Role of Information Technology in Business by Joanne Cichetti - Updated September 26, Information technology is all about storing, manipulating, distributing and processing information.
As the years go by, the business world is leaning more and more toward it, making it almost impossible to separate the two from each other. Innovation breeds business, and since technology paves the way for it, it can be gathered here that business needs technology to be sustained. Business has always existed since the early times of man.
Even though it only began with the simplistic barter system, business would not be the same as it is today without the advancements in technology.
All the major industries would fall into a catastrophic collapse if one were to take away technology from business, since majority of business operations and transactions somehow involve the use of technology. Technology as a Business Necessity The role of technology in business caused a tremendous growth in trade and commerce.
Business concepts and models were revolutionized as a result of the introduction of technology. This is because technology gave a new and better approach on how to go about with business.
It provided a faster, more convenient, and more efficient way of performing business transactions. Some of actions of technology in business include accounting systems, management information systems, point of sales systems, and other simpler or more complicated tools. Even the calculator is a product of technology.
It is indeed unfathomable to summon the idea of going back to the days where everything was done manually, which basically means starting all over again from scratch. Security and Support With the automated processes that technology can provide, productivity reaches a higher level.
This is due to the minimal resources consumed in processing business activities, allowing room for better products produced and faster services delivered to more clients and customers.
Information is also stored with ease and integrity. With this, confidential and sensitive information are less prone to vulnerabilities.
The said information can also be instantly retrieved and analyzed to monitor trends and make forecasts, which can be crucial in decision-making processes. A Link to the World Business involves communication, transportation, and more fields, making it a complex web of processes.
The technologies pertaining to other fields only pushed business further. Globalization has been realized because of the wonders of technology.
Anyone can now do business anywhere within being constricted to the four corners of his room. Technology in business made it possible to have a wider reach in the global market. The basic example is the Internet, which is now a common marketing tool to attract more consumers in availing products and services offered by various businesses.
Indeed, technology in business ultimately made living worthwhile.The role of technology in business communication has never been more vital to nearly every aspect of a business than it is now.
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Effective communication is the best tool to understand the customer demands, problems and their solutions. Thanks to the Internet Technology that has enabled us to communicate with millions of potential or existing customer in the real time.
Business technology enhances accounting procedures and recording of financial documents and improves inventory management. Technology in the workplace also improves the efficiency of recruiting, screening and hiring potential candidates. Another importance of the role of technology in business is to provide security to a business.
The importance of technology is that it has provided the business community and its consumers with the convenience of transacting business safely.
However, its importance is most readily apparent in the billions of dollars transacted daily and globally. A prime example of how technology has redefined business operations can be seen oni the use of social networking sites by advertising on YouTube, Facebook and Twitter.
“The rate of change in technology is as much today as any time in my experience,” says 40 . A prime example of how technology has redefined business operations can be seen oni the use of social networking sites by advertising on YouTube, Facebook and Twitter.
“The rate of change in technology is as much today as any time in my experience,” says 40 .