SUBMITTED BY:-

SANJAY KUMAR
SECTION – E

Role of Information Technology in the Global

Market
As a human being, we all think about our development. As we plan for our development
we also have to decide our working area, or the most possible / approachable area. Every
one likes to cover bigger area as much as he can cover. Initially we had a small area of
operation in each segment of life. But as the technology developed, we become part of
global market and now we are able to cope with the market development at large.

Information technology has made a tremendous development in respect of our approach

at a mass level. It opens the door of several avenues as well as has brought in several
threats, which should be analyzed carefully. Due to development in technology, the
information can be transferred from one place to another in very short span of time,
earlier which required lot of time.  Transfer of large information and storing capacity for
a long period also has some draw backs, inherent in the process itself. For example
manipulation of message is very easy and it requires small level of technical literacy. It is
also observed that master in a subject may not be many times able to express his views
effectively as compared to a person having less knowledge of subject but more computer
literacy, who can make better presentations. Here the knowledge part of the core subject
has been compromised with proficiency with technology.

Today's generation is very much choosy than earlier and the reason is that they have
more alternatives in their hands. Certainly, it creates more avenues and dynamism but it
also hampers the mental stability. Today's young generation wants to earn money by
hook or crook. It is immaterial for them, how they earn money. The most important
thing for them is only how much money they have. It reduces the quality of life, which
generates the stress, social unrest and mental tension and ultimately no peace in the life.
They are trying to stretch the period of twenty-four hours of a day in more and more
productive hour at the cost of their health. Which has disturbed their natural system of
digestion and standard level of health? To improve the health and physical fitness they
need a sophisticated & hygienic environment and medical physician and surgeon.

All in all, the development of new information technology should be welcomed because it
is the need of the hour. And all of us should prepare ourselves to make it easier for us
and should use it in ethical ways then only we would be able to survive in the global
market.

Role Of It (Information Technology) In Business

Growth
World is changing and along with it, flow of information is changing too. Consider as an
example - the internet, it provides us with all latest happenings around the globe.
Railways and Airways are connected with Information Technology. If we want to travel
we can book tickets online, reserve rooms, etc. Sea routes are also connected. IT has
become an essential part of our day to day life whether it's field of education, or
entertainment, or business; everything is touched by information technology. Doctors
can also help patients online, prescribing medicines or helping other doctor in dealing
with emergency cases.

Buying and selling has become quite easy now. Online shopping through credit cards
and debit cards has made purchasing effortless. Moreover you can do shopping anytime
as there is no time constraint; they are open around the clock. Banking is another area
which has been automated. The things that were earlier done manually have been
computerized. Managing accounts, transferring of cash, depositing, withdrawing is no
more a tedious task. Another field where IT has brought immense growth is Business
sector.

In this IT driven corporate world it is essential to determine new ways to grow in

business. It is important to understand that top management cannot alone manage the
business; there vision and IT together can achieve higher objectives. Information
technology and business together refers to management resources and using information
by computer tools for gathering, processing information, storage of information and
distribution of information. Small scale businesses buy software packages in order to run
their business whereas large business firms can appoint engineers to build their own
software to support company's tasks. This has resulted in new job opportunities such as
computer programmers, analysts, developers (hardware and software), etc.
Implementing IT in an effective manner would decrease the cost; cost which is expected
at the time of failure. Also increases the flexibility.

The continuous growth in information technology is affecting all workers in the

organization working at different levels, from top level executives to central level
managing staff to lower level workers.

The Role of Information Technology in Business

Transformation
The impact that Information Technology (IT) has on the ways businesses are conducted
is undeniably gigantic in proportions. With the advent of the Internet, conventional
methods of doing businesses have been altered to a great extent as evidenced by the
emergence of e-commerce. In addition, the ever pervasive use of World Wide Web for a
myriad of applications also triggers the growth in IT. Boundaries of time and space are
transcended and "the world is flat" now. Globalisation ensues and a corollary that
follows is even more intense competition among business entities. Such is the eloquent
testimony of the power of IT to transform businesses!

The first relationship is that between Information Technology and Management

Information System. The traditional view of Information Technology is such that
Information Technology is seen as a function through which data are processed. In this
perspective, systems merely serve the information needs of various managerial roles.
Hardware and software support are accordingly important for this function. Strategic
planning involves making decisions that are unstructured. Consequently, this renders
the use of information systems for such decisions impossible as the data then are only
suitable for making decisions that are structured in nature.

The second relationship is that between strategic management and Management

Information System. In reference to the aforesaid relationship explained above, it is
noted that this relationship was prevalent until the late 1960s and early 1970s. It was at
this juncture of time that the need to tailor the information system to that of the
organizational strategic planning arose. The implication is a new perspective devoted to
strategic management and Management Information System. One proponent of this
relationship is McKinsey & Co, who published a report titled Unlocking the Computer's
Profit Potential in 1968. The report recognised the importance of this relationship, thus
urging managers to have a renewed perspective on the role of computers such that they
should not be regarded as merely data processing resources. Instead, they ought to be
viewed as providing the means towards supporting the organization's strategies.

The third relationship is that between strategic management and Information

Technology. This relationship serves to emphasize the role of Information Technology as
one that influences the formulation of a firm's strategy rather than merely supporting its
operations. This is exemplified by Merrill Lynch as its strategy demonstrates that IT has
the capability to enable the development of superior substitute products or services. Its
Cash Management Account (CMA) system shows that IT has the ability to alter the way
businesses are conducted in the financial industry