Information technology refers to tools or machines that make work easier including the use of computers and other technical equipment to store, retrieve, and transmit data. The success of any business depends on several important factors, and it includes choosing the right information of technology. As we all know, companies investing in technology will choose the right future and somehow your vision, is to become a market leader and gain profits. However, Information technology is the only technology that can analyze user data and plan future business trips accordingly.
Business is the driving force of the global economy, and with such competitive and open market, increasing the value of any individual business is essential. Thus, information technology has a great impact to the business through the use of computers because they can be used to accomplish different tasks in the business. Although use of computers in business has changed the way most businesses operate, the computers will continue to revolutionize the methods by which business operate and manage the information.
In this article, we’ll explore business analytics, what they do, and how they contribute to overall business operation.
How is Information Technology contribute to Business?
In short, information technology can help companies keep their ideas out of competition. By using a computer with a password, the company can ensure that competitors will not copy any of its future projects.
Most modern enterprises face security threats and vandalism. Technology can be used to protect financial data, confidential management decisions, and other proprietary information to create a competitive advantage.
New developments and ideas continue to shape the future of security technology, and security breach news is a constant reminder of how important the right technology is to success. Security technology are concepts, policies, and components designed to minimize risk, identify vulnerabilities, and inform how and when to respond to potential incidents.
2. Digital Marketing and Advertising
One of the main uses of information technology in business is that companies in different industries can promote their products and services on the Internet. Almost all websites contain advertisements surrounding the main content of the website. By clicking or tapping on the touch screen, users can find information about the company they clicked on. By making information easily accessible, advertisers can gain more traffic to visit their own websites, which greatly increases the chances of someone using your product or service. People all over the world can increase the number of ad impressions without having to pay excessively high advertising costs. Online shopping are also important examples of business information technology as it makes money transfer easier than ever. Online shopping has become so popular that most major retailers have online stores to recommend buyers. Consumers can buy almost anything online, from household appliances, and supplies with the use of technology.
3. Product Development
Information technology can help companies identify changing customer needs faster than traditional research and response strategy. Ultimately, this helps the company respond quickly to changes in the external environment. Information technology can speed up the time to market for new products. Advances in laptops, smartphones, and tablets have allowed everyone to work from anywhere. Since technology allows us to make more powerful computers, we can travel and even participate in sports freely while focusing on our business. People now have more options to work from home. Travel that was once annoying but inevitably interrupts the workflow now gives businessman the opportunity to learn about all aspects of their business even on an airplane or it can be obtained from almost anywhere at an alarming rate.
4. Operational Efficiency
Information technology can also help businesses understand their cash flow needs and save valuable resources such as time and physical space. Inventory management technology allows business owners to better understand everything from managing inventory costs to delivering products. In the field, executives can save time and money through the Internet instead of holding meetings at the company headquarters, especially in the era of Covid-19, when
everyone is locked inside their houses.
5. Online Payment Transfers
Digital currency transfers between two or more parties are now the fastest way to process any business transaction. This is much cheaper than the traditional way of sending paper invoices and paying later.
6. Relationship with Clients
Companies use information technology to improve the way they build and manage customer relationships. The customer relationship management (CRM) system covers the entire relationship between the business and the customer in order to gain more experience. When a customer calls the center and reports a problem, the customer representative can see what the customer purchased, view shipping information, read the training manual for the project, and answer the questions effectively.
7. Online Storage
Almost all businesses use computers to store business data. Computer programs such as Excel and Office help keep the numbers at hand. Accounting software such as Tally can store business information such as sales, tax documents, and business-specific data. Hard drives can store terabytes of data and take up very little physical space. Cloud storage services such as Dropbox, Google Drive, and OneDrive can now completely replace physical storage devices because businesses can access their devices via a web browser or application file on a computer or mobile device. Email, USB drives and cloud storage also make data transfer easier.
Globalization means the integration of the market into the world economy. Information technology helps businesses grow locally and internationally. Companies can outsource their non-core tasks to other small businesses around the world and use interconnected technology to communicate.
In the 21st century, most communication is via email. Communication via e-mail is faster and cheaper than sending letters. The biggest advantage of communicating with technology is speed. The communication speed has increased. The speed at which you start your business. Video chat applications such as Skype allow international meetings to be held via computers or mobile devices, which greatly improves the efficiency of meetings. With file sharing services, you can instantly transfer files across oceans. Smartphones enable business partners to communicate anytime and anywhere. Companies with partners in different states or countries can now send important updates or information immediately.
-Arriane Lyn Granada
How Does Business Analytics
Contribute. (n.d.). https://www.techbii.com/how-does-business-analytics-contribute-to-business-value/amp/
Uses of Information Technology. (n.d.). Top 9 Uses of Information Technology. https://jonasmuthoni.com/blog/uses-of-it-in-business/