for each countries are needed to be evaluated. In order to do this the bank has to make a separate group to evaluate the situations and opportunities available regarding the baking service in different countries.
The bank is also planning for a positive digital disruption in the different internal working processes of the bank. This digital disruption includes the implementation of the accounting software and other reformation in the internal banking processes.
The bank is also planning to provide better services to the customer using the technology.
The changes for this bank is a diverse project, as there are changes of different kinds. In order to do that, the inter communication between the diverse modules must be carried out. The selection of the business process in this case can be ERP (Enterprise Resource Planning). The required change in the bank is both the reformation of the business process and the technology. ERP enables the management of the core business processes those are the combination of business and the technology. Under the ERP all the reformation required for the Commonwealth Bank can be done. As the process permits working with the diverse modules , the modification of all the services can be done under the same business process.
The implementation of the process will be successful after the accurate gatherings of the requirements. The business requirements needed for the business process can be classified in to three catagories-
- Strategic business requirements
- Functional business requirements
- Non functional business requirements
Functional Requirements
Strategic business requirements:
The strategic business requirements indicates the requirements those are necessary for the future development and the growth of the business. In case of the Commonwealth Bank the strategic business requirements can be the support of the software development companies for the implementation of the accounting software for the internal banking process.
Functional requirements are directly derived from the necessary changes needed for the company. The project manager needs to be well aware of the consequences of the and the work flow off the activities while carrying out the plans. The functional requirements are required to carry out these activities. In the case of the commonwealth bank the functional requirements are understanding the laws and te regulations of the other countries, so that the bank can make approach accordingly to those countries in order to expand he business.
The non functional attributes are concerned with the quality of the project deliverd by the project. Some of the non –functional attributes can be determined during the course of the development of the project (Islam et al. 2017).Some of the examples of the non-functional attributes are availability of the service, flexibility if the service or the products, usability and the scalability of the products. In case of Commonwealth Bank , the bank is needed to be ensured that the modified service provided by them is sustainable in nature and is meeting all the quality attributes. The determination of the quality attribute can be se by the project managers and the stakeholders of the project at the begiing of the project.
During the determination of the system requirements for the implementation of the ERP for the Commonwealth Bankin system, the main concern is that the bank is opertaiog internationally. The other digital disruptions needed for the bank is to implement the accountning software and improve customer service through the digitization. In order to do this the following requirements are needed to be considered.
Cloud vendor: The part of digital disruption in the bank is implementation of the cloud stirage. In order to do this, the bank can adopt the implementation of the hybrid cloud as it allows the partial storage of data to the cloud (Escobar-Rodríguez and Bartual-Sopena 2015). The sensitive information can be stored into the private server of the bank. In order to do this the bank needs to select the right cloud vendor. The selection of the cloud vendor can be nased on the meetings with the stake holders and te managers of the bank.
Non-Functional Requirements
Software requirement: The bank is planning to implement the accounting spftware for the internal business process In order to do this selection of the software packages are needed to be done. The business contract with the software application provider companies will be decided on the basis of the selection of the software packages. In order to select the software packages, the indentification of the requirements needed by the bank is evaluated.
Finding advanced technology for providing service to the consumers: There are various ways of providing services using technology. The bank has already implementate dthe service provid3ed by the ATM. The implementation of the fully online dedicate dapp for the bank is going to be implemented by the bank. Through that application the users can get benefits of te retail banking including the online cash transaction using internet. This will provide better service to the customers which will alos be flexible in nature. In order to d this the design of the app along with the selction of the platform of the development of the app is needed. These requirements gathering can be done on the basis of the meetings with the cliets of the bank and the other stake holders of the bank. The project manager should be concerned about the specification provided by the stakeholders and the clients of the bank. Apart from that market survey can be done in order to understand the views of the consumers of the retail banking about the services provided by the bank. This will help to understand the gap between the required system and the existing system.
The selection of the vendor and the software packages during the implementation of the ERP is a majot factor. There are
Considering the situation and reputation of the vendor: The main thing that has to be taken into accounting while selecting the software and the cloud vendor is the reputation of the vendor and the way they implement the software or the cloud architecture in the organization. In case if the hybride cloud architecture is implemented in the organization, the information stored in the public cloud will be managed by the third party cloud provider. The security of the data will be alos managed by the third part cloud vendor. The selection of the cloud vendor should be done properly so that the data in the public cloud can be secured eough and the architecture of the cloud in the bank can be well organized.
System Requirements Determination
Evaluation if the technology in the ERP system: The technologies used in the ERP system are needed to be evaluated carefully.The following factors are needed to be considered-
- Whether the ERP system will be customized according to the busiess plan.
- If the solution is scalable enough to adopt the constant change in the business processes during the course of the expansion of the business.
- The quality of the products and its impact on the users.
- If the technology is robust enough to work with the multiple operation in the diverse environment.
The finding the true cost of the implementation of the technology while implementing the ERP: The true cost of implementation of the technology in the development of te business process is needed to be evaluated (Pridmore et al. 2014). The evaluation is based on the long term and short term cost of using the specific technology in the organization (Huang and Yasuda 2016). In this case, the bank can consider the cost of implementation of the accounting system software for digitization of the internal process (Kilic, Zaim and Delen 2015). The cost of the implementation can be estimated after the meeting with the software provider. The resources spent for the implementation of the software can be considered as the one time invest,ent . Thee main thing in this case is to evaluate the cost of using the software on the daily basis (Ruivo et al.2016). Moreover, the managers and the project developers of the ERP system in the Commonwelath Bank should consider if there is any hidden cost involved in the using of those accounting software (Rajnoha et al. 2014). Apart form that the return on investment of the whole process is needed to be evaluated after the estimation of the cost of the software is done.
Giving the support and tranning to the employees: The implementaionn of the new software technology in the bank are needed to be managed by the trained employees. Many of the employees may not be familiar with the implemented system (Antoniadi,Tsiakiris and Tsopogloy 2015). In order to solve this problem, the traning to the employees is needed. On the other hand the bank needs to have a support tema which will help the bank to solve the issues regarding the technological problems in the software system.
There are various ways through which the bank can utilize the use of the technology. Three of the ways are described in this article.
Using the cloud architecture: Data storage has become a problem nowadays. In order to manage the business the bank needs to manage and store large amount of the data. The data used by the bak are confidential and sensitive in nature (Shen, Chen and Wang 2016). In order to manage the storage of data and maintain the security of data the bank can adopt the cloud architecture (Bradford and Gerard 2015). There are different types of cloud architecture (Parthasarathy and Sharma 2014). However, for the Commonwelath Bank the implementation of the hybrid cloud can be applicable (Bhattacharya and FOSSO 2015). The hybrid cloud allows the use of the public cloud and the private cloud. The Commonwelath Bank can use to store the most confidential information in the bank’s private server or the cloud (Nwankpa 2015). The security of the private clud can be managed by the organization itself or the cloud architecture provider company (Ko?cielniak 2014). The oter information can be stored at the public cloud. The security of the information in the public cloud is maintained by the third party cloud provider (Huang and Handfield 2015). This technolfy will reduce the cost for the Commonwelath Bank for maintaining the infrastructure for storing the data (Jain and Sharma 2016). Apart from that the data can be accessed from any where and any moment. This will increase the flexibility off the process which will eventually help in the progress of the business.
Cloud Vendor Selection
Implementation of the accounting software: In order to improve the internal accounting process, the accounting software can be implemented by the bank. The accounting software like Xero will help to reduce the human error in the accounting process (Van Der Aalst et al. 2016). Apart from that these kind of software can do the processing and identification of the relevant data more accurate way. The use of the software in the accounting process will help the bank to get the different financial solutions in a short time span (Almajali, Masa’deh and Tarhini 2016). The Commonwealth Bank can get the results and the relevant financial information from the outcome after using the software and those relevant information will help the bank authority to understand the current market situation and take the business decisions accordingly.
Developing the dedicated app for the users: The Commonwealth Bank can think about the development of the dedicated application or the mobile app that will help the users of the bank to get connected with the bank at any time of the day from any location (van der 2015). The app will help the users to access various retail banking services through internet (Shukla et al. 2016). The customers can pay the bill and can do online cash transaction through that dedicated application. This will provide the consumer a better service as they do not need to go to the bank in order to get the service and they can access all the services at any time of the day. This innovative idea of using the technology can give the Commonwealth bank a better position in the competitive market.
The evaluation of the effectiveness of the implemented technology depends on outcome after the implementation of those technologies (Ruivo, Oliveira and Neto 2015). In this case, for the right implementation of the technologies needs the right evaluation of the requirements and the implementation plan (Kulkarni et al. 2015). It can be assumed that deployment of the cloud architecture and the implementation of the accounting software for the internal processes of the banking system will help the bank to expand its business in a sustainable way and the impact of using the technology on the business of the bank will be positive.
There are certain kinds of security risks associated with the business process of the Commonwealth Bank.
Cyber Crime: The bank can be affected from the threats of cyber crime. The bank is using the ATM technology in order to provide the services to the consumers (Panayiotou et al. 2015.). The servers connected with the ATM can be hacked by the criminals and the information of the consumers can be stolen, which is not desirable (Sarkis and Sundarraj 2015). On the other hand the bank is planning to implement a dedicated app for the consumers so that they can enjoy the banking service any time of the day. The security of the app can be violated by the unauthorized access (Hammer 2015). It that case, breaches of the confidential data can be happened, which can become major security threat for the bank and the consumers.
Software Requirement Analysis
Security for the cloud: The implementation of the cloud architecture in storing the data has certain risks associated with it. The third part vendor may not provide requires security to the information stored I the public cloud. Apart from that the technical fault from the cloud provider’s side can make the stored data inaccessible to the bank for some time.
There are several ways for the mitigation of the security threats.
Right implementation of the plan: The technology that has to be implemented needed to be evaluated in a correct way. The proper implementation is needed to be done and the stages in the life cycle of the processes are needed to be followed properly
Right selection of the cloud vendor: The selection of the cloud vendor s needed to be done carefully. The selection of the cloud vendor should be done on the basis of the reputation and the way of implementation of the architecture of the cloud provider. These steps will ensure that the security of the storage of the public cloud will be secured and the maintenance of the cloud architecture will be done in a right way.
Setting up the firewalls in the systems: The setting of the firewalls in the systems used in the bank is needed to be done. The use of the firewall will prevent the unnecessary traffic to enter into the network. This will mitigate the chances of the sudden security attacks I the system.
Providing the right security protocol in the app: The bank has decided to develop a dedicated app for the retail, banking purpose. The developers of the app are needed to be concerned about the security protocols those are going to be used in the app so that the data used and stored the compilation of the different processes are kept in a safe manner.
Conclusion
It can be concluded from the above discussion that there are many opportunities for the Commonwealth Bank to expand the business using the right business process. There are certain factors those are associate with the implementation of the business process are needed to be evaluated in a proper way. One of the major requirement for the bank is to indulge the technology for the implementation of the business. The opportunities and the risks associates with the each process of the implementation has been discussed in this paper. The risks are identified from the discussion and the recommendations are made to mitigate those risks. It can be said that proper planning and the selection of the right methods for the implantation of the different process will help the Commonwealth Bank to achieve the needed requirements.
Risks and Opportunities
References
Almajali, D.A., Masa’deh, R.E. and Tarhini, A., 2016. Antecedents of ERP systems implementation success: a study on Jordanian healthcare sector. Journal of Enterprise Information Management, 29(4), pp.549-565.
Antoniadis, I., Tsiakiris, T. and Tsopogloy, S., 2015. Business intelligence during times of crisis: Adoption and usage of ERP systems by SMEs. Procedia-Social and Behavioral Sciences, 175, pp.299-307.
Bhattacharya, M. and FOSSO WAMBA, S., 2015. Determinants of Perceived Job Satisfaction From ERP-enabled Emergency Service Adoption: An Empirical Study.
Bradford, M. and Gerard, G.J., 2015. Using process mapping to reveal process redesign opportunities during ERP planning. Journal of Emerging Technologies in Accounting Teaching Notes, 12(1), pp.1-6.
Escobar-Rodríguez, T. and Bartual-Sopena, L., 2015. Impact of cultural factors on attitude toward using ERP systems in public hospitals. Revista de Contabilidad, 18(2), pp.127-137.
Hammer, M., 2015. What is business process management?. In Handbook on Business Process Management 1 (pp. 3-16). Springer, Berlin, Heidelberg.
Huang, T. and Yasuda, K., 2016. Comprehensive review of literature survey articles on ERP. Business Process Management Journal, 22(1), pp.2-32.
Huang, Y.Y. and Handfield, R.B., 2015. Measuring the benefits of ERP on supply management maturity model: a “big data” method. International Journal of Operations & Production Management, 35(1), pp.2-25.
Islam, K., CH, A.R., Bilal, A.R. and Ilyas, M.U.H.A.M.M.A.D., 2017. Accounting Information Systems: Traditions and Future Directions (By Using AIS in Traditional Organizations). The Journal of Internet Banking and Commerce, 22(2), pp.1-13.
Jain, D. and Sharma, Y., 2016. Cloud computing with ERP-A push business towards higher efficiency.
Kilic, H.S., Zaim, S. and Delen, D., 2015. Selecting “The Best” ERP system for SMEs using a combination of ANP and PROMETHEE methods. Expert Systems with Applications, 42(5), pp.2343-2352.
Ko?cielniak, H., 2014. An improvement of information processes in enterprises: the analysis of sales profitability in the manufacturing company using ERP systems. Polish Journal of Management Studies, 10(2), pp.65-72.
Kulkarni, A., Hegde, N., Sharma, M., Kulkarni, A.A., Hegde, N. and Sharma, M., 2015. Educational ERP systems in the market–a comparative study. International Journal of Innovative Research Science in Technology, 1.
Nwankpa, J.K., 2015. ERP system usage and benefit: A model of antecedents and outcomes. Computers in Human Behavior, 45, pp.335-344.
Panayiotou, N.A., Gayialis, S.P., Evangelopoulos, N.P. and Katimertzoglou, P.K., 2015. A business process modeling-enabled requirements engineering framework for ERP implementation. Business Process Management Journal, 21(3), pp.628-664.
Parthasarathy, S. and Sharma, S., 2014. Determining ERP customization choices using nominal group technique and analytical hierarchy process. Computers in Industry, 65(6), pp.1009-1017.
Pridmore, J., Deng, J., Turner, D. and Prince, B., 2014. Enhancing student learning of ERP and Business process knowledge through hands-on ERP exercises in an introductory management of information systems course. In Southern association for information systems conference (SAIS) 2014. AIS Macon, GA, USA.
Rajnoha, R., Kádárová, J., Sujová, A. and Kádár, G., 2014. Business information systems: research study and methodological proposals for ERP implementation process improvement. Procedia-social and behavioral sciences, 109, pp.165-170.
Ruivo, P., Oliveira, T. and Neto, M., 2015. Using resource-based view theory to assess the value of ERP commercial-packages in SMEs. Computers in Industry, 73, pp.105-116.
Ruivo, P., Rodrigues, J., Johansson, B., Oliveira, T. and Rebelo, J., 2016. Using TOE and RBV theories to define a theoretical model to assess ERP value across Iberian Manufacturing and Services SMEs. Procedia Computer Science, 100, pp.474-479.
Sarkis, J. and Sundarraj, R.P., 2015. ERP-enabled business process reengineering: implications from Texas Instruments. In Business process transformation (pp. 157-170). Routledge.
Shen, Y.C., Chen, P.S. and Wang, C.H., 2016. A study of enterprise resource planning (ERP) system performance measurement using the quantitative balanced scorecard approach. Computers in Industry, 75, pp.127-139.
Shukla, S., Mishra, P.K., Jain, R. and Yadav, H.C., 2016. An integrated decision making approach for ERP system selection using SWARA and PROMETHEE method. International Journal of Intelligent Enterprise, 3(2), pp.120-147.
van der Aalst, W.M., 2015. Business process management as the “Killer App” for Petri nets. Software & Systems Modeling, 14(2), pp.685-691.
Van Der Aalst, W.M., 2015. Business process simulation survival guide. In Handbook on Business Process Management 1 (pp. 337-370). Springer, Berlin, Heidelberg.
Van Der Aalst, W.M., La Rosa, M. and Santoro, F.M., 2016. Business process management.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
