The Important Of Information Technology

Published Date: 02 Nov 2017

INTRODUCTION

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Businesses can be privately owned, not-for-profit or state-owned. An example of a corporate business is PepsiCo, while a mom-and-pop catering business is a private enterprise.Human beings are cotinuoulsy engaged in some activity or other in order to satisfy their unlimited wants. Every day we come across the word ‘business’ or ‘businessman’ directly or indirectly. Business has become essential part of modern world.

Businessis an economic activity, which is related with continuous and regular production and distribution of good and services for satisfying human wants. All of us need food, clothing and shelter. We also have many other hiusehold requirements to be satisfied in our daily lives. We met these requirements from the shopkeeper. The shopkeeper gets from wholesaler. The wholesaler gets from manufacturers. The shopkeeper, the wholesaler, the manufacturer are doing business and therefore they are called as businessman.

Information technology (also referred to as IT) is the application of computers and telecommunications equipment to store, retrieve, transmit and manipulate data,often in the context of a business or other enterprise. The term is commonly used as a synonym for computers and computer networks, but it also encompasses other information distribution technologies such as television and telephones.Several industries are associated with information technology, such as computer hardware, software, electronics,semiconductors, internet, telecom equipment, e-commerce and computer services.

Stands for "Information Technology," and is pronounced "I.T." It refers to anything related to computing technology, such as networking, hardware, software, the Internet, or the people that work with these technologies. Many companies now have IT departments for managing the computers, networks, and other technical areas of their businesses. IT jobs include computer programming, network administration, computer engineering, Web development, technical support, and many other related occupations. Since we live in the "information age," information technology has become a part of our everyday lives. That means the term "IT," already highly overused, is here to stay.

OBJECTIVE

To identify characteristics or features of business

To know the important of information technology

Measuring the relationship between technolgy and business

BODY OF ARTICLE

Characteristics or features of business are , exchange of goods and services. All business activities are directly or indirectly concerned with the exchange of good and services for money or money’s worth. One of the features is deals in numerous transactions, where is in business, the exchnage of good and services is a regular feature. A businessman regurlay deals in a number of transactions and not just one or two transactions.

Entrepreneur also important characteristic in doing business. There must be someone to take initiate for establishing a business. The person who recognises the need for a product or service is known as entrepreneur. The entrepreneur is a key figure in the process of economic growth. The quality of entrepreneurship exiting in any region determines to a large growth. The quality of entrepreneurship existing in any region determines to a large extent the development of that region. The entrepreneur visualizes a business, combines various factors of production and puts them into a going concern.

Besides that, profit is the main objective. The business is carried on with the intention of earning a profit. The profit is a reward for the services of a businessman. Business skills for economic success also where anyone cannot run a business. To be a good businessman, one needs to have good business qualities and skills. A businessman needs experience and skill to run a business.

Business is subject to risks and uncertainties. Some risks, such as risks of loss due to fire and theft can be insured. There are also uncertainties, such as loss due to change in demand or fall in price cannot be insured and must be borne by the businessman.

Other than that, business is primarily an economic activity as it involves production and distribution of goods and services for earning money. However, business is also a social institution because it helps to improve the living standards of people through effective utilisation of scarce resources of the society.Only economic activities are included in business. Non-economic activities do not form a part of business.

Information technology is any field that involves computer technology. This includes hardware maintenance, software development, networking solutions and technical support. Modern businesses all over the world rely on computers to function and maintain high standards of efficiency and customer service. Without IT professionals, companies would not have qualified professionals to help maintain the technological elements inherent to their daily business needs.

One of the important information technology is a speed. One of the main reasons so many business have turned to the IT world for their professional needs is the sheer speed at which computers and related technologies can process information. Email is a perfect example, as it eliminates the need to wait several days for a packet of documents to reach a client or business associate. Worldwide communications used to occur primarily through postal delivery. While still the optimal method for sending packages, printable materials such as legal documents or contracts may now move much more swiftly via the Internet. Businesses can receive news and updates which may provide vital insight into current market trends or changes in a clients needs almost instantaneously. Businesses are therefore able to provide immediate assistance to clients and thus improve their customer service.

Other than that, efficiency also can increased speed often leads to increased efficiency. While eliminating the need to wait for packages or sensitive materials to arrive, businesses are able to receive and respond to changes instantly. This improved response time almost guarantees a higher chance at eliminating potential issues by allowing businesses to react quickly. Information technology also allows data to be stored in formats, which make information easier to store or send. The space a business saves by not having to maintain a room filled with filing cabinets and boxes of paper documents allows a company to function in less space and thereby reduce the cost of office rental or construction.

Multi-Tasking is another business advantage of information technologies is the ability of computers to perform multiple tasks simultaneously. Provided the hardware is able to support it, the operator may have several different programs functioning at the same time. Furthermore, computers are generally capable of performing complex calculations, such as mathematical equations or travel distances, very quickly and accurately.

Computers themselves are much less expensive than they were years ago. As technology becomes more common, the cost becomes more affordable. Furthermore, as already mentioned, computers may replace other means of document storage and thereby allow companies to trim back on real estate expenses. Computers may also enable certain jobs to be eliminated. With a single operator being capable of performing several tasks at once, less personnel is often required to accomplish the same amount of work as before. Postal expenses and delivery costs may also decline as emails replace mail correspondence. Though a staff of hardware and software specialists is required to maintain operations, computers are an efficient means of eliminating labor costs for other data processing jobs.

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 the gamut from personal computers and computer software to production robotics to communications technology. Leveraging information technology for business success is key to survival in the modern business world. Beside that, information technology has grown to permeate 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 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.

Other than that, 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 smartphones 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.

The relationship between technology and business where is, the modern organization faces a host of challenges when it comes to competing in the global economy. In an effort to meet many of these challenges organizations have consistently chosen information technology (IT) as a central means to achieve their goals. While IT does provide the organization with some notable advantages, the reality is that without proper implementation of information technology in the organization no real gains from IT will be gained. In short, IT needs to be matched with business strategy in order for real value to be garnered from the development of information technology infrastructure.

In an effort to better understand the integral relationship between business and IT strategy in the organization, one of the most persistent complaint of high ranking executives is that information technology programs provide little business-related value for the organization. According that, an investigation of IT systems in organizations across the global demonstrates that most companies are not realizing any true value from their IT systems. In organizations that have been successful in creating business value from information technology, senior managers take an active and integral role in IT development. In doing so, senior managers are able to link IT to both business level strategy and management in the organization. 

Despite the fact that challenges of merging IT and business strategy remains a notable concern for executives there is still growing interest in making this process work. The ability to synthesizing business strategy with information technology is critical for the organization to reap increased financial rewards, including higher market shares and sales volumes. Although most scholars can see the importance of IT in this context, achieving a real life IT strategy that can be fully integrated into business strategy remains an elusive goal for most organizations. Unfortunately, success in this area is needed such that a model for successful integration can be developed.

When the situation that has been created in this case is examined overall, it becomes evident that the organization has established a clear dichotomy. Although information technology is touted as the most pertinent method for moving the organization forward, in most instances, IT does not provide any real value for the organization. Even when efforts are undertaken to integrate information technology into business strategy, the costs and practical implications are insurmountable. Thus, the one new advance that can move the organization forward has become the one sticking point for long-term organizational development. With this in mind, one cannot help but wonder what the tipping point for change will be.

CONCLUSION

For the conclusion, information technology has helped in customer service, huge corporations like Microsoft attend to customer needs through email and chat services. Networking internal and external in organizations has improved the working of businesses. Staffs and clients likewise can get in touch with the managers for feedback, progress reports and extensions. Business these days require a lot of planning, due to high tech organization systems on computers, planning can be done on an organized pattern, with schedule formats, grant charts etc. Huge databases can now be controlled and stored on network and back up drives.

Accesibility of files also has become an easy task with series of password keys and shared folders. Cash transactions are easily made, delay in reduced hence giving liquidity to business.For the future, modern information technology has gained popularity rapidly since the mid-twentieth century, and the trend is likely to continue into the future. As information technology solutions continue to increase the efficiency and effectiveness of business operations and communications, businesses will continue to rely on information technology for success.