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Role of ict in business
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In 21st century, people are developed new technology on electronic gadgets and devices. Our daily life changed from the stone era to now the technology era. Everything are using technology even though a single pencil also contain its technology. The electronic gadgets and devices are utilizes to have the efficient systems that can offer multiple benefits to the users. The electronic gadgets such as smart phone and tablet are introduce to people, while the uses of computer are rises almost every years. In business, some companies take the benefits of these technologies as a part of function in work place. The company would develop some of the technology into their business because “new technological development puts new demands on companies, or provides new possibilities for developing or improving market activities as well as products” (Lindh, The need for personal meetings). The technology have transformed business from the older and outdated methods to the efficient and productivity way. The rise of technology has increase the business opportunities.
Earlier general purpose technologies, such as the telegraph, the steam engine and the electric motor, illustrate a pattern of complementary innovations that eventually lead to dramatic productivity improvements (Brynjolfsson & Hitt, 2000). Today the technology are developing and it change everything on this world. From the lifestyle, education, hospitality, social, military to business are develop by technology. For business, there are a lots of changes compared to 20th century. One of the technology uses on business are online payment system that used by many party which can save many time and energy. “The first rule of any technology used in a business is that automation applied ...
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...with many advantages which benefits all the business and it also bring the new business opportunity.
In conclusion, business opportunities were increases when the benefits of technology are introduces to it. As we can know that the filing cabinet in workspace are replace by computer storage system, online advertising which is a new way to promote product and service, new communication way to employee and customers. All of these benefits have bring the new business model while also reshaped the business opportunities in 21st century. Technology bring many pros but at the same time also bring the cons. We must united to identified the factors and the negative effects and figure out some pragmatic solutions to solve it. Lastly, we must use the technology wisely so that everyone can enjoy the convenient of the new era and thus push our country economic to a new stage.
...nd again resulting in creation of bigger markets and pulling large competitors and creating new job opportunities, but the problem is with undefined factors like outsourcing, lack of skill development in respect with technology advancement. Technology advancement may be causing huge impact on employment but it is also making human living better. Technology as became part and parcel of our life so we can’t think of life without technology, but to make sure that the same does not harm our livelihood we should keep in track and sharpen and hone our skills with advancement of technology. (Brynjolfsson & McAfee, 2011)
The development of the people these days had an affect in the development in the business world as well. People try to find the systems which can be use to help them in running the business for example to reduce the cost in running the business. Since 1950s the computer system had been use to cost.
As the world revolves, there are a lot of changes that happens in the world. For example, in terms of technology, there are a lot of improvements already. Back then, for example, features of mobile phones were only call and text. But more ideas have been developed and people have started to think about how to improve some things so that they can attract more consumers. The result is there are now more, in this case, high-tech phones with carious incredible features such as access to social media, hi-quality camera’s ability to upload to and download from the Internet, e-readers, and video calls for quicker and easier communication.
Organizations determine their structure by the various goals the organization wants to achieve; however, organizational structure can facilitate or deter the organizations advancement with regard to the accomplishment of these goals. Both small and larger organizations can attain increased sales and added profits in appropriately matching their structure with their needs to function. The three organizational structure types are, functional, divisional and matrix.
There are many positive aspects of technology. The arrival of computers, the internet, cell phones, and voice mail have allowed business to work together despite the physical distance between them. Transportation is another area where technology has had an impact tips that would have taken days by horse and buggy can now be completed in a matter of hours by car. Furthermore, it was the introduction of new technologies allowed our society to shift from a society based on hunting and gathering to an agricultural society.
What’s more scary about this technological trend is, companies are well aware that they can raise our bills even higher if they want have more impact in our economic situation. Internet is an addiction that entire World is revolving around it. And the way it is affecting our economical environments is not bettering our lives but making us cut backs in our essential needs to keep up with information technology trend. Political environment is also being impacted by new emerging trends. Because every emerging trend has its uniqueness, politicians have to work very hard to understand and make applicable laws about these trends.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
Technology can have a profound effect on a company. The manner in which it is introduced and the presentation to the employees can ultimately predict the success of the project. As the world evolves into a more technical society companies have to be willing to compete with the changes in order to survive. The changes have to be implemented and managed to effectively prepare the company’s workforce. Management has to know the trends and make the necessary technology changes to keep the company competitive. Preparation and planning is key to the implementation of new technology. Managers have to be in tune with how the changes will affect the atmosphere within the company. Providing training and paying attention to the feedback from the workforce allows for a smooth transition. For a successful transformation certain criteria have to be met for the transition of change to the new technology. Organizations that want successful transition have to give management the ability to make recommendations to ensure the success of implementation, which are the necessity for change, the preparation of non-technological staff, and the effect the changes will have throughout the organization.
The high take-up of the Internet leads to variety of opportunities in front of companies. People are more online than ever. They spend many hours each day on Social Networks such as Facebook and Google+. It is no wonder that buying and selling can now be done in a more convenient way. Although traditional shopping is still thriving, online shopping can be an alternative for people wanting to save time and money. If a certain customer plan to go shopping, it could be stressful and also be time consuming. E-business has made shopping or any kind of transactions online much easier and convenient. It introduces new facilities, opportunities and way of shopping for both vendors and customers.
But in the use of the term “technology” today, there is far more associated meaning than automobiles or washing machines. It has ushered in an entirely new way of working, and in increasing numbers of organizations, increased options of just where work associated with a particular job will be done. More employees than ever have the option of working at home yet still being employed either full...
Advances in technology have changed businesses dramatically, in particular the communication and information technology that are conducted in firms, which changed the appearance and pace of businesses over the past few decades. ICT in particular, has evolved a lot over the past 30 years; important information can be stored in computers rather than being in drawers enabling information to be transferred at a greater volume and speed (Guy, 2009). ICT has also expanded various forms of telecommunications and workload conducted in businesses, internet examples of this include: e-mails can be used to communicate with others...
Organizations and individuals have to strategically position themselves in order to take advantage of the growing technology and achieve business competitive advantage while at it (DeHaven 2010 pg 1). Technology has enabled globalization; where ideas, products and services have been shared. This has promoted foreign businesses thus helping different economies all across the globe. Different organizations and individuals have realized that technology will keep growing and changing and the best strategy will be to adapt it other than holding to rigid ways of doin...
To remain competitive and employable in the twenty-first century workplace, society today must conform to the changing demands. Technology is one of the principal driving forces of the future; it is transforming our lives and shaping our future at rates unprecedented in history, with profound implications, which we cannot even begin to see or understand.
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)