A Worldwide System Of Commerce

Published Date: 02 Nov 2017

INTRODUCTION

In this era in advanced technology, a worldwide system of commerce is evolving, in much the same way as national markets evolved from local and regional networks use information technology. This new technology is apparent through intensified investment in computer-processing and data preparation appliances in the manufacturing and service industries and telecommunications infrastructure, and also to its widespread usage in government agencies, educational organizations, and, more recently, in the household. As a result of this technological progress, the implementation and application of IT is a significant driving force behind many socioeconomic changes. As the utilization and commercialization of IT becomes more widespread throughout the world, the adoption of novel IT can generate new business opportunities and various benefits.

Nowadays, both large organizations and small and medium-sized enterprises (SMEs) are seeking ways to reinforce their competitive position and improve their productivity. Accordingly, there is an increasing consciousness of the necessity to derive profit through investment in IT in businesses. IT tools can significantly assist business by supplying the required infrastructure, which is necessary for providing appropriate types of information at the right time. IT can also provide businesses with competitiveness through integration between supply chain partners and inter-organizational functions, as well as by providing critical information. In addition, management techniques such as financial analysis, forecasting and project management are rarely used in businesses.

OBJECTIVE

The objective of this report is to achieve a better understanding of IT adoption in businesses through explicitly and understandably exploring for business success and the advantages of Information Technology in Business in both developed and developing countries.

Information technology is a modern phenomenon that has dramatically changed the daily lives of individuals and businesses throughout the world. Information technology is driven by the microchip, which owes its existence to the semi-conductor. IT solutions run from personal computers and computer software to production to communications technology. Leveraging information technology for business success is a key to survival in the modern business world.

Significance - Information technology has grown to the business world, affecting how companies make and market their products, as well as how people communicate and accomplish their jobs in modern organizations. Specialized software shapes best-practices and industry standards, continually changing the face of business in almost every way.

Production Technology - Production technology has allowed modern companies to make great strides in operational efficiency and the effectiveness of human resources. Automation technology, such as assembly lines and computer-controlled machinery, can allow companies to produce unprecedented volumes of goods, and advances in transportation technology allow businesses to ship their products anywhere in the world. Information technology has also changed the way that companies operate internally. Personal computers have become a necessity for a large majority of corporate jobs, and many manual labor jobs require the use of a handheld computer or other electronic device as well.

Communications Technology - Leveraging advances in communications technology is imperative to surviving in the modern business world. Advances in cellular phone technology have revolutionized the way businesspeople communicate with clients, employees, suppliers and strategic partners. The Internet has revolutionized the marketing function in addition to opening up a wide range of communication options. Modern Smartphone’s are changing the game yet again with the introduction of new and innovative applications. A small business owner can now access a web-based customer relationship management service on a Smartphone from anywhere in the world, for example, allowing him to obtain vital data about contacts before making calls.

Considerations - While information technology solutions can contribute to the success of your organization, there are a number of unique costs to consider. In addition to the cost of implementing an IT solution, you must employ highly educated and specialized workers to maintain, monitor, expand and repair your IT infrastructure.

Information technology (IT) benefits the business world by allowing organizations to work more efficiently and to maximize productivity. Faster communication, electronic storage and the protection of records are advantages that IT can have on our enterprise. Information technology has to do with computer applications, on which nearly every work environment is dependent. Since computerized systems are so widely used, it is advantageous to incorporate information technology into your organization.

Storing and Protecting Information - Information technology creates electronic storage systems to protect your company's valuable records. Storage systems, such as virtual vaults, keep information safe by only allowing certain users within your company to access, withdraw, add or change the documents. Electronic security engineering means our valuable records will remain untouchable.

Automated Processes - In business, people look for ways to do more work in a shorter amount of time. Information technology improves our company's efficiency by developing automated processes to take burden off your staff. In turn, our employees are free to work on other things while the computer runs their reports, creates queries, tracks projects and monitors financials.

Work Remotely - IT systems give us remote access to our company’s electronic network, so that we can work from home or on the road. This accessibility allows we to increase our productivity because we can still get work done, even when aren’t physically in the office.

Communication is essential to the business world, and information technology gives our company the resources it needs to communicate quickly and effectively. We IT department can hook our employees up with email, video conferencing equipment and internal chat rooms, so that they always have an efficient way to conduct business and communicate.

CONCLUSIONS

Managing complex business processes is one of the important management challenges of this new century. Moreover, globalization and technological advancement are driving changes in all sectors. In particular organizational structure and management style are playing an important role in today’s Management Information Technology. Organizations vary in their ability to adapt to changes in the business environment. In addition, organizational structure plays an important role to adopt any changes. Often, similar activities and corporate resources are grouped together in a hierarchical organization structure. This structure reflects the functionality of organization in a top-down fashion and each of the functionality is looked after by at least one specialized manager, often known as line-manager for a particular function. It is also based on an effective span of control or degree of specialization. Business success implement the IT likes significance, production technology, communications technology, and considerations. the advantages using the it in business such as storing and protecting information, automated processes, work remotely, and communication.

Besides that, IT also to improve the acquisition of inputs-Information technology plays an important role in supporting the decision making function in organizations. Information Technology may be used in numerous ways to ensure the availability of inputs. IT to improve customer services-Organizations are often greatly dependent on their IT services and expect the IT services not only to support the organization, but also to present new options to implement the objectives of the organization. Furthermore, the high expectations of customers of IT services tend to change significantly over time and require constant review. Providers of IT services can no longer afford to focus on technology and their internal organization, they now have to consider the quality of the services they provide and focus on the relationship with their customers.