Importance of Technology in Business

Technology plays a vital role in business. Over the years businesses have become dependent on technology so much so that if we were to take away that technology virtually all business operations around the globe would come to a grinding halt. Almost all businesses and industries around the world are using computers ranging from the most basic to the most complex of operations.

Technology played a key role in the growth of commerce and trade around the world. It is true that we have been doing business since time immemorial, long before there were computers; starting from the simple concept of barter trade when the concept of a currency was not yet introduced but trade and commerce was still slow up until the point when the computer revolution changed everything. Almost all businesses are dependent on technology on all levels from research and development, production and all the way to delivery. Small to large scale enterprises depend on computers to help them with their business needs ranging from Point of Sales systems, information management systems capable of handling all kinds of information such as employee profile, client profile, accounting and tracking, automation systems for use in large scale production of commodities, package sorting, assembly lines, all the way to marketing and communications. It doesn't end there, all these commodities also need to be transported by sea, land, and air. Just to transport your commodities by land already requires the use of multiple systems to allow for fast, efficient and safe transportation of commodities.

Information Technology

Without this technology the idea of globalization wouldn't have become a reality. Now all enterprises have the potential to go international through the use of the internet. If your business has a website, that marketing tool will allow your business to reach clients across thousands of miles with just a click of a button. This would not be possible without the internet. Technology allowed businesses to grow and expand in ways never thought possible.

Importance of Technology in Business

The role that technology plays for the business sector cannot be taken for granted. If we were to take away that technology trade and commerce around the world will come to a standstill and the global economy would collapse. It is nearly impossible for one to conduct business without the aid of technology in one form or another. Almost every aspect of business is heavily influenced by technology. Technology has become very important that it has become a huge industry itself from computer hardware manufacturing, to software design and development, and robotics. Technology has become a billion dollar industry for a number of individuals.

The next time you browse a website to purchase or swipe a credit card to pay for something you just bought, try to imagine how that particular purchase would have happened if it were to take place without the aid of modern technology. That could prove to be a bit difficult to imagine. Without all the technology that we are enjoying now it would be like living in the 60's again. No computers, no cellular phones, no internet. That is how important technology is in business.

Importance of Technology in Business

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Role of Information Technology in Growth of Business

Information technology (IT) refers to the management and use of information using computer-based tools. It includes acquiring, processing, storing, and distributing information. Most commonly it is a term used to refer to business applications of computer technology, rather than scientific applications. The term is used broadly in business to refer to anything that ties into the use of computers.

Mostly businesses today create data that can be stored and processed on computers. In some cases the data must be input to computers using devices such as keyboards and scanners. In other cases the data might be created electronically and automatically stored in computers.

Small businesses generally need to purchase software packages, and may need to contract with IT businesses that provide services such as hosting, marketing web sites and maintaining networks. However, larger companies can consider having their own IT staffs to develop software, and otherwise handle IT needs in-house. For instance, businesses working with the federal government are likely to need to comply with requirements relating to making information accessible.

Role of Information Technology in Growth of Business

The constant upgrade in information technology, along with increasing global competition, is adding difficulty and hesitation of several orders of scale to the business and trade. One of the most widely discussed areas in recent business literature is that of new organizational network structures that hold survival and growth in an environment of growing complexity.

Effective implementation of information technology would decrease liability by reducing the cost of expected failures and increase flexibility by reducing the cost of adjustment. The businesses reaction to the environment remains to be the vital determinant for its effectiveness. The capabilities and flexibilities of computer-communication systems make them gradually more appropriate to businesses by being able to respond to any specific information or communication requirement.

Information Technology is having impact on all trade industries and businesses, in service as well as in manufacturing. It is affecting workers at all levels of organizations, from the executives to middle management and clerks. Information technology is increasingly becoming a basic factor of all types of technologies such as craft, engineering, routine, and non-routine.

The advances in Information Technology would result in remarkable decline in the costs of synchronization that would lead to new, concentrated business structures. It enables the business to respond to the new and urgent competitive forces by providing effective management of interdependence.

In the near future businesses would be facing a lack and a redundancy of information called information glut. To solve the information-glut companies will need to introduce methods for selective thinning out of information. Improvements in telecommunications will make it easier to control business units dispersed over different parts of the world. Advances in telecommunications, would result in increased distance-communication. Indirect communication would be preferred for well-structured information for routine, preprogrammed and decision processes.

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Role of Information Technology in Growth of Business
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How Information Technology Has Changed Workplace Communication

There was a time when typical office communications consisted of a desk phone and maybe an intercom. Although office workers of the time before our present information technology age had their desk phone, the intercom was often used to call workers to the manager's office, relay a quick message or relay a few instructions. Businesses could still communicate with their offices overseas and conference calling was something where you needed operators help to make the connection.

Interoffice communication decades ago consisted of memos being circulated and posted in a common place for all to see. When memos were of a confidential nature, they were placed in an envelope that required the recipients initials when they received it. Couriers were widely used to carry important and confidential documents across town for signatures and the post office enjoyed much business because it was the place to send, pickup or have delivered, your certified letters and correspondence. Letters, manuscripts and memos were produced on a typewriter and many offices and news rooms had typist clamoring away at their typewriter keys to produce volumes of work

Information Technology

To say much has changed since the days before our present Information Technology age, would be an understatement. When email appeared on the scene, interoffice and overseas communications took a dramatic change. More could be communicated in much less time and replies took minutes, not days. Electronic messages directly competed with telegraph companies, people used telegram services less and less especially when more computers appeared in homes. When offices could afford computers costing thousands of dollars, word processing replaced typewriters and typist became a thing of the past. On the scene now, are data entry and order enter specialist.

How Information Technology Has Changed Workplace Communication

Information Technology has and is changing the way companies communicate and conduct business. Business is more streamlined and efficient. Technology companies are finding ways to make systems and processes more efficient. People who own a personal computer can access their office computers from home and businesses can hold online conferences to communicate with their offices overseas, without ever leaving their local office. The ability to send instant messages to the desktop of workers saves time and managers can get instant replies to help in the decision-making process. The workplace is not only global, it is easily accessible to employers and employees alike. The location of your office, no longer matters, it's local now because of technology implementations and the way we use this technology to communicate.

As technology firms find newer and improved methods to communicate, the present methods being used saves companies and people hundreds and thousands of dollars and these saving would be definitely missed if the use of existing technology was interrupted.

How Information Technology Has Changed Workplace Communication

Thank you for reading my article. Nathaniel Lewis is a business owner and technology professional who enjoys writing and sharing life experiences that will help people. Your comments are welcome to this and any article. Please visit http://MyExplainHowTo.info/ where you will find more How To informational articles.

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Business Startups - Use of Technology in Business

Technology today is used in business everywhere, easily bringing the world and all of its knowledge to seekers as fast as the click of a mouse. Information can be simple acquired virtually trouble-free through the use of computers, televisions, mobile phones, fax machines, printers, digital cameras and other accessible devices. Over the years technology has become very user-friendly, simple Jane and average Joe can quickly learn how to manipulate modernized technology.

The use of computers can sustain a large paper load, its function and data base keeps track of every role in a company to include:

Information Technology

Meetings and Scheduling Financing Banking Transaction Translation Stocks Business Monitoring Ordering Spread sheets Inventory Records Communication Promotion and Marketing Networking and Relaying Information Advertising Collaborations Calculation Integration Analysis Business News Research

Business Startups - Use of Technology in Business

Computers come equipped with the use of several management programs that can make business to-dos possible such as keeping a record of and calculating employee hours and salary. Computers possess large folders that catalogue dates and events with great capability of storing, sending, copying, collecting and saving detrimental Intel for your company. Computer software technology allows company owners and managers to oversee a broad range of strategic functions that directly influence business-related results.

Technological advances have simplified every task involved in business merging many resources to one location that satisfies the user. Replacing the typewriter, books, letters, envelopes, the post, the rolodex and address book. Instead of lengthy processes that cost time and money like mailing a letter, individuals can now receive immediate response via e-mail. Development, management and design are all functions pre-delivered in a business PC. Other benefits of using this convenient form of technology include:

Controlled and supervised access within your company for staff Security clearance levels with password(s) Increased productivity Quick relay of information Distribute(s) business initiative(s) Capitalizes on secure investments Assists in scheme development Job tracking Planning and logging

Technology gives owner/operators ample opportunity at their convenience to investigate the competition and ensure that they possess the products consumers' desire. In comparison to decades ago, modernized technology is responsible for the enhanced improved performances a company has to offer its clientele.

Businesses run smoother. Operate with maximum advantages. Make better use of time and money.

The use of workplace technology has rapidly matured over the years. If the technology is sophisticated or more complex employers should offer training. If workplace technology is the main involvement of the company, employers should consider staff that is familiar with Microsoft Word, Excel, word processing, spreadsheets, the internet and e-mail. Also reflect on attaining an accounting software program suitable and easy to work with for the company. More innovations to consider include:

The use of headsets, cell or cordless phones for mobility. Laptops and other mobile, removable technology for accessibility. Voice mail also for accessibility anywhere in the office or at home. The use of extensions. Separate phone lines for calls and fax for efficiency. Digital know how for marketing purposes.

Computers and technology enable businesses to function more effectively, run efficiently, respond to the public quickly, manage time, money, expenses, debt, credit, capital, investments etc. Companies experience password protected secured programming, expand operation(s), test pilot programs, prepare for company growth etc. It is now possible to keep and send records with the ability to reduce waist and reserve spending. 

Business Startups - Use of Technology in Business

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Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK'S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. "Institutional development" was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on "improvements in the productivity" of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Information Technology

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Impact Of Technology In Banking

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It's a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder's mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000's ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of "customer-pull and Bank-push".

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

Impact Of Technology In Banking

E.Jeevitha

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