The analysis will describe how these forces could be positively influenced by leveraging technology for a banking institution such as Bank of America. Bank of America is one of the largest banking institutions in the world offering many financial services in wealth and banking services. The analysis summarizes how technology can play a role in increasing profitability for this business. In analyzing how the three forces have influenced the success of the organization, the ways in which forces play a role in the banking industry for example, will be evident.
Identify How the Selected Forces Can Be Positively Influenced by Leveraging Technology
Technology if harnessed and aligned properly with corporate strategies can provide big boosts to business in the form of efficiencies, cost reduction and customer relationship management (CRM). A change in cost and efficiency is a force that can be influenced by technology for example by changes to networking such as virtualization, Software designed infrastructure (SDI), and Software designed networking (SDN) and network virtualization functions (NVF). These areas which are too broad to cover here leverage technology to drive and promote cost and efficiency changes to the technical and encompassing business model.
These same technologies and others positively influence the busin...
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...e technology planning process and integrating the process with the corporate planning. Another way to maintain the technology plans once within the business plans is to respond to changes in the industry by evaluating and adjusting the plan regularly with input from said business groups.
Summary and Conclusion
In this analysis three business forces were examined that help Bank of America determine its success. Identifying strategic business advantages and detailing technology planning process integration with business planning can be accomplished through business unit inclusion. Technology plays a role in creating business advantages through provisioning that drives cost savings and enables efficiencies gained. These forces can be influenced by leveraging technologies that create opportunities to extend the existing business channels and models to a global audience.
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