The report discusses the importance of Information and Communication Technology in today's world and its impact on businesses. It covers collaboration tools, cloud storage, cryptocurrency, and privacy & security threats.
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ABSTRACT In the section of literature reviewhas discussed collaboration tool that has been used by firmin order to interact withteam members. Along with this, it has alsoanalysedabout advantage and disadvantage of this tooland the way it helps in maintain the proper flow ofinformation within the company. In the present report, it has been identified that the businesses can use cryptocurrency for the purpose of their own benefits. However, it has its own set of advantages and disadvantages. If used in an appropriate way, the cryptocurrencies can reduce the cost of a business by eliminating the middlemen and improve their range of customers by providing them enhanced payment options. In the report collaboration tools are evaluated with this regard two collaboration tools are broadly discussed, and how these tools helped businesses in the heat of pandemics are also deeply analysed. Further the potential threats or security related concern which might had faced by such businesses in the pandemics are also seen.
Table of Contents INTRODUCTION...........................................................................................................................4 MAIN BODY...................................................................................................................................4 Literature review..........................................................................................................................4 Analysis and discussion..............................................................................................................7 COLLABORATION TOOLS-....................................................................................................7 HELP IN THE PANDEMICS-....................................................................................................8 PRIVACY AND SECURITY THREATS-.................................................................................9 REFERENCES................................................................................................................................1
INTRODUCTION Information na Communication technology (ICT) is the technology that helps in unifying the communication and integrate the telecommunications , software , audiovisuals to help the customers in easy understanding and storing of the information (Majeed, 2018.). ICT is used by the users to manipulate and access the information quickly and easily. It is used in handling communication through media, management systems and many networks based functions. In business, Information and Communication Technology is widely used, it is helpful for efficient and effective running of the business, it is used by the business to be quick and effective in responding to the customer needs and queries (Mwantimwa, 2019). ICT helps the business by guidingandassistingregardingthedesign,researchanddevelopmentstrategies,sales, manufacturing and so on. It helps in developing technologies such as online services , online banking, etc.During the COVID-19 pandemic, ICT helped in many ways. In hospitals, with the help of advanced technology it was easier to check and analyse the issues in the human body. ICT helped the most in the education field, with the help of Zoom meetings , google meet classroom studying and attending regular sessions was made easier (Yang, and et.al., 2020). It helped in developing contact less environment with the help of UPI payments andinternet banking to stop the spread of virus. The report will discuss collaboration tools used in ICT and the benefits and limitations they posses. It will also specify about cloud storage , cloud computing, cryptocurrency and how it contribute in protect and securing the business. The report is prepared to understand the basic concept of Information and Communication technology in today's world and in the business environment. MAIN BODY Literature review Collaboration Tool: According toauthorHurst, (2020)collaboration tool isa simple conceptthat helpsteam memberstowork togetherin order to accomplish commongoals. It is basically aproject management app that aims at fostering interaction between people. Some example of this tool are achat appthat allowsmultiple people to brain storm ideas. It can bevideo conferencing
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tool like google meet or Zoom that allows people toshare information through face to face. Although it can befile sharing application that allowcompany orindividualto access to collateral.Miljanic and Zaric, (2020)has said thataim ofcollaboration tool isto focus on enabling communication such as Skype, Microsoft teamsand hangouts.Haughton and et.al., (2021 )has state aboutcollaborationtoolthat it isused forinteracting with otherpeople as well as it aims to provide support a group of more thantwo individual to achieve common goal or objective. It can be in form of technical and non – technicalnature such as paper or flipcharts. Moreover, thistype of tools helps in solving problem like meeting the deadlines of projectasiteasilyfollow thetask stepby stepand contributein managing overall management.Thus, it is useful inplacingtheprioritiesand to get clearvision of the deadlines.Hasmy, (2020)has statedaboutadvantage ofcollaborative toolthat it helps in improving communication skill oftheteam evenifit is working from remote area.It also contribute inreducingthe chance ofmissing important emails andupdate as well asmake surethat every oneis working togetherforaccomplishing setgoals.Hurst,(2020)has arguedthatcollaboration toolencourages some ofthe employees to assumethat it have leadershiprole that can create unhealthyculture within company.Along with this, it can increase operational cost of the company as it is expensive in nature. Cloud Storage Tan and et.al., (2018)has define it as computing model that stores data on the internet with help of cloud computing provider that manage and operates data storage service. Along with this, it eliminates buying as well as managing data storage and it is delivers on demand just in time capacityorcost.Although itprovide it userwithdurability ofaccessingfrom anywhere and anytime.Alam, (2020)has stated about the working ofcloud storage such as it is purchasedby third partycloudvendorthat ownsas wellas operatesanddeliver data overthe internet. Althoughthevendormanagedataandmaintains itssecurityas well as durability sothat datais accessible touser allaround theworld.According toSrivastava and Khan, (2018)it has define that cloud storage data is used to store digital information like photos,videos andmusicwithouttakingany physical spacein androidphoneas well as megabytesoncomputer. Theclassicexample ofcloudstorageprovidersareGoogle, Dropboxas well asapple. It is mainly used by company andindividualthat helps in storing data on other network which ismaintained bythird party. Furthermore,Kumar and et.al.,
(2018)has stated about the advantage of cloud storage such as it is less expensive as compare to physical storage as well as there is no need of hardware and it is cheaper as per GB than using external drives. In addition to this, it is very accessibility in nature as it gives access of data from anywhere but with help of internet connection. However, disadvantage of cloud storage is thatit is highly depended oninternet connectionandslow networkingcreates issue whileaccessing storage.Along with this,additional cost is chargeforuploadingand downloading files from the cloud. Cloud Computing Tan and et.al., (2018)has describe it has delivering of various services with help of internet and it generally include application and tool like databases, data storage, software as well as networking.It allowsuserto save files fromremotedatabaseinsteadofstoringdata on local drive orhard drive.Although aslong asuser haveinternet it can access the dataand the softwareprograms torun it. Moreover,company that make use ofcloudcomputing enableuser to store filesandapplicationson remote serversanditcan accessall data through internet. Thus, user need to have to be on specific place in order to gain access as well as it allow user to work remotely. Asper theview ofKaur, Chanaand Bhattacharya, (2018)hasdescribethatcloud computing is generally usedby alltypeandsize oforganizationandindustrythat huge information.Like data backup,disaster recovery,software development andtestingas well as customer facingweb application. Alongwith this,it is mainly usedat corporate levelfor internal house operation or for developing softwareand services that organization develops for the public. Moreover,Wang and et.al., (2020)hasdescribeabout advantage anddisadvantage of cloud computing such asit reduce IToperating cost like upgrading newsystem, newhardware as well assoftware that may include in contract.Alongwith this, the companyis no longer require toextra wage to expert thus save expense. It also helps in collaboratingas it increase theability to communicateand share informationinstead of traditional methods. However, while using cloud computing the performance can vary as thisapplication run on the server that provide information toother business alternatively.It is alsoprone to technical issues and it requirehighstandardmaintenance.Moreover, it also require goodinternet
connectivity asusercannotaccessany data withoutinternetconnectionand there isno other way to collect data which is major drawback of this application. Privacy and Security As per the view ofOgonji and et.al., (2020)privacy means right to have control on personnelinformation andtheway it is used. For exampleeveryapplicationasked for privacy permission while downloading. Security whereas relatesto way personal data has been protected.Thedatacan berelated to place ofliving orbasic information.Thereis difference betweenboth termssuch asVPN known as virtualprivate networkin which security products act like tunnel for informationas well as activity of internet . Thus, VPN helps in winning tow ways such as privacy like it helps in blocking website, cable companies andinternetservice providersfromtackinginformationas well as browserhistory. For security it helps inprotectingfrom otherpeopleaccessing personalinformationand other data. Ogbuke and et.al.,(2022)has depictedabout importance of data and security as it is both areused forbuildingtrustamongcustomer andtheuser. Althoughmaintaining privacy helps in engaging with the customer as well as benefit organization in increasing overall sales and it lower the chancesof leadingthe businessfrom breaching the data. Along with this,it helps company inprotecting crucial data from theoutsider from being exploited. Moreover, privacy matters tobrandasother competitorsalsomake usevariousmethod to deal with customer information.Thus, it helps in building goodbrandimageby protecting customer experience. Further more,Mocrii, Chen and Musilek, (20180has evaluatedabout various challenges that is faced by company such as security threat as most of the successful business are attack by hackersandbreaches have been done bythe company. Forexample: Facebook has not maintained the privacy of customer by sharing their choice to advertisementcompanies and without their permission. Cryptocurrency According to (Ghimire, and Selvaraj, 2018), Cryptocurrency can be defined as secured data that symbolises a currency unit. The secured data is supervised and systematized by a peer- to – peer network which is known as a block chain. The block chain is also used for the purpose of securing the transactions through which buying, selling and transferring of securities can be
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done. Cryptocurrencies are not issued by government or financial institutions and therefore is considered as illegal in many nations. Asinvestigatedby(Hazar,2019),thereareanumberofadvantagesofusing cryptocurrency within a nation as transferring of funds between two parties is easy. It controls inflation as at the time of launching of cryptocurrency they are limited in value but as the demand increases, the value of the cryptocurrency also increases in the long run and prevents inflation. As stated by (Schaupp, and Festa, 2018), the use of cryptocurrency enhances security and privacy. There are several mathematical puzzles which encrypts the data fed in the block chain so that it cannot be attacked. Similarly, with the help of cryptocurrencies, the currency exchange can be done easily as it can be easily bought by using US dollar, Japanese Yen, Indian rupee, British pound and European euro. However, (Smales, 2020) argues that the use of cryptocurrency is illegal in many countries and is highly risky to use. As the security and privacy of transactions that are carried out by way of cryptocurrency is very high, it can lead to financial frauds and misconducts as it is difficult for the government to track down the authenticity of the transaction. Analysis and discussion COLLABORATION TOOLS- Are those programs or platforms that helps business and their people to improve their communication skills. It ensures proper inclusion of all the people working on the same project. 1)Webex Meetings- It is one of the most common collaboration tool. It is engaging, inclusive and intelligent video conferencing solution for the modern workforce. The properties like- reduce disruptions and noise, enable to share reactions in multiple ways, improve engagement, customize the stage layout, real time language translation into more than 100 languages makes it the best choice(Akinsola and Munepapa, 2021) 2)Skype- This is so common tools with this regard. At present this tool is being used so often for conducting business conferences. It is highly superseded by Microsoft teams which makes it more reliable. The characteristics like- conference calls, messaging with
notification, status setting, conversation history and connection to corporate directory make it more useful and preference of the businesses(Hite, 2021) HELP IN THE PANDEMICS- Collaboration tools helped a lot in the pandemics, due to over dependence on work from home culture, it became necessary for the entities to find such way, through they can ensure flawless communication among the parties. It helped businesses in continuing their operations without communicational outbreak. For example- In pandemics there have been so many companies or should be called almost all those companieswhowerehavingbiggersizeandphysicalmeetingswereimpossible,used collaboration tools like- Zoom meeting, Skype, Slack, Microsoft Teams, Google Hangouts etc. to continue their business operations. It made their work easier through web meetings the entities were not only operating business but it was also helping them in knowing potential ways for impactive business(Riemer, 2019) In CoVID-19 many organizations were experiencing high demand of their products and it was giving rise to their need of more recruitments. Collaboration tools helped HR to go for more recruitments without compromising the quality of hiring. PRIVACY AND SECURITY THREATS- In the pandemics where work from home culture got promoted due to prevailing circumstances. The businesses were using collaboration tools to the fullest extent which might have caused them such privacy and security threats as well. For instance the data breaches is one of the biggest concern since while performing acts on digital platforms without sharing data ones can't carry out it affectively. Companies used to share their confidential data on such digital platforms and many of such cases are also seen where data breaches was experienced.
Downtime was one another perils, software or hardware malfunctioning and other type jeopardies had been a big demon. Due to sufficed use of digital platforms businesses were facing this problem. Malware attack is a common cyberattack where malware malicious software executes unauthorized actions on the system. This might have impacted the businesses and affected their data security. Hacking is one of the most common and notorious form of cyber threats, it might have been a serious issue for those who were not having strong protection mechanism while using digital tools for business. Privacy and security during pandemic The measures businesses take to prevent or protect themselves from potential threats include backing up important files and each and everything on a regular basis to a cloud storage or a portable device so that the data remains safe. The businesses can also install software which prevents a device from being hacked such as Windows Defender Advanced Threat Protection, Reason Core security and many more. The company should try to encrypt important information so that no one cannot be passed on to anyone for any kind of misconduct. The company can also make use of passphrases instead of using passwords in order to protect the information. There should also be a set of policies in order to guide the employees with respect to the protection of the data. Importance of cryptocurrency for business There are a number of ways in which cryptocurrency influences the way in which a business operates. They are: There is no processing fee while using cryptocurrency in a business. That means the business do not have to incur unnecessary cost on middlemen. This saves the cost of the business and streamlines the transactions of a business and improves the profitability of the company. There are a number of benefits for businesses that they can gain from using cryptocurrency. Cryptocurrency serves them a lifetime opportunity to invest and gain profit in terms of digital money (Wiśniewska, 2020). Due to the use of cryptocurrency, the business has opportunity to
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invest their money in high growth companies and utilize the profits for the purpose of expanding their business. Importance of cryptocurrency for business: Use of cryptocurrency helps the business to increase their business reach and attract the target consumers towards the company by providing services such as improved payment processing methods. Most of the companies charge a fees in order to process a payment, but with the help of bitcoin, the business can eliminate paying high costs for the payment processing. This improves the customer experience with the company (Yilmaz, and Hazar, 2018). Most businesses allow their customers to pay through credit cards, which is an easy and safe way to pay but it involves a lot of verification and authentication from the financial institutions in order to process a payment but bitcoin allows its user to pay direct via a getaway without including any kind of obstacles. In my opinion, the business should make use of cryptocurrency within their business functions. It can be of great help to a business if used in an appropriate way. As mentioned above, using cryptocurrency can help a business to reduce and eliminate its middlemen costs and save that money instead. The saving of middlemen cost can work wonders for a small business or a small scale company. Under cryptocurrency, the transactions are safe and no one can access the information which helps in maintaining the anonymity and privacy of the company. CONCLUSION From the report , it concluded that in recent timesInformation and Communication Technology is a crucial part in the lives of people. It helps the people by providing various servicesandtransactionssuchasstoragefacilitythroughgoogledrive,conductingof conferences and meeting through Zoom and Skype. The report also discussed the collaboration tools in detail to understand their importance and need. There were certain issues and threats because of the ICT which resulted in monetary or privacy loss to the people during the pandemic period. The report addressed the advantages, disadvantage and applicability of the cloud storage systems, cloud computing. It also identified the challenges faced by the business regarding the safety and security of the information , why maintaining the privacy and security is an important part for the businesses. The report addressed about the cryptocurrency which is influencing the market in the country and how its it important for the businesses. It also express the views and
opinions that how the adoption of Bitcoin will result for the businesses. Thus, from the report it is clear that information and communication technology contributes in all the areas of the business and personal lives of the people.
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