How information technology has touched every business
Information technology has touched almost every business. A multi scale business has its own setup to manage large databases. But information technology has outstretched itself to the small scale businesses. Though they do not a have relatively large setup, they are not left untouched by the trendy technological advancements. IT is now ubiquitous and almost every organization has a setup according to its requirements.
There are five basic requirements that an information technology set basically fulfills.
A commercial conversation usually occurs between the organization and its employees, suppliers or customers. Email is still the best means to do that. Every organization has its communication network to stay in touch with its employees, unobstructed. Further, there has to be regular transmission of massages with the suppliers and the customers. Information technology has given several tools that allow a free-flowing communication within an organizational structure. There are options for live chat, online meetings, video conferencing, online chats, which can be used to build a systems own communication network.
- Inventory management:
Every organization maintains a stock to meet the demands of the customers as quickly as possible and to maintain a reserve for contingencies. A company needs the IT support to keep a record of the quantity maintained as stock and to be intimated about any lack in the quantity determined in order to build the additional stock. The system works best when inventory management system and point of sale system is linked.
- Data management:
Gone are the days when files were stored in large cabinets and there used to be a separate place to keep those cabinets. Now is the era of digitization where data is saved on the computers and other digital devices, keeping a backup for any risk of loss. To store and manage data you can establish your own system or outsource the task to the firms providing data entry services. Data saved in digital form is easily accessible irrespective of the geographical location, but it is made sure that there no unauthorized access.
- Management information system:
A crucial need of storing data arises when it is to be used for strategic purposes. This data stored can also be used further in the data mining process to draw out use market patterns and trends. Scrutinizing the information stored during data mining reveals the certain patterns and correlation among different variables that can be further used to enhance profitability and maximize returns. By using the management information system a tries to keep a record of sales, revenue, expenses, productivity, return on investment, etc.