Impact of Information Technology on Business Operations: A Case Study of Goldman Sachs

Introduction to
information
technology

Table of Contents
Introduction......................................................................................................................................3
Main body........................................................................................................................................3
Literature review..............................................................................................................................3
To discuss the impact of IT in helping businesses to enhance their operations..........................3
On the importance of ethical and social issues, which are increasingly becoming significant in
the virtual world. Identify and discuss at least three issues to run businesses efficiently...........4
Identify and discuss different types of computer networks with their impact on businesses.....5
To discuss the impact of Artificial Intelligence (AI) in enhancing their businesses..................5
Analysis and discussion...................................................................................................................6
To discuss the impact of IT in helping Goldman Sach to improve their operations...................6
On the importance of ethical and social issues, which are increasingly becoming significant in
the virtual world. Identify and discuss at least three issues to run businesses efficiently...........7
Identify and discuss different types of computer networks with their impact on businesses.....8
To discuss the impact of Artificial Intelligence (AI) in enhancing their businesses..................8
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

Introduction
Information technology is an essential factor in current business activities and processes.
Technology provide new opportunities to companies in order to become more effective and
efficient. It helps the company in decreasing the cost of products and services and will also make
sure that the company is working more accurately with the help of technology as compared to
human resources of the company. It is important for the company to upgrade the technology
from time to time as it will help the company in attaining competitors advantage in the market
(Gibson and et. al., 2021). In case of Goldman Sachs, it is an American multinational investment
bank and financial services company. The company is headquartered in New York City and was
incorporated in the year 1869. The bank was founded by Marcus Goldman and Samuel Sach.
The company offers investment management, asset management, securities underwriting, etc. In
this report, the impact of information technology on the operations of the business is provided.
Along with that, the importance of ethical and social issues which can help the company in
running efficiently are given. The report also covers a literature review which can help in getting
information from the point of view of authors.
Main body
Literature review
To discuss the impact of IT in helping businesses to enhance their operations.
According to Toblas Mattews 2021, one of the most important aspect for business is to
achieve efficiency in their workings. If a company is able to arrange their internal processes in
the most efficient way then it will help the company in producing maximum amount of goods
and services which is the ultimate goals of the company to operate in optimum capacity.
Producing goods on optimum capacity will help the company in fulfilling the demand of the
market at a comparatively lower cost which will help the company in having competitors
advantage in the market (Business operations: Using technology to improve operational
processes, 2018). Technology plays an important role in upgrading the processes as well as
services of the company. Technology constantly provide opportunities and challenges to the
organisation. Innovation in technology will help the company in becoming more efficient and
challenges provide opportunities to the organisation. The key operations which can be improved
with the help of technology are as follows:

Communication: Technology helps the company in improving their communications
processes and also promotes rapid response to clients as well as the employees of the
organisation. Cell phones are a part of technology which has become a necessity for the
employees nowadays. Access to internet, emails, applications are all possible due to the smart
phone technology.
Customer service: Technology helps the companies in providing better customers
services to their clients which helps the organisation in creating a close relationship with the
customers. Having a strong customer base is an essential factor for the company and providing
best in class customer services will help the company in achieving that. In the digital age, it will
be extremely beneficial for the company to create an online image which can help the company
in attracting more customers. Building online chats or interacting with customers through social
media can highly help the company in engaging customers with the products and services.
On the importance of ethical and social issues, which are increasingly becoming significant in
the virtual world. Identify and discuss at least three issues to run businesses efficiently.
According to Ashley Watters 2021, technology is promoting a better transformation in
the lives of people. Technology increases efficiency in machinery and will provide opportunities
to company to show more accuracy in their work. This efficiency will help the companies in
reducing the cost of the processes and will also increase their capacity of producing goods and
services which will help the company in having competitors advantage in the market. Artificial
intelligence technology is becoming more and more popular these days. It is beneficial for
companies to include virtual technology in their processes as it helps them in becoming more and
more effective as well as efficient. The issues that businesses face in order to run efficiently are:
Misuse of personal Information: Companies nowadays are focussing more on
providing personalised services to their customers. It is important for the companies to make sure
that they are protecting the data of their customers as in order to provide personalised services it
is essential for the companies to use personalised information of the users. It is important to
protect that information from Dark web industry as it can be really harmful for the reputation of
the company and for the personal life of the customers.
Access right: It is important for the companies to make sure that limited number of
people are having access to the information of the company. It has become a massive issue in the
IT and cyberspace with the increasing advancement in technology. Network on the internet