The Impact Of Information Technology On The Modern Business World

MODERN:  Of the present and recent times

TECHNOLOGY: A systematic study or technique for making and doing things.

INFORMATION: Is a data that has been processed and can be used for decision making.

EQUIPMENT: Tools or machinery used for specific purposes. 

 

INTRODUCTION

In today’s national and international buiness world, information is a price less commodity, what ever form it takes, without up – to the minutes, accurate information, most commercial organization would quickly  founder.

Such business offices serve as hubs or centers of information which take in, process, store and relay data and messages in a host of situations, financing, selling, building, making, servicing or advising – so as to to enable all sorts of people to function in their jobs, ranging from senior managers planning company activities over the next five years to stop assistants quering the current retail price of a product.

Information technology, both in the industry and business world is resourceful. In the 1905s, business embarked on the first widespread use of computer primarily as tools for recording and processing accounting transactions.

Thus information technology has only really been part of business for about the last 40 years. Nonetheless, information technology  is one of the most important resources in today’s business environment. But what exactly is information technology.

Aronu (1999) defines information technology as the combination of two technologies; computing and telecommunication (the cornerstone of information technology and the main purpose of which is to transmit representation of information (signals) between remote locations).

One must admit that the modern business world have been reshaped, compared to the business of years ago. History has it that man has to cross oceans, spend huge amount of money and energy to transfer information or transact business. Since the advert of computers, experts have contributed to research with a view of making computer a greater advantage to the business world.

The world at present is connected to a global system of communication that ensures speedy information and business transaction. The global system of communication involves the uses of computer, GSM, fax machine etc.

The modern technology offers world wide communication capability, a mechanism for information dissemination and a medium for collaboration and interaction between individuals without regard or geographical location.

Buying and selling electronically is changing the way people think and carry out transaction all over the world. Time, distance, and competitive product quality, is no longer the problem. This  has triggered off increased economic activities  and is having a considerable impact on the world of business. The business  world should not be left out in this trend. Inspite of many business hindrances ranging from poor computer appreciation to inadequate communication facilities, the business world must strive to harness the huge economic potentials inherent in this amazing technology that has revolutionalised global economics.