IntroductionThe most significant invention that hasrevolutionised the present world is Computers or more precisely InformationTechnology (IT). It has changed not only our lives but alsothe way how people do business. Nevertheless to say, it is technology thatrules the world today.
Today, theformula for business success is “drive innovation with Information Technology”.Now without a strong backbone of information technology, a business cannotsurvive.From offices/business houses crammed withhandwritten papers, box files, typed reports, all sorted daily by filingclerks, now we have reached to the concept of paperless offices and more.
Eventhe concept of fixed office space is also getting replaced by virtual office/work from home concepts. This is how IT has revolutionised business and thisrevolution is happening at mind blogging speed, much beyond our imagination.Digital marketing, social networking, digitalcommunication, block chain, cloud computing, online shopping etc are examplesof change which came through the wave of information technology.
We havereached a stage where business houses cannot do business planning, marketing,systematic management, real time monitoring, instant customer support and longterm business growth without IT.In this paper, an earnest attempt has beenmade to analyse how IT is impacting/ facilitating the business today and howthe innovations in IT will impact the business in the immediate feature.Roleof IT in current business environmentInformation Technology is essentially a very wide and varied field. Infact, it is not an exaggeration to say that Information Technology ispractically involved in every aspect of our life. So it’s only natural thatsomething as permeating as information technology plays a major role inbusiness also. How Information Technology hasimpacted the business? First and foremost, technology helps companies to go paperless,depending on extent to which they have adopted to changes in Informationtechnology transformation/ development. This helps in reduction in operationalcost, since the business no longer has to buy or rent space or equipment tostore huge volume of data in physical form, especially in cities/towns whereoffice space is highly costly.
Information Technology also induces accuracy in businessoperations. Instead of manual accounting, when a company uses a computerizedaccounting system, the chances of reducing errors is significantly high,especially in an environment where operations are becoming more and morecomplex. Also, it brings in moreaccuracy in operational process, planning etc.
Moreover since systems allow for faster operations, the company’sworkers can concentrate on more pressing tasks