Role of Information Technology on Business - Essay Example

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.

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Businesses can receive news and updates which may provide vital insight onto 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. 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 aka 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 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 ululations, such as mathematical equations or travel distances, very quickly and accurately. Low Cost 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. Entrepreneurs The Internet has become one of the foremost means of communication. Most people have access to a computer and to the Internet, thus making it easier to reach large masses of people all over the world.

Many people have opened their own businesses and begun making money at home. Using information technology, a errors may find a way to sell a product they manufacture themselves, such as jewelry or clothing. Online advertisements are present on almost every website and make it easy for consumers to find products and services offered by small business owners. Anyone can launch their own website and begin pursuing promising careers without having to concern themselves with expenses such as office space or commuting.

Senior executives, strategic planner and information system manager are increasingly turning their attention to opportunities for achieving competitive advantages through information technology. There are several examples for this recent trend, not the least of which is the publicity received by companies that have conditions of the last few years have helped to create a challenging business environment and “economic imperative” for information technology. The technology is also offering a greater array of capabilities at lower cost than ever before.

Finally, firms ability to utilize the technology are also improving. The transaction processing and decision support system already place in most firms provide a base on which system for competitive advantages can be built. Without this base, many of the system would not be possible.

In other industries such as banking, insurance and consulting the technology is providing a development and delivery vehicle for new service-base product. The technology can provide an important means for differentiating existing products and developing new amp; unique ones.

After some time he got the Job with a dealer in utensils and non ferrous metals . Small Habit was very keen and intelligent and became partner of his boss. Later on he was elected as a Presidents of the market. Many years later he expended his business. He engaged in private banking. So” HOB has come a long way from its modest beginnings in Bombay in 25 august, 1941 when it commenced business with a fixed capital of 25000 rupees.

Impressed by its initial performance, Quid-e-Gamma Muhammad All Jinni asked the bank to move its operation to Karachi after the creation of Pakistan, HOB establish itself in the Quad’s city in 1943 and became a symbol of pride and progress for the people of Pakistan. During the early days of newly born state, government of Pakistan faces the great problem of fund shortage. This time HOB again helped the governance of Pakistan and came to rescue to provide Pakistan with assistance of no t less than 8 core.