The Advancement in Technology Is Taking At Such a Fast Pace

Question: Explain How Going advancement in technology is taking at such a fast pace? Answer: Introducation: The said report discusses about the impact, information technology has on todays business. The advancement in technology is taking at such a fast pace, that it is putting tremendous pressure on the companies to cope up with the same. One such instance wherein the impact of IT can be felt is deployment of IT amongst the industrial companies who are doing business. The development of the IT into business has grabbed the attention of many researchers. Even though it is construed that the culture prevailing in an organization and the strategies adopted by them , lead to shaping up of the usage of IT within the entity, but the implication of IT has become so strong that one can see the impact vice versa as well. The implication of IT on business is not restricted to only large business houses, but also spreads its wings to the smaller firms as well (Vitez, 2014). However, the impact of IT on business is not limited to any one area, but spread within many fields such as for processing of b asic transactions or connecting with the customers and the suppliers or for building up of business relationships etc. The report highlights some of the impacts of IT on the business. Impact of it on Development of Business Relationships For any business to be conducted successfully, it is very important to ensure that a strong business relationship is developed with the peers, staff as well as the customers and suppliers. IT has recently found a very crucial role to play. One of the researches which is being conducted is based on how IT helps in creating long oriented relationships. Any business requires two to click i.e. two people for conducting a business and thus involves meeting up with each other for exchange of valuable data about the same (Ahmad, 2014). Further as time progresses, the said business relationship turns into a social one too. Thus mutual interchange of data is the main theme behind successful conduct of businesses. A business, all the more is expected to be conducted in a successful manner if it involves social interaction also which is possible only via continuous exchange of information both formally as well as informally. Thus the increased usage of IT while developing a business and persona l relationship with business partners cannot be ignored. The usage of IT is linked to the change of the requirements for private meetings when the usage is expectedly more. Irrespective of the type of need for social interaction by companies, IT is being used by a great extent. Thus whenever information technology plays a vital role in the development of business relationships, it has a great impact on the social interaction methods as well by the way of the influences it has on the requirement of personal meetings (Lindh et.al. 2007). Impact of it on Business process operations Another area where IT has been playing a significant role of development is in the business process operations. The expected impact of technology, when applied in the fields of finance and accounting is found to be at its highest peak across all the functions within an organization. The insurance industry and the life science RD executives approximated a considerably elevated impact from the superior handling of technology in contrast to outsourcing, mutual services and business process reengineering levers. Due to the increased technological advancement, the business processes have witnessed a better phase of hastened revolution. Some of the most widely used are the cloud based services and the mobile applications including some of the advanced analytical and collaboration tools as well (Genpact Research Institute, 2014). Reengineering is basically thinking again and designing again of various business processes so as to attain significant improvements in cost, quality speed and service. BPR is enabled successfully by installing a competent and pertinent IT system. The absence of the said system would enable lack of tracking all the factors which impact the changes. It is crucial to set up a well knitted IT system with the potential to deal with the level of changes that would be brought out while conducting a BPR activity (Nikoloski, 2014). Impact Of It On Overall Functioning Of Business The overall implication of IT on business and organizations are manifold. First and foremost is that it enables free flow of data within an organization with ease. Three types of information basically flows i.e. external , objective and subjective. The usage of information technology enables the flow free due to usage of centralised data centres which enables retrieval of data from one place only thus dispensing off the issue of decentralisation. Further, the advent of IT for businesses has eased out the transaction processing of an organization. every business has a centralised IT system installed wherein their main role is to ensure that the transaction related data is correctly captured and new data is created basis the captured information (Butt, 2015). The next impact that IT has had on the overall business process of a concern is the arrangement of a decision support system (DSS) which is a supple and an interactive IT structure which is originated to help in making critical ve rdicts in an unstructured situation. Information technology also enables creation of information sharing surrounding wherein the staff can talk and exchange idea with each other across varied department without any hindrances. Information technology thus had a great impact in reducing the physical barriers in a business environment thus enabling globalisation to take place successfully. Lastly, the fact that uninterrupted and a successful communication is the key to business progression. Information technology has been playing a crucial role is dealing with any kind of hiccups that arises for a business house to conduct fruitful communication. IT has lead to communication fast and simple such as in the form of emails (Ramey, 2014). Thus when it comes to overall development of a business due to implementation of IT, it can be construed that five major ways and means are there due to which the improvement has happened. IT has impacted the businesses by providing them a thriving tool to resolve complex and unstructured issues. The conjunction of better hardware along with improved software technologies has led the searching of information easy along with adequate analysis and planning as well. Decision making has also improved due to faster and accurate availability of data. Technology has made marketing easy thus finding out how many of them have read the ad published in an online site as compared to analysing the number of readers of the same ad in a newspaper. Thus it has enabled better marketing strategies as well which is one of the crucial functions of any business house. Further to this it has led to overall improvisation of the customer support as well (Berisha-Shaqiri, 2015). IT has led to developing a st rong and instant relation with customers from any part of the globe thus ensuring that the business is respondent to all queries in a click. Last but not the least, the information technology being installed by any business house has even led to improved management of resources. Not to forget, innovation is the key to success in the present century which can be achieved only if proper and updated information technology is installed (Business Vibes, 2015). Impact Of It On Small Business The impact of IT is not limited to only bigger business houses but has also a lot to offer to the smaller business houses as well. It provides the entrepreneurs of smaller stature with such tools that is a necessity for the successful start and growth of a business. As per Houston Chronicle, small business accounting, marketing and communication have been revolutionized due to advancement in technology and also the fact that the small businesses have shown a keen interest to take the benefit of technological developments taking place each day (Pirouz, 2012). The internet and the Internet of Things have provided a stage for the smaller companies to contend with the larger ones. The IT has enabled usage of cost effective online marketing approaches so as to be able to broaden their customer base. Further to this, the advent of advanced video and graphics technology has enabled the small business houses to form a professional marketing material which would help in better advertisement o f their products. Thus IT has had a great impact on small businesses as well, as they have been able to survive with the larger companies successfully (Lucas Olson, 1993). Impact Of It In Human Resource Management For any business, human resource management is considered to indispensible and if the said department does not function successfully, then it becomes challenging for the organization to work in cohesion with employees. However, IT has been playing a crucial role in development of this department of the business as well. The impact of IT on human resource is long lasting as it helps to dispense better services to line managers, may help to link a personal policy and processes in all the organizations and thus help to increment management of personal self in a company, distributes crucial information for ensuring strategic personal decisions and ensure faster acquisition and analysis of data for the HR assistants and diminish the labour costs at performance of personal activities. A study named Effects of HRM practices on IT usage has clearly stated that businesses use IT in the field of human resource management such as in employee participation, defining jobs and providing formal tra ining. Its impact can be greatly felt by a business house in case of multinational companies who have their business spread across various countries and cities and have to handle hundreds and thousands of employees. Thus it cannot be denied that globalisation has brought in the need to think how information technology can add to completion of the business plan in the frame of Human Resource management so as to help the business reach new highs and also inadvertently survive in the competitive environment (Mamoudou Joshi 2014). It has also been discovered and analysed that IT ensures reaching of the HR goals in a sustained manner and a specific plan of implementation of HR information system can prominently support the strategies of HR within a business organization so as to be able to achieve defined key performance indicators. Conclusion Thus on a concluding note, it is very evident basis the above mentioned arguments, that IT has had an ever lasting impact on business which cannot be over-emphasized not ignored. It has led to emergence of a valuable lifestyle within a business life itself. Globalisation has led to growing of businesses at a much faster pace thus requiring it to install a more faster, better and accurate system for maintaining business relations and building personal and social relationships as well. However the same is possible in this century only via installation of a proper information technology system. The major impact that IT has had on business is that it has influenced the lifestyle of people individually and the overall society as well to which it belongs. Lastly, it is true that to attain business success in the long term, the importance and the impact of IT in this digital age cannot be ignored. The IT solutions and contribution help to increase the overall productivity and efficiency of the business operations as well as communications. Thus the reliability of the information technology for the success of a business cannot be denied. 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