CFPBUS003 - INTRODUCTION TO INFORMATION TECHNOLOGY

CFPBUS003 - INTRODUCTION TO
INFORMATION TECHNOLOGY

Student Name:
COURSE: BABS FOUNDATION
London School of Commerce In association with the University of Suffolk
 CFPBUS003 - INTRODUCTION TO INFORMATION TECHNOLOGY

Abstract
In this modern age of technology, every field and area of life started adopting the technology
in business, military, education, industry, medical, or even in social life. Many businesses
globalize their products by using information technology and get better revenue as compared
to those who do not adopt the technology and still working on a traditional and manual basis.
Financial Conduct Authority is a business that provides financial aids for different businesses
and companies based in the United Kingdom (UK). Financial Conduct Authority (FCA) is
only responsible for the prudent regulation of some organizations like banks, building
associations, credit companies, and large investment organizations. The role of information
technology and networking in the Financial Conduct Authority is described below in this
report. This report identify the role of IT in the success or failure of your chosen organization,
find ethical and social issues that pertain to running businesses, identify and differentiate
between different types of networking technologies, discuss the importance of Intranet and
Internet in your business, and list and explain the different stage of system development life
cycle.

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 CFPBUS003 - INTRODUCTION TO INFORMATION TECHNOLOGY

Table of Contents
Abstract.................................................................................................................................................1
Introduction...........................................................................................................................................3
Role of Information Technology in Business..........................................................................................4
The objective of Using Information Technology in Business:.............................................................4
Role of IT in Financial Conduct Authority (FCA):................................................................................4
Communication.............................................................................................................................5
Inventory Management.................................................................................................................5
Management Information System.................................................................................................5
Customer Relationship Management............................................................................................5
Advantages Of Information Technology in FCA.................................................................................5
Storing And Protecting Information In Business............................................................................6
Working Away...............................................................................................................................6
Automated Process........................................................................................................................6
Business/Organizational Communication......................................................................................6
Networking and its type........................................................................................................................6
LAN....................................................................................................................................................7
WAN..................................................................................................................................................7
Ethics and Social issue of using Technology...........................................................................................7
Importance Of Internet In Business.......................................................................................................7
Analysis And Discussion.........................................................................................................................8
Role Of Information Technology In FCA.............................................................................................8
Software used in FCA.........................................................................................................................9
Ethics And Social Issue In FCA By Using IT.........................................................................................9
The Impact Of Internet On FCA.........................................................................................................9
Software Development Life Cycle..........................................................................................................9
Conclusion...........................................................................................................................................10
References...........................................................................................................................................11

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 CFPBUS003 - INTRODUCTION TO INFORMATION TECHNOLOGY

Introduction
Financial Conduct Authority (FCA) was introduced in 2013. It replaced the Financial
Authority (FSA) by Act of Financial services in 2012. Financial Conduct Authority (FCA)
collaborated works with the Prudential Regulatory Authority (PRA) is also for the betterment
of financial services in industries in the UK. Prudential Regulatory Authority (PRA) is also
responsible for the supervision of banks, building associations, credit companies, and large
investment organizations. But the Financial Conduct Authority (FCA) is only responsible for
the prudent regulation of the above-mentioned organizations. The FCA has not supervised
these organizations as a manager. But FCA provides its services as an independent financial
consultant. It provides complete research on market rules, investigation about specific
business and power of enforcement. With this scenario, it is very helpful for the regulation of
financial services. The Financial Conduct Authority (FCA) is also creating fair and efficient
competition among related organizations and market functionality. It is also helpful for
conducting regulation in all financial services. The FCA clearly state about their aims as the
authority want to ensure all market rules and financial system stability and regulation and
providing clear pricing information to the user, customers, and organization that they can
easily understand (FCA, 2019). The key objectives of FCA are as following:

1. FCA wanted to ensure a reasonable protection level for customers.

2. FCA wants to give protection and increase the integrity of the financial services
system in the UK.
3. FCA wants to increase efficient competition among related firms and organizations.

With the invention of digital computers, the world is changed completely. The speed of
development of the world is fastest after the invention of the computer. Information
Technology (IT) is an important application of computers and telecommunications.
Information technology work as a piece of equipment to store data. It also helps to retrieve,
transmit and manipulate the data. This application is commonly used in business and other
enterprises. The term which is used in information technology is computer and
telecommunication.

As everyone knows the computer is a combination of hardware and software and that is used
to get data as input process data and give information to users in the form of output and
sometimes information is stored in the computer for later use. And telecommunication is a
way to transfer data or information from one place to another. So that information technology

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 CFPBUS003 - INTRODUCTION TO INFORMATION TECHNOLOGY

is a combination of both computer and telecommunication. Sometimes it is used as computer

and computer networks but also combined with information distribution on different
resources such as television and phone. In the modern world, many industries are associated
with information technology (IT). Including computer and its basic component as hardware
and software, interne, telecommunication and its types of equipment as electronics,
semiconductors, engineering, healthcare, and e-commerce and computer services.

Before 5000 years ago human start storing, retrieving, manipulating and communicating
information, however, the term of information technology is first declared in 1958 in an
article published in Harvard Business Review, Authors Harold and Thomas

Role of Information Technology in Business

In modern world information technology play an important role in human life. Its impact
affects individual, communications, business, and the nation. Technology highly affects the
business world. It helped in business as in management, manufacturing, marketing of
communication products. Information technology covered the industry. Information
technology covered the industry. Information technology uses computers and different
software to manage information. It helps all the procedures directly or indirectly related to
computing technology, such as networking, hardware, software, the internet or people that
involve these technologies (Kijopkin, 2018).

In these days, with modern time many companies have IT department for managing all
computing process and their business networks such as storing of information, protection of
information processing and transmitting the information as and later retrieving the
information when it required. Information technology is also related and known as the
management of services (MIT) and information service (IS).

The objective of Using Information Technology in Business:

 Incorporation of Investors
 Products Development
 Increased Cost Efficiency
 Globalization (Jerry, Kalle & Tal, 2017).

Role of IT in Financial Conduct Authority (FCA):

Information technology is very important for information technology for all business no
matter is if the business is small or big. IT helped the organization, manager, and workers to

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perform efficient work and management. They solve their particular problem and create new
products and services and improving their productivity.

Information technology helps the business organization like FCA through:

1. Communication.
2. Inventory management.
3. Management Information System.
4. Customer Relationship Management.

Communication
In all businesses, communication plays a very important role in managing the relationship
between organizations their employees, suppliers, and customers. FCA (Financial Conduct
Authority) uses IT to simplify communication through email, video chat rooms, and social
networking sites. Through communication, the business improves their outcomes.

Inventory Management
All organization needs to maintain its stock to meet the requirement of their customer. The
inventory management system manages the quantity of each item of that company. It is very
helpful to manage the order of additional stock by using an inventory management system. It
is possible with information technology by using IT in inventory management, it also helps
the company to maintain, and triggering when it comes.

Management Information System

Information about any company or organization is very important. So the organization is very
important to the organization effectively care to save their valuable resources. The data and
information of an organization are as part of a strategic plan of that company to achieving its
purpose and targets. Therefore the organization uses the term Management Information
System (MIS) to organizing data and information.

Customer Relationship Management

With the help of IT, the relationship between customer and employee will be improved.
Information technology collects all the relations of a customer with the company and makes a
report to managing the customer data. IT provides the facility to see the list of the customer
who purchased, shipping information. With this, the company quickly response if any issue is
created (Franz, Synthia & David, 2016).

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Advantages Of Information Technology in FCA

When companies widely used the computerized system, the advantage of information
technology provided benefits for all business worlds. The company works more efficiently
and the productivity rate becomes maximum. The advantages of information technologies in
business are the following.

 Storing and Protecting Information.

 Working away.
 Automated processes.
 Business/Organizational Communication.

Storing And Protecting Information In Business

Information technology helps the organization t store important data, document. Information
Technology Company protects valuable records. Some information storage systems like
vaults helping organizations for keeping information safe and it allowing only authorized
users to access company records as needed.

Working Away
With Information technology system some organization gets remote access. With remote
access, the user allows to work from the office, home or anywhere with terms the
productivity of the organization is increased because the physical work not only done in the
office.

Automated Process
Every company trying to do their works in a short amount of time? And they find a way to
increase efficiency by saving money and performed their tasks in a very short time. So
Information Technology helps the organization by developing automated processes to
overcome the burden off company staff.

Business/Organizational Communication
Communication is very important among companies. With communication, an organization
develops and maintains a relationship between Employees, Suppliers, and Customers. There
are many ways to develop communication among different people. In the modern world,
companies use email, video chat rooms social networking sites like Facebook, Instagram,
WhatsApp through these customers, suppliers, and employees can communicate with each
other anywhere or any time (Riffat & Badar, 2016).

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Networking and its type

With more than two computers are connected through cables, telephone lines, or radio waves
is called Networking. Types of networking are LAN (Local Area Network) and WAN (Wide
Area Network).

LAN: Local area network is referred to as a small area network. Geographical limits of LAN
are a lab, school or building.

WAN: Wide area network is generally referred to as large geographic areas, such as city,
country or sometimes involving all over the world (Marry & Ranjeet, 2019).

Ethics and Social issue of using Technology

There is some issue with the use of information technology. IT is not bad itself, but the way
human beings used this technology has brought serious problems. There is a large number of
ethical and social problems using information technology but five of them discussed below

Security: security is the biggest issue while an organization uses IT with the internet; it is
very easy to hack a computer system that is connected through the internet. Hacker can easily
use the IP address to get access to any computer .the hackers have own reason to hack
application and computer system.

Privacy Issue: As the technology improved day by day the privacy of individuals and
company or organization finished someone access shared life data like photos with your
friends. Sometimes people got detail of users from social media groups.

Copyright Issue: information technology made it very easy to access any information at any
time. With the development in technology, lots of original work like books, music albums
and some of the other stuff download easily. The government tries to close some of the sites
which provide access to original data.

Increase Pressure On IT Experts: with transferring all manual operation of computers and
the on IT the pressure the pressure on IT experts increased. Some big organization provides a
24-hour operation to increase their productivity and sales this also increases pressure and
workload and sometimes result are moved to imperfection.

Digital Divide: The benefits of IT are fully enjoyed in developed countries. But on the other
hand, in developing countries, the implementation of IT is costly because they are not trained

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and rate modern education is very down. So these countries remain very low according to
developed countries (Gianmarco, Fiorella & George, 2016).

Importance Of Internet In Business

After the advancement of personal and networking expanded the scope and productivity in
business greatly with computer networking, it is very easy to communicate with the whole
market. The most famous form of networking is the internet. It is a combination of other
networks known as the internet and extranet. Internet is consisting of a restricted computer
network; it is controlled by a single organization like a corporate private network. The
Internet can connect dozen to thousands of people at a time anywhere. Internet Corporation
has its physical infrastructure. To access internet users generally, need a passcode which
assigned by the corporation.

INTERNET: the internet is used in business to share information, communication with

employee customers and suppliers. It also uses to create a network, information retrial, and
marketing and sales. Companies use the internet to sell their products online it also uses to
gather information and communicate with employees, clients, customers and government and
other members who are connected with the same business. The Internet also uses for internal
communication of companies with email, chat room and some social groups. Companies also
use the internet for their electronic activity as small business organizations devolving their
networks.

The Internet is a private small network that is built by a specific organization. It provides
secure space for storing accessing and developing electronic activities .older business
solution replace with internet, it is more efficient in speed of workflows and reduce
error .some application of internet including networking where multiple employees can
access same file database for collection fact and figures, internet email system and instant
messaging software (Christopher, Joo & Davin, 2017).

Analysis And Discussion

To identify the problem and find a solution to this problem, analysis is very important. with
analysis and discussion, a person or company take some action to improve their system now
a business organization known as financial conduct authority is under observation and this
article is about the impact of information technology on this organization

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 CFPBUS003 - INTRODUCTION TO INFORMATION TECHNOLOGY

Role Of Information Technology In FCA

IT plays an important role in every field of life. As other financial conduct authority also
improve their business by implementing IT. In FCA financial authority information pays a
huge role in financial conduction service for many reasons, but the most important is building
networks to exchange information financial conductivity authority work more efficient for
their customers who focus towards more mobile-based applications. With cloud base
technology is used, the benefits of IT increased. the impact of information technology to
make an online transaction more easily and more efficiently, an online transaction is more
convenient for both customers and organization, the billions of transactions made easier that
way information technology is perfect for financial conduct authority (FCA). the software
tool and computer system provide automation and create great importance of information
technology in fiancé.

Software used in FCA

1. customer relationship management software

2. online transaction management software

3. Enterprise resource planning system

4. Employee management system.

Ethics And Social Issue In FCA By Using IT

The using technology too many benefits and it is very useful and helpful for people but along
with it creates many problems. It shows a lot of ethical comes through the fact that when data
is processed on a computer system. The misuse of technology causes many dangerous to the
society in financial conduction the problem increase because here sometimes organization
and employee is suffering both personal and financial loss. Hackers hack the website and
damage the data and thief money from these

The Impact Of Internet On FCA

With the use of the internet, the result is total change .it improve the financial and customer
service by increasing profit, sale growth. It also increases customer loyalty quality
improvement and cost reduction. In short, the internet is a tool to get maximum profit .it also
allowed to conduct communication with internals factor and customers.

Software Development Life Cycle

A set of the process used to provide a framework for different activities to develop a system.
Following are the seven phases of the software development life cycle:

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1. Planning

The first step of the software development life cycle to find out the scope of the problem and
find the solutions step of this problem. In this step resources, cost, time, benefits and other
items are collected and identified the solution. A problem cannot be solved if it is not
identified system correctly.

2. Analyzing Requirement

Analyzing a problem is a process of understanding the problem. In this step, the problem is
divided into smaller parts and smaller parts are solved independently. The requirements are
specified clearly in this stage.

3. System design

In this step, the system design is formed. System design describes the basic features and
operations in detail.

4. Development

In the development phase, the system is developed according to the above plan and system
design.

5. Integration and testing

A system is tested after development. This process verifies the accuracy of the system. The
system is verified again. If there is some problem then these are solved in this step.

6. Implementation

After completing integration and testing, it is installed at the site where it will be used.

7. Operations and Maintenance

After the implementation, the maintenance is a continuous process. It also includes the
upgrading of the system to meet the new requirements of the organization (Kazim, 2017).

Conclusion
With the help of the above report, we have the conclusion that the technology has a lot of
merits with some demerits. All technologies are not bad by it, these are developed for the
betterment of humans and as well as for organization and they try to reduce human efforts.

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Technologies reduce costs and increase the efficiency of the system. So in financial conduct
authority, the use of information is very important.

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References
FCA, 2019. Financial Conduct Authority. [Online] Available at: [Link]
[Visited October 2, 2019]

Kasemsap, K., 2018. The role of the information system within enterprise architecture and
their impact on business performance. In Global Business Expansion: Concepts,
Methodologies, Tools, and Applications (pp. 1078-1102). IGI Global.

Luftman, J., Lyytinen, K. and Zvi, T.B., 2017. Enhancing the measurement of information
technology (IT) business alignment and its influence on company performance. Journal of
Information Technology, 32(1), pp.26-46.

Lohrke, F.T., Frownfelter-Lohrke, C. and Ketchen Jr, D.J., 2016. The role of information
technology systems in the performance of mergers and acquisitions. Business Horizons,
59(1), pp.7-12.

Shannak, R.O., and Obeidat, B.Y., 2016. Investigating a Causal Model of IT-Business
Partnership and Competitive Advantage.

Hor-Lao, M.K., and Gupta, R., Motorola Mobility LLC, 2019. Dynamically reconfiguring
connection types associated with a wireless networking device. U.S. Patent 10,285,216.

Veruggio, G., Operto, F. and Bekey, G., 2016. Roboethics: Social and ethical implications. In
Springer handbook of robotics (pp. 2135-2160). Springer, Cham.

Hooton, C., Chung, J. and Kaing, D., 2017. Ease of Doing Internet Business. Internet
Association. Washington, DC (2017).

Ali, K., 2017. A Study of Software Development Life Cycle Process Models. International
Journal of Advanced Research in Computer Science, 8(1).