Information technology in a global economy.
Information technology relates to the use of computers for storage, networking, and communication among other functions. It also includes transmission of information and manipulation of data, often in the context of a business or enterprise. Advancements in technology over the years have made the globalization of economies possible thus resulting in increased trade and a generally positive effect on the economy.
Information technology has created many changes in the business world through electronic commerce, which relates to the buying and selling of products through electronic means such as over the internet and mobile applications. This practice has enabled many businesses to expand their markets to international levels with minimum cost implications (Khan 19-20; Berisha-Shaqiri). It has also allowed business people to select the best suppliers and find suitable business partners from different parts of the world.
Information technology has eliminated barriers such as currency, geographical location, language, and time. Business transactions such as purchases and payments can now be done easily over the internet through applications such as PayPal. Organizations can also market their businesses through the internet and interact with suppliers and customers. Information technology has improved the communication process in businesses through emails, websites and other applications; companies can interact and provide instant feedback to their customers (Oyza and Edwin). Improved communication enables organizations to retain their customers.
Despite the numerous advantages associated with information technology, IT also has challenges, most of which revolve around cyber threats and attacks. The number of organizations using cloud computing and who share customer information on the internet has increased. Advanced technology has contributed to increased cyber-crimes such as hacking and unauthorized access to customers’ information through the internet, which have led to significant losses experienced by affected companies. Why do you believe organizations today need to be conscious about policy -making in the digital age?
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