IT in Business Development

What is technology? Technology is the application of skills, methods, and processes used in production and scientific research, as well as the culmination of accumulated knowledge. Technology is incorporated into the operation of all machinery for the desired goal of an organization, with or without a complete understanding of their function.

What is a business? A business is an organization or enterprising body that engages in commercial, industrial, or professional activities. Businesses can be for profit or non-profit organizations dedicated to a charitable cause. Businesses can be small or large, and their scale can range from sole proprietorships to international corporations.

What is Information Technology (IT)?  IT refers to the use of computers, storage, networking, and other physical equipment, infrastructure, and procedures to create, process, store, secure, and exchange all sorts of electronic data. Information technology is often used in the context of corporate activity, as opposed to personal or recreational usage of technology. Telecommunications and computer technology are both included in the corporate use of information technology.

What is Business Information Technology (BIT)? BIT encompasses all tangible and digital computer systems (including computers, screens, servers, workstations, routers, hubs, switches, networks, data communications lines, and hardware), as well as software (including source code and object code).

How technology influence on a society or a community? People’s communication, learning, and thinking are all influenced by technology. It contributes to society and has an impact on how people interact on a daily basis. Technology is extremely important in today’s world. It has both beneficial and negative consequences for the earth, as well as immediate consequences for people’s lives. We live in an era when technological improvements are the norm. Two examples are cell phones and the internet. Technical advancements, on the other hand, have a disadvantage. 

One aspect of technology that has had a big impact on society is learning. People can better engage with the knowledge they are learning and having problems with because learning has become more interactive and collaborative. It also improves your resource accessibility. We now have access to information at all hours of the day and night thanks to the internet, and you can discover almost anything online.

While some forms of technology have had a positive impact on the world, there is also evidence of negative impacts and overuse of technology. For instance, social media and mobile devices can create eye strain and difficulty focusing on critical tasks, which can lead to psychological and physical issues. They could also play a role in more serious health problems, such as depression.

People who use technology excessively are more likely to experience issues such as:

• Poor academic achievement
• Inattention
• Lack of inventiveness
• Delays in language learning
• Delays in social and emotional development
• Obesity and sedentary behavior
• Insufficient sleep
• Social issues, such as social incompatibility and anxiety
• Aggressive behavior
• Excessive reliance on these technologies

Information technology is critical in the context of business. Business was transformed by the Industrial Revolution, which improved numerous processes and increased productivity by a factor of a hundred. The business world, on the other hand, remained mostly unchanged throughout the next century. Things altered even more profoundly than they did during the Industrial Revolution because of the technological revolution and the application of technology in business, and it is safe to conclude that things will never be the same again. The rate at which technology evolves and adapts is exponential, to the point where all businesses are being swept along by the wave, whether they are ready or not. Even while it may not appear that we’ve made much progress, social media had no consumerism, mobile phones were not used for business, cloud-based solutions were not available, the App Generation had not yet developed, and Omni-channel marketing was still in its infancy.

As it monitors and maintains almost everything linked to information technology and communication networks, the information technology department, also known as the IT department, is an important feature of every corporation. For both small and large businesses, the IT department is at the center of developing and managing communications networks. Few firms, large or small, could function without a strong IT department, making them critical to the day-to-day operations of any company. IT is there to help you with everything from sending an email to changing a password to accessing databases and everything in between. Finally, the purpose of information technology in business is to help the company become more effective and productive. It can be used for a number of things, including but not limited to:

• Assisting the business in being more productive; time is money.
• Data security and troubleshooting
• Improving business effectiveness
• Cost-cutting for the company
• Increasing client satisfaction, communication, and interaction
• Improving the communication system’s efficiency
• Increasing the effectiveness of executive decision-making
• Assisting with the company’s international expansion
• Providing employees with access to firm information

Information technology has influenced many aspects of business. Now, let’s have a look at a couple of them.

1. Cloud Computing

Cloud computing has grown highly popular among businesses due to the efficiency it provides in company operations. Cloud computing enables businesses to improve their agility, time management, and resource management by utilizing information technology.

2. Automation of Business Processes

The trend toward increasing commercial activity automation has gained popularity over time. It significantly enhances efficiency and workflow. Information technology aids in the creation of automated procedures that are critical to a company’s efficiency. This not only reduces operational expenses but also saves time. The time saved can be put to better use on other tasks, resulting in a significant increase in the speed of corporate processes.

3. Working Remotely

You can connect to your company’s network from anywhere, put on a headset, and work with your colleagues using information technology. As a result, even if they are not physically present at work, employees are more able to fulfill duties.

4. Mobile Technology

Mobile technology has gained popularity due to its convenience, efficiency, and speed. Mobile technology has fast gained acceptance as the usage of information technology has grown.

5. Protecting Information

Every business has a vast database containing data on business transactions, client information, and so on. Such information is extremely valuable to a business and can result in a host of legal issues if it is missing. This is when information technology starts to be beneficial. It provides the resources required for storing data in a secure manner.

6. Providing Customer Satisfaction

Customer satisfaction and experience are key components of any business. Customer happiness is based on a skilled customer service workforce that is available to meet the demands of customers. Information technology provides the best tools for communicating with clients and addressing their needs in real time. Email, social media, and other message methods have been made available for this purpose.

7. Management of Resources

A business has a diverse set of resources. These include things like financial resources, human resources, and so forth. Managing resources in large corporations is difficult. Information technology plays a crucial role in efficiently managing these resources by giving a wide range of plausible possibilities.

8. Open-Source Software

Open-source software, which allows businesses to use certain technologies for free, has paved the way thanks to advances in information technology. The license flexibility of open source software is its primary benefit. This allows you to make modifications to the source code.

It is clear that businesses, organizations, and individuals can all benefits from using information technology to improve their efficiency and effectiveness. Consumers are compelled to purchase new, relevant technology due to rapid advancements in hardware and processing capability. This quick turnover increases demand on market level. However, from a business standpoint, this may result in a lower customer retention rate in certain cases. Regardless, businesses will continue to demand creative technical solutions, allowing new entrants, particularly those with a distinctive vision, to enter the market. This industry will appeal to businesses that can discover a niche market with little competition. Many businesses employ information technology to help them become more successful, because the speed with which they can obtain and share information utilizing a particular technology allows them to boost their performance and productivity. Now we can see why information technology has become so vital in today’s world, it makes daily tasks easier. As a result, the majority of businesses use information technology in their business processes to improve performance and grow.

Will discuss some of the characters and companies that have made their lives with the help of IT in another article.  

Diluka Bandara, senior student,  Rajarata university of Sri Lanka

Sources:

Small Business – Chron.com. 2022. Information Technology & Its Uses in Business Management.

Snhu.edu. 2022. What is Information Technology (IT)?. [online] Available at:

SearchDataCenter. 2022. What is Information Technology? Definition and Examples.

The Scientific World – Let’s have a moment of science. 2022. The Importance of Technology in Our Daily Life – How Has Technology Changed Our Lives?.

Iconic IT. 2022. The Top Six Information Technology Benefits.