Information technology has given a new momentum to the growth in business. It is used in the business to manage the database of the employees, customers, suppliers, creditors, debtors and all those associated with the firm. It enables to connect to the employees and the client in different region, carry on with the business transactions, manage inventory. The list is endless. It has seeped into the business process so much that it has become a part of it.
The technology in business has moved from the management of the records to the Enterprise Resource Planning. The business heads take decisions with the help of decision support systems.
The Enterprise Resource Planning commonly called as ERP is a module which enables a business to maintain a common database. Every department of the company can store and retrieve data from this database. This leads to the integration of the data of the company enabling real time information sharing. Thus with this, an employee in the manufacturing department can look into the data of the finance department and verify the invoice status.
Teleconferencing or videoconferencing, which enables the employees and company heads, the facility of conferencing or meetings with the associates of the company separated by the geographical boundaries.
E-marketing is also a very common application of the information technology to the business. The business can reach out to a large number of consumers through marketing their product online. This not only reduces the cost of advertising but also provide a widely used medium that is the internet, to reach the wide range of consumers residing in different regions and countries.
All the transactions can be made online with the use of the latest technologies.
Virtual organization and virtual enterprise which are formed when the companies temporarily come together and form a network, sharing their skills and resources of experts, to gain a competitive advantage over their competitors. Here they connect with each other with the help of information and communication technology.
Software is there to provide you with the possible options in a situation and help in taking decisions. There are management information systems, information systems for finance, strategic management all of which are useful at all the level of the enterprise.
Use of the technology not only brings down the cost associated with the business activities but also help the enterprise to maintain a competitive advantage over its competitors.
Thus information technology is fast changing the face of the enterprises and the business which they carry.