Impact of It on Business

IMPACT OF IT ON BUSINESS The rise of information technology has paved the way for various innovations. With the digitization of information, more and more businesses are increasingly leveraging the benefits of digital tools to improve their prospects. Information technology has been crucial in turning this process into a complete success. Information technology has dramatically transformed the lives of individuals. It provides businesses the scope to analyze data and plan business strategies accordingly. Utilizing information technology means that the data analysis is accurate, thus optimizing profits. Information technology has had a major impact on various aspects of businesses. Let’s take a look at some of these here. 1. Cloud Computing The concept of cloud computing is immensely popular among businesses owing to the efficiency in business operations that it provides. Cloud computing utilizes information technology to capitalize on its ability to provide improved agility and time and resource management for businesses. Increasingly, businesses are shifting to the cloud to leverage its many benefits. It has been predicted that more than $1 trillion will be impacted in IT spending by the transition of businesses to cloud computing by 2020. “Cloud-first strategies are the foundation for staying relevant in a fast-paced world,” Ed Anderson, research VP at the analyst firm, Gartner pointed out, “The market for cloud services has grown to such an extent that it is now a notable percentage of total IT spending, helping to create a new generation of start-ups and “born in the cloud” providers.”A good Internet connection and a commendable WiFi connectivity are important to accomplish this. 2. Automation of Business Processes The movement towards increased automation of business processes has gained traction over the years. It improves efficiency and increases workflow considerably. Information technology helps in developing automated processes for businesses. This not only helps in reducing the cost of operation but also saves time. The time saved can be utilized to focus on other tasks, thus speeding up business processes significantly. Processes like billing, tracking metrics, collecting customer data, monitoring certain processes etc. can be automated easily. There are numerous automation software that can be utilized for this purpose. 3. Working Remotely Implementation of information technology provides the ability to remotely access your company’s network. As a result, it equips employees with the ability to get the work done even if they are not physically present at the workplace. Such agility has a number of benefits. Therefore, it has gained massive popularity. In fact, according to a U.S. federal government resource, 47% of the employees are eligible to work remotely. Ian Adams, head of strategic marketing development at the outsourcing company, Mitie pointed out, “We’re seeing greater collaboration between HR, IT, property and facilities management and job titles like ‘workplace director’ making this agile workplace happen.” 4. Mobile Technology Mobile technology has picked up momentum owing to its convenience, efficiency and speed. With the rise in the popularity of information technology, implementation of mobile technology has gained ground quickly. The trend of BYOD (Bring Your Own Device) is on the rise owing to increased employee satisfaction. As many as 74% of the organizations are already utilizing this trend or plan on doing so in the future. In fact, the BYOD market is estimated to reach $181.39 billion by 2017. Mobile technology takes business communication to a whole new level. A mobile team can improve the workplace productivity considerably. There are numerous ways to integrate mobile technology in the workplace. In fact, chances are, your employees are already using it. 5. Protecting Information Every organization has a mammoth database comprising various information related to business transactions, client details and so on. Such information is extremely valuable to a business and can cause a host of legal issues if it is lost. This is where information technology becomes relevant. It provides the right resources to store the information in a way that ensures maximum protection. Virtual storage systems can keep information safe by allowing a limited number of users to access these. Increased protection also ensures that these systems are not hacked and the information is not wiped out owing to some problems. Therefore, information technology helps in upholding business integrity. 6. Providing Customer Satisfaction Customer experience and satisfaction are crucial aspects of all businesses. The key to customer satisfaction is a strong customer support team and its availability to cater to the requirements of the customers. Information technology provides the best tools for communicating with customers and solving their problems in real time. It has unlocked the facilities like Email, social media and other messaging platforms for this purpose. A happy customer-base is important for the growth of a business. Various cloudbased communication channels have made customer experience more improved. 7. Management of Resources A business has a variety of resources. These may include financial resources, human resources and so on. For large organizations, managing resources becomes quite difficult. Information technology plays a vital role in managing these resources effortlessly by introducing a wide range of feasible solutions. For example, the integration of Enterprise Resource Planning (ERP) has improved the efficiency of various business processes. ERP is a business management software that enables an organization to use a series of integrated applications that can manage and automate various business operations. Information technology is at the core of such software. The implementation of ERP is progressing at a rapid rate with more and more businesses implementing this efficient technology to make certain business processes hassle-free. 8. Open Source Software Information technology has paved the way for various open source software that allow free usage of certain tools for various organizations. The primary benefit of open source software is its flexible license. This allows modifications to the source code. This means that you have the facility to customize its functions according to your requirements. Almost every software that businesses use has open source variants that are widely available on the Internet. Utilizing these could mean multiple benefits at reduced expenses. Such benefits of the increased implementation of information technology have provided businesses with competitive advantages. What matters most is, how businesses are utilizing this technology to maximize their profits and ensure longterm success. Done right, this can help your business scale new heights.