HC1041 Information Technology for Business Holmes Institute

Introduction

The following survey will provide information about how the IT sector performs its tasks in business management. The information about the KPMG company will be provided in the below survey. It will also enumerate what strategies are required to maintain the IT sector in the business. The following information will also portray why IT is a useful sector in every business and how it helps both the employees and the customers.

Does your chosen business need IT?

Yes, it does need Information Technology. The below details will provide information about KPMG which mainly operates as a banking sector.

Why is IT important for business survival?

Information Technology is the operation of any computer, networking, and other physical devices to process, protect, and exchange electronic data among the structure of the organization. This technology uses both computer and telephone to exchange their data with one another securely. Information Technology comprises operating systems, hardware, and software to implement crucial operations. The importances of IT in the KPMG are enumerated below:

Improvement of business communication

IT develops business communication as the employees can interact with each other by staying in any corner of the world. In the case of KPMG it uses email, skype, video conferencing to perform the task even if any difficult situation arises (McGuinness, Hogan and Powell, 2018).

Innovation in business

Information Technology protects the information of business by installing several security programs. Nowadays the cyber attacks are increasing day by day and to protect the data from the cyber attack the KPMG uses the WebTitan to protect the data. In this way it is innovating the business. 

Engage the employees always

It mainly reduces the stress of work. It also helps in developing the interaction among the employees in the company (O'Leary, 2016). According to the KPMG, this business allows the employees to telecommute to work. This engages the employees of the company every time. Information Technology also provides a benefit to the employees that they can perform their tasks in their mobiles.

Increment in the capacity of the business

In the context of KPMG, this business uses CRMs to perform their task together and this increases the capacity of the business. Information Technology also supports the business to reach their clients within less time by using technology mediums to communicate with them.

IT saves time and money in the business

Information Technology improves the productivity of a company (Wachter, 2016). Similarly, KPMG uses several types of medium to save time and it also helps the employees to focus on their important duties which in result save the money. 

What is required to apply IT into your chosen business?

Nowadays IT has become an important part of every organization. It generally helps the organization to perform its tasks efficiently. This technology also helps the company to increase its productivity and also develops the communication system of the business. In the KPMG, the management operated the IT sector by implementing below discussed strategies:

Planning: It is the most important element which a business needs to maintain before installing IT in the working environment. In the case of the KPMG, they planned in which departments IT is important and generated it efficiently in the working place.

Equipment: The installation of IT in the KPMG required some essential things such as computers, external hard disk, wireless router, network server solution, and some software and apps which can protect the data of the business.

Installation: The installation of IT in a business is the most vital part. This needs to be installed efficiently and needs to maintain a backup policy from where the company can restore its data if any losses occur.

Training: The employees in the KPMG need to provide some advanced training through which they can cope up with technologies such as emails, skype, video conferencing, and many more. The process of training also increases the motivational power of the employees as a result they perform their tasks efficiently (Arantes et al. 2018).

How does your chosen business use IT?

Information Technology provides many advantages to both the company and the customers as it is the main part which supports the company to become successful in the market. IT helps in developing the customer base of an organization. Customer care is the heart of every successful business. The customers receive the information by staying at home in this way IT helps the customers. It also helps the business to develop its relationship with the customers (Ølnes, Ubacht and Janssen, 2017). According to KPMG, this company generally identifies the market externally and develops its IT sector accordingly which can easily meet the preferences of the customers. This company mainly uses emails to provide information about their services and products to the customers this generally improves customer loyalty towards the company (Kpmg, 2020). This will also support the company to earn more profits annually. Similarly, the IT sector of the KPMG also helps the customers by providing various technologies which reduces the work stress of the employees and this improves the motivation level of the employees, and accordingly they perform their tasks efficiently. IT also supports the employees by organizing seminars anywhere at any time by using video conferencing. This maintains a balance between the entertainment and work stress of an employee (Garg and Yajurvedi, 2017).

What benefits and advantages does IT bring to your chosen business?

The latest technological advances help a company to perform its tasks efficiently. There are several advantages of Information technology in KPMG which are deliberated below:

Increased performance and capacity

The performance of a business can be possible by using Information Technology. Nowadays the usage of computers with high-speed internets grants the workforce to conspire and examine business pertinent things efficiently. In the case of the KPMG, the IT sector supports the company to increase its performance and achieve focused objectives.

Efficient communication

The communication system helps the company in many ways. In KPMG, the company uses several tools to interact with each other and can discuss business-related issues anytime. This helps in performing the tasks without waiting for many hours (Asongu, Anyanwu and Tchamyou, 2019). The communication system also helps in the arrangement of virtual meetings even if the seniors are not present in the workplace.

Computerized business processes by using various apps and Software

KPMG is using several apps to perform their business spam-free. They use computerized maintenance management systems to rise and brutalize maintenance management to prohibit data crash due to hacking of emails.

Dwindle business costs

Information Technology reduces the business cost by engaging a few workers in the company. The technological advances generally reduce business costs. According to the KPMG, this business generally uses maintenance management software which supports the company to perform its business efficiently even if any difficulties arise (Raguseo, 2018).

What type of risks does IT bring to your chosen business?

Information Technology performs a vital role in a business. The risks which can occur due to IT in business are failure of software and hardware, spam, viruses, malicious error, data crash. Similarly, KPMG faces various risks while performing their business with the support of Information Technology. The risks are deliberated below:

Security: In the KPMG, this company generally uses high secured software to protect their data. According to the environment of the business sometimes this company faces insecurity due to the phishing of emails. In that case the company uses the best-secured software to protect the data.

Privacy: This Company doesn't face privacy problems. The employees of the company sometimes disclose the data at that time the company faces problems in their working procedure and the head of the business set passwords which helps the company to protect their data from being spammed (Allen et al. 2019).

Confidentiality: It defines as disclosure of information directly or indirectly. This affects the KPMG, as sometimes the employees of the company disclose the information by taking bribes from other company’s employees.

How can your chosen business maintain and monitor IT?

The maintenance of IT in every business is important. Similarly, the KPMG also maintains its IT department efficiently to achieve certain objectives. IT can be maintained efficiently in the following ways:

Business growth can be possible if the KPMG aligns logical IT goals with its own business goals. The IT department will demonstrate several objectives, projects, or tasks and it will support the company to achieve its goals. Once the IT goals get identified the leadership team must encourage the IT department to perform their tasks efficiently to support the organization to achieve future goals (Mollah et al. 2017).

The other way by which the KPMG can maintain its IT department is to enact IT governance. The KPMG by utilizing this forum analyzes the list and approves preferences to a new project that has been tenacious to benefit a higher arrangement. This forum supports the leaders of the business to be well concerned about the status of their projects and reduce their grievances with IT possible impotence to convey an appropriate result. According to this the leader will be well concerned about how to utilize the IT department for going forward, reduction of stress level and, asserting their preferences (Domazet, Stoši? and Hani?, 2016).

Conclusion

In the above survey the information about how KPMG maintains Information Technology in its business and how it supports the employees in the company. The information about how the company increases customer loyalty by utilizing Information Technology. A clear knowledge of KPMG is also discussed. The advice of how KPMG needs to maintain their IT departments to achieve organizational objectives are also enumerated above.

References

Allen, F., Qian, Y., Tu, G. and Yu, F., 2019. Entrusted loans: A close look at China's shadow banking system. Journal of Financial Economics, 133(1), pp.18-41.

Arantes, G.M., D'Almeida, J.N., Onodera, M.T., Moreno, S.M.D.B.M. and Almeida, V.D.R.S., 2018, July. Improving the Process of Lending, Monitoring and Evaluating Through Blockchain Technologies: An Application of Blockchain in the Brazilian Development Bank (BNDES). In 2018 IEEE International Conference on Internet of Things (iThings) and IEEE Green Computing and Communications (GreenCom) and IEEE Cyber, Physical and Social Computing (CPSCom) and IEEE Smart Data (SmartData) (pp. 1181-1188). IEEE.

Asongu, S.A., Anyanwu, J.C. and Tchamyou, V.S., 2019. Technology-driven information sharing and conditional financial development in Africa. Information Technology for Development, 25(4), pp.630-659.

Domazet, I., Stoši?, I. and Hani?, A., 2016. New technologies aimed at improving the competitiveness of companies in the services sector. Journal of Women's Entrepreneurship and Education, pp.363-377.

Garg, P. and Yajurvedi, N., 2017. Assessing the Impact of Stress on the Work Life of Bank Employees-A Case Study of Meerut Region. Siddhant-A Journal of Decision Making, 17(1), pp.1-8.

Kpmg, (2020) KPMG Available from https://home.kpmg/uk/en/home/industries/technology-media-telecoms/technology.html Accessed on 27 April 2020

McGuinness, G., Hogan, T. and Powell, R., 2018. European trade credit use and SME survival. Journal of Corporate Finance, 49, pp.81-103.

Mollah, S., Hassan, M.K., Al Farooque, O. and Mobarek, A., 2017. The governance, risk-taking, and performance of Islamic banks. Journal of financial services research, 51(2), pp.195-219.

O'Leary, D.E., 2016. KPMG knowledge management and the next phase: Using enterprise social media. Journal of Emerging Technologies in Accounting, 13(2), pp.215-230.

Ølnes, S., Ubacht, J. and Janssen, M., 2017. Blockchain in government: Benefits and implications of distributed ledger technology for information sharing.

Raguseo, E., 2018. Big data technologies: An empirical investigation on their adoption, benefits and risks for companies. International Journal of Information Management, 38(1), pp.187-195.

Wachter, R., 2016. Making IT work: harnessing the power of health information technology to improve care in England. London, UK: Department of Health.