Benefits of IT (Information Technology) in Modern Day Business
In general, IT (Information Technology) has brought about significant improvements in Business operations and in the entire human life as whole.
Talking about Globalization, IT has not only brought the world closer together, but it has allowed the world's economy to become a single interdependent system. This means that we can not only share information quickly and efficiently, but we can also bring down barriers of linguistic and geographic boundaries. The world has developed into a global village due to the help of information technology allowing countries like who are not only separated by distance but also by language to shares ideas and information with each other.
In communication, IT has helped to make communication cheaper, quicker, and more efficient. We can now communicate with anyone around the globe by simply text messaging them or sending them an email for an almost instantaneous response. The internet has also opened up face to face direct communication from different parts of the world thanks to the helps of video conferencing.
IT has also brought about Cost Effectiveness by helping to computerize business processes thus streamlining business to make them extremely cost effective money making machines. This in turn increases productivity which ultimately gives rise to profits that means better pay and less strenuous working conditions.
IT has also helped to bridge the cultural gap by helping people from different cultures to communicate with one another, and allow for the exchange of views and ideas, thus increasing awareness and reducing prejudice.
IT has also made it possible for businesses to be open 24 x7 all over the globe. This means that a business can be open anytime anywhere, making purchases from different countries easier and more convenient. It also means that you can have your goods delivered right to your doorstep with having to move a single muscle.
Lastly, IT has helped in the creation of new and interesting jobs like Computer programming, Systems analyzing, Hardware and Software developing and Web designing.
Now that business has become very competitive, there is the need to use IT to remain ahead and in business. Good IT use can get you ahead of competitors.
In terms of Functionality and Flexibility, internally IT can help improve infrastructure performance thus increasing functionality and the range of options that can be pursued. Externally, it can help create an efficient, flexible online/offline platform for doing business with customers, suppliers and partners.
In commerce, IT can internally help improve internal operating efficiency and quality. Externally, it can help streamline and integrate channels to market, create new channels and integrate multiple online/offline channels.
IT can also help improve the performance of knowledge workers and enhance organizational learning. Externally, it can improve the performance of knowledge workers in customer, supplier and partner organizations; add information value to existing products and services; create new information-based products and services.
IT can also help attract and retain top talent; increase satisfaction, engagement and loyalty; create a culture of involvement, motivation, trust and shared purpose. Externally, can help attract and retain high quality customers, suppliers, partners and investors; increase external stakeholders’ satisfaction, engagement and loyalty.
IT should therefore be a must for every business including those in our dear country Ghana.