Paper type: Essay Pages: 8 (1965 words)
ICT710PROFESSIONAL PRACTICE AND ETHICSAssessment Task 1 NAME ” MANJULA SHARMASTUDENT ID ” 1119186SUBMITTED TO ” UNIVERSITY OF SUNSHINE COASTDATE ” 28 -MARCH – 2019 ASSS EXECUTIVE SUMMARYAustrlianSuper is a popular and well-established company in Australia. The company deals with different services of superannuation funds and insurance. The company was not updating their business model. As a result, decline in sales observed. Management carefully analyse the business model and thought of reshaping it to fulfil the needs of customers and provide them best services to gain competitive advantage in the market.
They put emphasis on adapting technology and innovations to improve the productivity. The company is growing continuously by providing strong long-term investment returns to its customers. TABLE OF CONTENTS Contents Page No TOC o h z u INTRODUCTION PAGEREF _Toc4678872 h 4FRAMEWORK FOR ANALYSIS FOR AUSTRALIANSUPER PAGEREF _Toc4678873 h 5ASSESSMENT OF THE EFFECT OF DIGITAL DISRUPTION PAGEREF _Toc4678874 h 8RECOMMENDATIONS PAGEREF _Toc4678875 h 9IMPLEMENTATION PLAN PAGEREF _Toc4678876 h 10CONCLUSION PAGEREF _Toc4678877 h 11BIBLIOGRAPHY PAGEREF _Toc4678878 h 12APPENDIX A PAGEREF _Toc4678879 h 13 INTRODUCTIONAustralianSuper is a popular provider of superannuation products which was formed in 2006 and is considered as one of the largest industry super funds.
AustralianSuper is the most trusted service provider as around 2.1 million people are connected with AustralianSuper in 2016. It deals with different types of superannuation products. Standard MySuper offers superannuation facilities for full-time, part-time and casual employees of any industry. Personal Plan is beneficial for the self employed people. The free MONEY 101 PROGRAM is also run by AustralianSuper online. This program is helpful in gaining knowledge about how super works, how to start with super account, how to make more savings. AustralianSuper also operates advertising campaigns which are advantageous to educate people about the benefits of super and make people aware about the super plans. These products are comprised of different offerings which are as follows:-These schemes are consists of 17 managed funds, 7 pre-mixed options and 10 single asset class options. Investment in Australian shares is also available.Term deposit is also an important feature of these superannuation schemes.Switching options also provided free of cost by AustralianSuper.Various insurance plans are included in super products such as Life insurance, TPD insurance and income protection insurance.Online access to these account details is also easily available.Financial advice and queries can also be resolved on phone.AustralianSuper promotes diversity at workplace making the work environment more comfortable and peaceful for employees. FRAMEWORK FOR ANALYSIS FOR AUSTRALIANSUPERDigital disruption is the transformation which is the result of emerging technologies and new business models. These innovations and advanced models are adopted by companies to maximize their profitability and to improve the current business scenario. AustralianSuper is also one of them which are impacted by digital disruption. Work Centred Analysis approach is used to highlight the innovative methods which are adopted by AustralianSuper. The framework of WCA approach consists of six elements which describes the relationship between Information Technology and Business Process. The framework for analysis is helpful in analyzing the current position of the company before and after the digital disruption. There are several elements included in the framework of Work centred approach which are as follows:-Customers of the business process.Products and services which are offered.The steps involved in business process.The participants in the business process.The technology which is implemented.Information which is required for the business. WORK CENTRED ANALYSIS APPROACHCustomerscusyCUSTcus Products BUSINESS PROCESS TECHNOLOGYINFORMATIONPARTICIPANTSBEFORE DIGITAL DISRUPTION- Before digital disruption, AustralianSuper was operated as follows:- Paper-based services – AustralianSuper provided periodic and paper-based updates to their customers in the past. These services are time consuming. Statements and updates are available after a long gap. With the advancement of technology, people tried to opt for new and advanced facilities.Communication Channels – Traditionally, people were not able to make changes to their account by themselves. They have to visit the company’s office if they want to do so. Later, call centre and retail outlets are introduced in order to guide them.Low- investment plans – Low “fee investment plans and products usually offered to customer without any additional features to keep the price affordable. Limited fund contributions introduced in the initial stages, so people don’t have many options.Long waiting periods ” People have to wait for long periods for updating their current plan and to opt for other schemes. If a person wants to opt for new superannuation funds, they have to visit retail outlets for this purpose.Profit Oriented – AustralianSuper is an industry which is totally profit oriented. It works on the principle of savings. It is a tax effective way of saving money for retirement and employers contribute money and employees can top it up with their own money anytime.AFTER DIGITAL DISRUPTION- The digital disruption has some positive impacts on AustralianSuper. There are certain changes that are accepted by the company to improve the customer’s experience. These innovations are as follows:-SMSF investments – The facility of SMSF is introduced for the comfort of customers. With the help of SMSF, a person can easily control and access his account. Investment in different options is also available such as shares, property. It increases the transparency between the customer and company. Customer Service- The customer service is also improved as skilled staff is recruited to provide information about the products briefly. Customer service is the face of any brand. To increase the market value, outstanding customer service is necessary to clear the doubts of customer. Solution of their problem is also provided on call without any fee. Digital Services ” Digital services plays an important role in improving the profits of the AustralianSuper. Customers can use mobile applications to access their account. They can also get awareness about the new plans, schemes easily. Internet connects everything and it becomes easy to find more investment and savings options for the customers. Organization created a simplified digital experience for the customers.Financial Advisors – Financial advisors are also beneficial in creating the portfolio of funds. They can advice people about the alternative options which are available in market.Environment-friendly ” The organization opted for paperless business which automatically helps to protect the environment. The wastage of paper is reduced and more digital systems are used for performing different activities. These activities are more accurate and efficient as performed by machines. CASHTERM DEPOSITSPROPERTY SMSFPERSONAL ASSETSLISTEDSHARESMANAGED FUNDS ASSESSMENT OF THE EFFECT OF DIGITAL DISRUPTION The effect of digital disruption is increasing day by day with the advancement of technology. Digital disruption effected business and organization due to evolution of technology. It is beneficial for the growth of business. The above mentioned changes occurred in the organization after the disruption. The impact of the changes are as follows:Social media – Social media becomes the biggest advertising channel on the planet. Facebook is one of the popular online media and social networking company. This is most widely used to promote business and brands by advertising.Effective approach to customer demand ” AustralianSuper finds a new and effective approach to meet customer’s demand. It provides alternative options significantly lower than other companies to increase the customer satisfaction.Better use of assets ” With the development of innovations, AustralianSuper gets a chance to perform better by utilizing their assets in a better way. Digital technology gives opportunities to companies and to do more with the existing assets. One of the most advantageous assets is time of employee. The employee time is effectively used in the other business processes of the organization to enhance the productivity.Customer acquisition and Retention “Today, the loyalty of the customer is depreciating and it is easy for consumers to switch to various companies for better outcome. There are several websites which helps customers to find the best companies with cheaper plans by comparing all offers.Risk Management, Fraud and Cyber Security- Climate change is one of the major element which impacts superannuation. The investments made by the employers will provide return over a longer period. There are some risks involved with that investment which might cause uncertain expenses.RECOMMENDATIONSThere are some recommendations which can be advantageous for the growth of business. By implementing these suggestions, the business can grow faster. These recommendations are as follows:-AustralianSuper should develop innovative culture. A Company that has an effective innovative environment will be able to cope up with the uncertainty of business. Company should start experimenting with their plans and ideas. Employees should come up with new strategies to make the productivity better. Staff-meetings should be done weekly in order to get some new ideas. Managers should be the part of these gatherings. There should be liberty of speaking. Each member of the team should be motivated to put forward their views on current business strategies and schemes. Moreover, New and innovative ideas should be welcomed by the employees.Company should put more emphasis on goals and then think about the best strategies to achieve these goals. Customer surveys and market research is the popular method for collecting information. By careful analysing the current market scope and future opportunities, AustralianSuper should use the best approach.Good Manager is the one who looks for opportunities as well as threats. Identification of threats and opportunities is necessary to establish a business model that delivers more value. IMPLEMENTATION PLANThe implementation plan is always depend on the needs and goals of business. The implementation plan for AustralianSuper is as follows-1.) Technology implementation ” There are so many technologies available that are adopted by various companies. The selection of these technologies in a right way is very important. Some companies implement too many technologies together, which results in failure. A team of professionals should be appointed in order to find and implement innovations for the effective outcome.2.) Staff training ” Staff should be trained effectively so that they can offer some additional schemes to clients. The client who is visiting or enquiry should be satisfied by providing exceptional customer services according to his demands.3.) Co-ordinating all activities ” Co-ordination is an integral part of any organization. Co-ordination is required to manage all activities of business. The market research team should be well co-ordinated with the other departments. This will automatically maximize the growth of business.4.) Management Support ” Management plays a major role in implementing strategies. Strategies should be made in such a way that it benefits the company in longer run. Management should try to indulge more in the process of reshaping the business model.5.) Employee engagement ” The engagement between the employees and managerial hierarchy should be redefined. Employee’s opinion and change should be embraced rather than suppressed. CONCLUSIONAustralianSuper should adapt changes with the development of technology. Technology helps to perform different functions effectively. Digital disruption leads to improve the current business processes that are not much efficient and accurate. Competitors are utilizing digital technologies to gain competitive advantage in the superannuation sector. To remain in the competition, the company should continuously follow the marketing trends to perform superior than others in this digital era. Technology removes geographical barriers as one can easily contact with other branch. Video conferencing, chat messengers and share file storage are the techniques which are widely popular to share information. The speed of performing plethora of operations is improving day by day. Digital disruption effected companies in a positive way to realize their strength and utilise their capabilities in powerful way. BIBLIOGRAPHY APPENDIX ABEFORE DIGITAL DISRUPTION CUSTOMERSWORKERS, EMPLOYERS AND SELF EMPLOYED CAN SAVE MONEY BY DEPOSITING INTO SUPERANNUATION ACCOUNTACCOUNT PRODUCTS LOW COST DEPOSITS INVESTMENT OPTIONS BUSINESS PROCESSFUND DEPOSITS PROFIT ORIENTED CONFIRMATION LETTERS GROWTH OF ACCOUNT BALANCE INVESTMENT OF MONEY CUSTOMER SATISFACTION SAVINGS TECHNOLOGYCOMPUTERSINFORMATIONRETAIL OUTLETSPAPER BASED UPDATESCALL CENTRE SUPPORTPARTICIPANTSEMPLOYED PEOPLESELF EMPLOYEDEMPLOYERSAFTER DIGITAL DISRUPTION CUSTOMERSWORKERS, EMPLOYERS AND SELF EMPLOYED CAN SAVE MONEY BY DEPOSITING INTO SUPERANNUATION ACCOUNT PRODUCTSSMSF INVESTMENTS PREMIXED MEMBER DIRECTDIY MIX BUSINESS PROCESSFUND DEPOSITS PROFIT ORIENTED GROWTH OF ACCOUNT BALANCE FINANCIAL ADVISORS INVESTMENT OF MONEY CUSTOMER SERVICE SAVINGS DIGITAL SERVICESENVIRONMENT FRIENDLYINFORMATIONACCOUNT NUMBERMOBILE APPLICATIONSTECHNOLOGYLAPTOPSSMARTPHONESINTERNETPARTICIPANTSEMPLOYED PEOPLESELF EMPLOYEDEMPLOYERS
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