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The National Australia Bank (NAB) was established in 1982 after the merger of two financial institutions. It is now among the highest-rated firms addressing financial matters and market capitalization in Australia. It is a multinational corporation with a substantial clientele and workforce. NAB is ranked as the 21st biggest bank globally by market capitalization and the 41st largest by total assets. The firm operates many branches throughout numerous nations and cities in Australia. In addition to its headquarters in Melbourne, the corporation functions across Australia, New Zealand, and Asia (National Australia Bank Ltd (NAB.ASX) corporation Profile, 2015). Nevertheless, it has expanded rapidly and developed subsidiaries in London, United Kingdom; Hong Kong; Singapore; Japan; and the United States. The primary factor driving its growth is the heightened availability of acquisition prospects. The firm was formed by the merger of two smaller banks and has lately started acquiring smaller enterprises and commercial organizations. The firm has significantly contributed to the Australian economy by generating job opportunities and providing banking and investment services to Australian residents (About Us – NAB, 2015). It is evident that one factor contributing to NAB's longevity is the use of contemporary and enhanced accounting methods accessible globally. They assist in managing and controlling the majority of its global business activities. This firm employs systems, making it a suitable example for this task.
The organizational structure of a firm encompasses the rules, laws, policies, and principles that govern the coordination and management of its operations and activities. NAB, as a worldwide bank, is a substantial enterprise that works across a diverse array of companies and services. The enterprise effectively manages its diverse obligations across multiple cities and nations via the use of accounting systems, ensuring both efficacy and efficiency. The organizational structure is closely associated with the management team and employees to achieve certain goals and objectives via the accounting systems. In July 2016, the bank announced modifications to its corporate structure and leadership. The bank has expedited its transition by committing to a four-year investment in technology to enhance organizational processes (About Us – NAB, 2015). The corporation aimed to minimize the redundancy of activities and processes via its investment in technology, a goal it is currently poised to accomplish. The organization's decision-making structure was designed to enhance efficiency, strengthen its franchising services, and increase its reputation.
The bank has devised a new plan for its management team to enhance the performance of its executive members, primarily via the use of accounting information systems and other internal technologies. Promotions and managerial exchanges would occur based on the manager's experience, knowledge, and talents. The successful demerger and IPO of Clydesdale and Yorkshire Banks' businesses provide an alternative method for restructuring the banks' commercial activities. Through this structure, the bank attains its mission of establishing streamlined and enhanced customer-centric services that consistently provide optimal outcomes for customers, shareholders, and staff alike. Accounting systems have significantly contributed to these operations by facilitating planning, scheduling, coordinating, and regulating activities.
NAB's organizational structure is described as complicated. Despite its effectiveness and efficiency, it might be tough for workers at times (Khanam et al, 2016). The structure fails to provide workers with a chance for engagement, and when such contact occurs, it is inefficient. Furthermore, it may prohibit workers from establishing a rapport with the management team. This will certainly enhance their dedication to the company's aims and ambitions. Nonetheless, the accounting systems are essential for facilitating collaboration between workers and management by establishing an effective communication channel; yet, the absence of these systems exacerbates the challenges faced by the organization.
This intricate structure will certainly impede the decision-making process due to several departmental concerns. The bank has been altering its structure recently, necessitating prolonged decision-making about the associated adjustments in innovation and invention processes. This procedure may result in delays in company operations, thereby impacting the bank's degree of success (Turner, 2016). Had the firm developed and deployed accounting systems, this procedure would undoubtedly be more efficient and expedited.
Frequent alterations to any organizational structure entail financial expenditure. Furthermore, it entails a waste of time. The decision-making process is time-consuming, as is the restructuring process and the duration required for staff to acclimate to the new structure, among other time-consuming concerns. Consequently, this issue might impact NAB's operations both directly and indirectly. Nevertheless, by using accounting systems, the business will be capable of managing its financial resources effectively and efficiently, hence reducing the likelihood of such issues occurring.
The optimal system approach for NAB company is the ERP software system. This method is applicable for any business's information technology operations and human resources management (Bajdor et al, 2014). The organization, which provides banking services and financial market solutions for clients, has several challenges associated with accounting and information systems (Boehm et al, 2013). The firm is now contemplating a strategy to solidify its partnership with the US software conglomerate Oracle. The firm has decided to collaborate with SAP, a software corporation based in Germany, and Siebel. This demonstrates the bank's commitment to investing in information technology, particularly in accounting information systems, to enhance its operations and client services. The aforementioned software businesses has the capability to implement the ERP system, facilitating the bank's operational efficiency and subsequent attainment of its goals.
During a sales process, the seller must possess comprehensive knowledge on the product or service. This will assist them in persuading the consumer to acquire the goods or service. This requires an understanding of the product's advantages and disadvantages, as well as awareness of competitors' offerings and the attributes of viable replacements. This knowledge instills trust in the seller to market the goods. Armed with this information, they will be capable of selling the product and attaining the primary purpose of the sales process, which is to generate profit.
Each business process necessitates the strategic planning of the intended activities. Nevertheless, the planning process may need considerable time for implementation. Moreover, effective and efficient planning may be challenging to administer. If a corporation implements a strategy that lacks optimal effectiveness and efficiency, the sales process may fail to succeed, hence hindering the attainment of established objectives and goals. The use of accounting may have been beneficial if it had been accessible. The objective of these systems is to assist in the planning and scheduling of company processes, hence insuring their success.
During a sales process, regular evaluations are necessary to determine its efficacy and alignment with the business's objectives and goals. This approach enables the rectification of errors or the overhaul of the whole process if it deviates from the corporate objectives of generating sales and profit (Rothaermel, 2015). Consequently, the absence of follow-ups in a sales flow chart is likely to result in process failure, ultimately leading to total company failure. The issue may have arisen from the absence of efficient accounting systems, which would have for a more rapid and accurate evaluation of the wholesale process, allowing for early rectification of errors.
Effective communication is a fundamental element that any organization must possess. This encompasses manager-employee interactions and employee-customer interactions. A firm without efficient communication will heighten its likelihood of failure, particularly in a sales process flowchart. The manager must effectively convey the sales process, sales goals, profit level objectives, and applicable regulations, among other aspects (Laudon et al, 2008). The accounting systems can do this effectively, hence facilitating a successful sales process. If this poses a difficulty to a firm, the likelihood of attaining the sales process aim diminishes, thereby resulting in business failure.
NAB has been expanding and enhancing its company operations by using contemporary and advanced accounting software and packages. The company has been enhancing its online accounting services, particularly those offered worldwide. The development and implementation of accounting software have progressively enhanced the business's overall operations (Benbasat et al, 2007). NAB use various tools and packages to administer its personnel, finances, investment alternatives, and trading activities. Furthermore, it oversees its clients' bank accounts and evaluates its market share and overall industry performance via comparative analysis with rivals. The accounting software can manage its global branches and monitor their performance. Consequently, the firm is effectively using its accounting software, so achieving its purpose of enhancing service quality for its consumers.
The bank operates as a multinational enterprise, providing services globally in addition to its home country. NAB operates in several areas, including Asia, Australia, New Zealand, Japan, Hong Kong, the United States, London, and Tokyo, among others. Additionally, it provides a diverse array of business services to its clientele, including business banking, personal banking, UBanking, MLC and private wealth banking, wholesale banking, specialized group asset services, corporate services, and financial marketing services, all of which are undoubtedly effective due to the support of the accounting systems. The corporation has engaged a substantial workforce to serve its over 12 million clients (About Us – NAB, 2015). Furthermore, the bank has a substantial network of branches globally that assist in meeting its clients' requirements. All of them are regulated and administered by the accounting systems employed in the bank. This clearly indicates that the firm has an extensive market share and segmentation globally. It has accomplished this by using company and enterprise acquisitions, facilitating its global operational expansion.
The rivals of NAB include the following: Commonwealth Bank (CBA), Australian Securities Exchange, Australia and New Zealand Banking Group (ANZ), and Westpac (WBC) are among many notable enterprises and banks. These are some of the closest competitors to NAB. This is due to their registration within Australia's financial sector and their provision of identical services to Australian people. The enterprises are likewise multinational, indicating that they own almost equivalent market shares to NAB. They possess a competitive edge over NAB company, which includes superior income creation, hence affording them the chance for a better rating, as well as their names, which embody a highly esteemed identity characteristic of the firms. Through these factors, rivals may be evaluated more favorably at various levels by comparing each element with NAB.
The clients may lack the requisite knowledge and abilities to use the accounting software. This software is clearly associated with technological innovation and development within a corporate context. Customers without operational knowledge may be compelled to abandon it in favor of more user-friendly software from an other provider. Employees using the accounting software for their regular tasks may also lack knowledge with the new program. Consequently, this is likely to diminish their morale and devotion to work, perhaps resulting in company failure and the inability to meet objectives.
NAB firm must guarantee that its accounting software solutions are straightforward, comprehensible, and user-friendly. This is particularly intended for consumers who may lack familiarity or understanding of system operations.
Furthermore, the bank must ensure that, before the installation or deployment of the accounting software packages, accountants or any other employees involved in using such packages are informed. This will psychologically and emotionally prepare them, facilitating easier adaptation. The firm should provide training for staff to educate them on the program and its operation.
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