IT in business – know the big picture and how it affects you
Your local grocery store has started a website to take online orders. Even your gardener uses an email id to keep in touch with his clients. So, from the prerogative of big and mid-sized companies IT and computer have entered the small businesses too. Today, you can hardly find a business that doesn’t use information technology or computers. Every business, whether big or small has an email id, a website and a computerized system.
IT in business – the broad picture
It is pertinent to ask what the benefits of using IT in business are and how companies are allocating resources to it. Yes, this is an interesting topic and you need to step back and look at the broad picture. We will investigate the benefits of IT in businesses and its costs and how to implement it.
The benefits of adopting IT in business
IT helps companies to establish an easy connection with the customers which helps in providing better service. Implementation of IT helps in streamlining operations, improving efficiency, reducing costs in the long run and minimizing wastage. IT also makes it easy to focus on core business.
Investment in IT
There is no doubt that IT brings huge benefits to businesses and that brings us to next topic. How much should a company spend on IT? The investment in IT is determined by the type of industry the company is in. Finance and healthcare spend a sizeable chunk of their investment in IT while manufacturing and retail spend less. In general, companies outside the technology industry spend on an average .5% to 10% on IT.
The cost of implementing IT
Investment in IT depends on the type of industry and the level of computerization you aim to achieve. There are different costs that a company has to incur like the initial cost of software and hardware, maintenance cost and upgrade cost.
Today we cannot think of any business without a computer or a website and hence IT forms an integral part of business studies. Business management students have to study how to implement IT in their companies and reap the benefits. Thus MK Business School includes IT in its courses and exposes the students to the various facets of it.
Students of MK Business School learn how to implement IT efficiently in businesses. They also get knowledge on how to use technology to reduce costs and focus their activities. Establishing contacts with customers, getting real time feedback and working on them are also made part of the curriculum.
MK Business School, in its endeavor to provide quality education makes sure that the students receive up-to-date information and knowledge and are able to apply what they learn.