most significant invention that has revolutionised the present world is Computers
or more precisely Information Technology (IT).
It has changed not only our
lives but also the way how people do business, nevertheless to say, it is
technology that rules the world today.
offices/business houses crammed with handwritten papers, box files, typed
reports, all sorted daily by filing clerks, now we have reached to the concept
of paperless offices and more. Even the concept of fixed office space is also
getting replaced by virtual office/ work from home concepts etc. This is how IT
has revolutionised business and this revolution is happening at mind blogging
speed, much beyond our imagination.
Digital marketing, social networking, digital communication, block
chain, cloud computing, online shopping etc are examples of change which came
through the wave of information technology. We have reached a stage
where business houses cannot do business planning, marketing, systematic
management, real time monitoring, instant customer support and long term
business growth without IT.
this paper, an earnest attempt has been made to analyse how IT is impacting/
facilitating the business today and how the innovations in IT will impact the
business in the immediate feature.
Role of IT in current business environment
Technology is essentially a very wide and varied field. In fact, it is not an exaggeration
to say that Information Technology is practically involved in every aspect of
our life. So it’s only natural that something as permeating as information
technology plays a major part in business.
But Information Technology has impacted the business?
First and foremost, the
technology helps companies to go paperless, depending on digital databases to
store important data. This helps in reduction in operational cost, since the
business no longer has to buy or rent space or equipment to store huge volume
of data in physical form.
Information Technology also induces
accuracy in business operations. When a company uses a computerized accounting
system instead of manual accounting, the chances of reducing errors is
significantly high, especially in an environment where operations are becoming
more and more complex. Moreover since systems allow for faster operations, the
company’s workers can concentrate on more pressing tasks.
Technology also allows companies to communicate instantly regardless of
distance. Before advancements in Information Technology, companies were relying
on messengers and snail mail to transmit information/ messages to other
institutions and individuals. Today, communication to any nook and corner of
the world is easy as