Introduction a very wide and varied field. In fact,

Introduction

The most significant invention that has
revolutionised the present world is Computers or more precisely Information
Technology (IT).    It has changed not only our lives but also
the way how people do business. Nevertheless to say, it is technology that
rules the world today.  Today, the
formula for business success is “drive innovation with Information Technology”.
Now without a strong backbone of information technology, a business cannot
survive.

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From offices/business houses crammed with
handwritten papers, box files, typed reports, all sorted daily by filing
clerks, now we have reached to the concept of paperless offices and more. Even
the concept of fixed office space is also getting replaced by virtual office/
work from home concepts. This is how IT has revolutionised business and this
revolution is happening at mind blogging speed, much beyond our imagination.

Digital marketing, social networking, digital
communication, block chain, cloud computing, online shopping etc are examples
of change which came through the wave of information technology. We have
reached a stage where business houses cannot do business planning, marketing,
systematic management, real time monitoring, instant customer support and long
term business growth without IT.

In this paper, an earnest attempt has been
made to analyse how IT is impacting/ facilitating the business today and how
the innovations in IT will impact the business in the immediate feature.

Role
of IT in current business environment

Information Technology is essentially a very wide and varied field. In
fact, it is not an exaggeration to say that Information Technology is
practically involved in every aspect of our life. So it’s only natural that
something as permeating as information technology plays a major role in
business also.

 

How Information Technology has
impacted the business?

 

First and foremost, technology helps companies to go paperless,
depending on extent to which they have adopted to changes in Information
technology transformation/ development. This helps in reduction in operational
cost, since the business no longer has to buy or rent space or equipment to
store huge volume of data in physical form, especially in cities/towns where
office space is highly costly.

 

Information Technology also induces accuracy in business operations.
When a company uses a computerized accounting system instead of manual
accounting, the chances of reducing errors is significantly high, especially in
an environment where operations are becoming more and more complex.  Also, it brings in more accuracy in
operational process, planning etc.  Moreover
since systems allow for faster operations, the company’s workers can concentrate
on more pressing tasks.