Effect Of Information Communication Technology On Corporate Performance Of An Organisation

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Effect Of Information Communication Technology On Corporate Performance Of An Organisation


Chapter One


Introduction

1.1 Background to the Study

The world today is shaped by the advancement in the field of information and communication technology (ICT). The relevance of ICT to the development of corporate organization and the entire would can not be over emphasized. For instance, Nigeria has come to realize the fact that no modern economy can be sustained without integral ICT and has adopted the technology towards the growth of its economy.

The introduction of new technologies has led to higher level of production, improved communication and more effective and efficient process management. It is also been able to improve decision making, increase citizen participation in economic development, support a modern workforce, enhance social well being and narrow the digital devices.

However, information is the output element of data processing activity. It is the conversion of data processing operation into a useful form for its purpose. Information is therefore a processed data that has been transformed from its raw state into finished product for people to make use of it. Database is the heart of every information services. The use of database make it possible to provide access to the same information using different channel, not only via internet, but also via online database, call centers or in print version. The most familiar example is telephone. A large number of call centre can be reached by telephone, professional organization provide their information and services in this way. Another well known example is personal computer (PC). The PC allows people to use internet services, online database and so on.

Communication on the other hand is the process of exchanging information and meaning between or among individual through a common system of symbols, single and behaviour. There are various forms of communication services and application that are relevant to organization. An important distinction that can be drawn in this respect is between synchronous and asynchronous application. Synchronous communication involves the simultaneous presence of the participant in the communication process. Examples of these are chatting and computer conferences. Chat is an application that enables two person connected to the same network to exchange information. Computer conferencing can be compare to a teleconference: a situation where person can communicate simultaneously with the aid of personal computer (PC) and network infrastructure.

In the case of asynchronous communication, there is a certain time interval between the messages and a reaction to that message i.e delayed communication: such as exchange of letters. Example of asynchronous communication application is email or electronic mail.

Technology according to encyclopedia America (1988), is a way of making or doing things, it is derived from Greek word “technique” meaning “art or craft”. There information and communication technology (ICT) play an important role when people try to overcome the limitation of time and distance to communicate, exchange information and work together. There are various technology that play a role in the process, technology that are used to established communication over a distance (telecommunication) and technology that are used to store, process, and provide data (information technology). The convergence of telecommunication and computer has resulted in what called information and communication technology (ICT), ICT is a general term used to describe a large number of different technologies and application.


1.2 Statement of Problem

The adoption of ICT in Nigeria banking sector are to develop certain skills, knowledge and retraining of employee on and off the job, increase in productivity and profitability of the organization in the course of attaining organization efficiency and effectiveness.

However, ICT to an extent have not been able to relief the complexity to manual aspect of organization activities. This is due to the fact that some stored data on the system can be lost if not manually documented. Despite the fact that introduction of ICT has made the organization to be simple and faster, it has not been bale to eradiate fraud and irregularities that occur in the organization. The application of ICT has also lead to fear of equipment by workers, information overload, increase work pressure etc. The fear of equipment by workers a times displace them form work, this is because the adoption of new technology will usually reduce the labour force trend in any organization. For instance, organizations with a high level of technology make use of ROBBOT instead of people to perform certain task. The application of ICT enables organization to displace workers with inappropriate skills and experience.

Another major problem posed by ICT is information overload, this occurs when an employee receive more information than what he or she can process, for instance, the more people make use of email, the stronger the feelings that they can’t process it. Therefore, this research work tends to look indeptly to this aforementioned problem in order to add more knowledge on existing one.


1.3 Objectives of the Study

The broad objective of the study is to access the contribution of ICT banking sector performance in Nigeria. Other specific objectives include:

  1. To access the extent Zenith Bank has adopted ICT in their operations
  2. To determine whether the adoption of ICT in Zenith Bank has led to improved customer services
  3. To ascertain whether the adoption of ICT in Zenith Bank has led to increase in the profitability of the Bank

1.4 Research Questions

The following research questions have been designed to elicit the desired response to achieve the objectives of the study:

  1. To what extent has Zenith Bank adopted ICT in her operations?
  2. Has the adoption of ICT in Zenith Bank led to improved customer services?
  3. How has the adoption of ICT in Zenith Bank led to improved profitability for the Bank?

1.5 Research Hypotheses

The following hypotheses were formulated and tested by the study:

  1. Ho1: Adoption of ICT in Zenith Bank operations is not positive and significant
    Hi: Adoption of ICT in Zenith Bank operations is positive and significant
  2. Ho2: ICT adoption has not positively and significantly improved customer service in Zenith Bank Plc
    Hi: ICT application has positively and significantly improved customer services in Zenith Bank
  3. Ho3: ICT application has not positively and significantly improved the profits of Zenith Bank Plc
    Hi: ICT application has positively and significantly improved profitability in Zenith Bank.

1.5 Significance of the Study

The result of this study will provide basis of revealing the importance of ICT on the organization performance and to also develop a skilled labour. Another major factor that needs to be considered is the identification and appraisal of the factors that contribute to how effect and efficient workforce will yield productivity by the way of managing ICT innovation. It is also believed that the findings of this study will enable workers to know that the advent of ICT will make them have access to easy and accurate information which will undoubtedly increased the level of the productivity.


1.6 Scope of the Study

This study will focus mainly on the impact of information and communication technology (ICT) on organization performance and the benefit to banking density as experienced by Zenith Bank Plc situated in Lagos State, Nigeria.


1.7 Limitation of the Study

Carrying out a research work may be tasking and could also involve spending so much on acquisition of materials and also time constraints. In Nigeria today, majority of the companies area always reluctant to give out information about their operation for the fear of intrusion, insecurity and negative impact of competition of their product and services. The major limitations of this study are time and cost constraints in terms of transportation browsing in internet, photocopying of materials, and these could hinder the research 100% accuracy.


1.8 Definition of Terms

Computer:

Is an electronic device that is used for sorting and retrieving data, and processes it through central processing unit (CPU) and sends it our as information through the output devices.

Information:

This is knowledge about something especially fact that news.

Information and Communication Technology:

This is the use of computer and other electronic devices such as telephone to process and distribute information.

Database:

This provides access to information by using different channels.

Diffusion:

Is the process by which an innovation is communicated through certain channels over time among the members of social system.

Innovation:

This is an idea, practice or object that is perceived as new by an individual or by another unit of adoption.

Productivity:

This is sued to measure the quantity and quality of work done, considering the cost of the resources used


1.3 Objectives of the Study

The broad objective of the study is to access the contribution of ICT banking sector performance in Nigeria. Other specific objectives include:

  1. To access the extent Zenith Bank has adopted ICT in their operations
  2. To determine whether the adoption of ICT in Zenith Bank has led to improved customer services
  3. To ascertain whether the adoption of ICT in Zenith Bank has led to increase in the profitability of the Bank

1.4 Research Questions

The following research questions have been designed to elicit the desired response to achieve the objectives of the study:

  1. To what extent has Zenith Bank adopted ICT in her operations?
  2. Has the adoption of ICT in Zenith Bank led to improved customer services?
  3. How has the adoption of ICT in Zenith Bank led to improved profitability for the Bank?

1.5 Research Hypotheses

The following hypotheses were formulated and tested by the study:

  1. Ho1: Adoption of ICT in Zenith Bank operations is not positive and significant
    Hi: Adoption of ICT in Zenith Bank operations is positive and significant
  2. Ho2: ICT adoption has not positively and significantly improved customer service in Zenith Bank Plc
    Hi: ICT application has positively and significantly improved customer services in Zenith Bank
  3. Ho3: ICT application has not positively and significantly improved the profits of Zenith Bank Plc
    Hi: ICT application has positively and significantly improved profitability in Zenith Bank

1.8 Profile of Zenith Bank Plc

Zenith Bank Plc as one of the foremost new generation’s Banks in Nigeria has operated for over two decade. In other words, the Bank has grown older and with maturity comes wisdom from which the Bank makes decisions now largely influenced by customers’ best interest. Zenith Bank is reputed for its turnaround time in service delivery which the Bank pursues with great passion, energy and enthusiasm. Zenith Bank has a pool of professionals that are constantly encouraged to display their creativity, which would translate into greater wealth creation for customers.
As Nigeria improves its Information Technology (IT) infrastructure (telecom modernization) and celebrates GSM roll-out, Zenith Bank leading edge in IT makes the Bank one of the few that are well positioned to join the international Bank community in the next generation of E-Banking services. This is further enhanced by the bank’s sophisticated credit risk modeling and operational risk management system that seek to create a blend that not only grows customers’ business but strengthens it. The Bank’s credit management system stresses rational procedures and transparency. Zenith Bank is one Bank that sees technology as an enabler and as a generator of new opportunities while at the same time mindful of the disruptive power of digital revolution by its forward thinking and bench-marking of trends in technology with practical delivery on a highly automated platform that makes the bank unique.

In essence, Zenith Bank’s strength lies on its professional and highly dedicated workforce, its cutting IT infrastructure and quality of its management team. The bank’s leadership assets are manifested in the ability of its managers to combine strands of knowledge to create fast action value for the customers. The bank’s leadership combines vision with precision; using creativity, skills and ideas to expand their business reach into the lives of the customers by helping them fulfill their needs with speed and dedication.

The bank’s weakness lies in the external environment which is marked by unstable macro- economic environments, dearth of skilled manpower; uncertainty in political circles and insecurity of lives and properties. Threats to the bank comes from stifling competition from first generation and other emerging banks; the global financial crisis, the capital market crash which saw banks including Zenith lose some substantial sums in margin facilities and recently, the crisis in the Nigerian banking system which is assuming alarming and contagion effect even for healthy banks like Zenith.

However, Zenith Bank is leveraging on opportunities offered by expanded CBN corridor, the proposed deregulation of the downstream sector of the oil & gas which will see Zenith playing significant roles in downstream facilities and other consortia arrangements.


Chapter Five


Summary of Findings, Conclusion and Recommendations

5.1 Summary of Findings

The following findings were made by the study:

  1. The adoption of ICT in Zenith Bank operations is positive and significant.
  2. The adoption of ICT has positively and significantly improved customers service in Zenith Bank Plc.
  3. The adoption of ICT application has positively and significantly improved the profits of Zenith Bank Plc.

5.2 Conclusion

The liberalization of the banking industry in Nigeria in the early 1990s led to a stiff competition among banks and the insatiable desire of customers for excellent banking services meant that it is only banks that can deliver the desired satisfaction driven by appropriate ICT that will stand the test of time.


5.3 Recommendations

  1. Management of banks should ensure compliance with evolving ICT in the industry and further adopt the initiative of investing in areas of improving or inventing new technologies to ensure efficient delivery of services.
  2. As the customer is the essence of organizational being, managers must ensure that they identify the needs of customers and develop appropriate product/services to meet such needs. This is so because this study has shown that there is a strong relationship between the level of ICT and customer satisfaction. That is, if perceived quality of ICT is high and efficient in delivering high quality services, customers are bound to be satisfied, have a positive word-of-mouth about the organization, make more referrals, which may culminate to more profit for the bank.
  3. Evidently, ICT is at the core of customers’ satisfaction in the industry. That is to say, presently, bank customers are satisfied only when the services offered are effective and high through ICT deployment and utilization.

Effect Of Information Communication Technology On Corporate Performance Of An Organisation


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