Analyzing the Benefits of ICT for Business Growth and Development

This report examines the crucial role of Information and Communication Technology (ICT) in modern business operations, highlighting its impact on various functions such as management, finance, marketing, and human resources. It explores how ICT facilitates effective communication, knowledge creation, and exchange, ultimately contributing to business success. The report emphasizes the benefits of ICT, including enhanced efficiency, improved marketing strategies, and better resource management. It concludes that embracing modern technology is essential for businesses to remain competitive and achieve their organizational goals in today's rapidly evolving digital landscape. Desklib provides access to similar reports and study tools for students.

Information and
communication
technology

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Role of information and communication technology in business operation................................1
Usage of Information and communication in creating and exchanging knowledge....................2
How ICT can benefit business successth.....................................................................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Information and communication technology is the extension term of information
technology under which different types of communication devices and computer software are
linked together to establish an effective and common interface. These technologies are used to
store, transmit and understand the different types of data which helps to establish effective
returns. The concept of information and communication technology plays important role in the
market, especially in business management. This report is going to explore different types of
roles played by an aspect of information and communication strategy for business functions. It
also helps to explore different types of roles played by technology for the achievement of
organizational goals and objectives.
MAIN BODY
The concept of information and communication technology requires the use of different
types of communication and modern computing software in business which enables different
types of modern methods for the performance of the business activity. There is a large number of
benefits that can be enjoyed by the business by using this software and cost advantage is the
biggest. It helps to achieve effectiveness and efficiency in business which helps to achieve goals
in an effective manner. The role played by information and communication technology in
business management are given below:
Role of information and communication technology in business operation
Business is regarded as a bunch of different types of operations that are required to be
performed by management for the achievement of their goals and objectives. There is some
operations are present in business such as management, finance, marketing, human resource, and
many more. All these functions play an important role in the success of the organization and the
use of technology in these operations makes them more competitive and efficient (Law, Leung, D.
and Chan, 2019). A brief discussion related to the role of information and communication
technology in each business operation is given below;
Management: - Management is a process of staffing and controlling employees in the
organization and influencing their attitude towards the achievement of organizational goals and
objectives. In modern-day business, the size of the business increases by a huge level under
which management is required to recruit huge employees. Managers of the organization can't
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manage all activities of business manually. Information and communication technologies help
businesses to develop effective communication between different activities of the business which
helps to conduct all activities effectively.
Finance:- Finance refers to that activity of business under which managers of the
organization need to make effective records of the monetary transaction so that effective
allocation of funds can be taken place (Nguyen, Pham and Tram, 2020). The size and number of
transactions are very high in a business organization which requires modern methods to be
stored. There are many accounting and computing software present in information and
communication technology that helps to perform this task.
Marketing:- Marketing refers to stimulating the demand for products and services with
the bits of help of different types of techniques and tools. Modern technology plays an important
role in marketing because it provides many advanced methods of marketing such as E-mail
marketing, social media, and many more.
Human resource:- The management and the training of employees are came under this
process of the organization. Information and communication technology provides many
measures to the company which helps to maintain effective records and established effective
communication channels between employees.
Usage of Information and communication in creating and exchanging knowledge
Knowledge and information are one of the most important and valuable factors for the
success of any individual or company. Information plays an important role in development as it
helps to make more competitive towards different problems. The main aim of the internet and
technologies is to ensure the effective creation and exchange of information. The world wide
web plays a significant role in making the concept of knowledge management more effective and
useful for civilization (Cao and Yu, 2019). There is a large number of communication channels
developed that promote the exchange of knowledge and information. These mediums are the
internet, television and radio, and many more. The concerned parties store and gran knowledge
from different sources and display it on these devices such that it can be reached by a large
number of people (Kim, and Shim, 2018). Social media is also a good source of knowledge
exchange under which a large number of people are in the organization.
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How ICT can benefit business success
The success of the business depends upon how its operations perform in an organization
and what returns they have provided. It is very important for the success of the organization that
all its business units perform well. There are different aspects of ICT present that help to benefit
business success and a brief discussion related to the same is given below:
ICT helps to establish effective communication channels in organizations with the bits of help of
their modern technological devices. These devices help to develop effective communication
between different business units which enables increased efficiency (Chatterjee, Gupta and Upadhyay,
2020).
The concept of ICT provided effective marketing tools such as social media and many more
which help to grab a large number of customers and deal with the competition in the
organization.
CONCLUSION
It is concluded from this report that the success of the business depends upon the usage of
modern technology which makes them more competitive. This report concludes the importance
of information and communication technology for the creation and sharing of knowledge. This
report concludes different types of roles played by an aspect of information and communication
strategy for business functions. It also concludes the different types of roles played by
technology in the achievement of organizational goals and objectives.
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REFERENCES
Books and Journals:
Law, R., Leung, D. and Chan, I.C.C., 2019. Progression and development of information and communication
technology research in hospitality and tourism: A state-of-the-art review. International Journal of
Contemporary Hospitality Management, 32(2), pp.511-534.
Nguyen, T.T., Pham, T.A.T. and Tram, H.T.X., 2020. Role of information and communication technologies and
innovation in driving carbon emissions and economic growth in selected G-20 countries. Journal of
environmental management, 261, p.110162.
Cao, X. and Yu, L., 2019. Exploring the influence of excessive social media use at work: A three-dimension usage
perspective. International Journal of Information Management, 46, pp.83-92.
Kim, N. and Shim, C., 2018. Social capital, knowledge sharing and innovation of small-and medium-sized
enterprises in a tourism cluster. International journal of contemporary hospitality management.
Chatterjee, S., Gupta, S.D. and Upadhyay, P., 2020. Technology adoption and entrepreneurial orientation for rural
women: Evidence from India. Technological Forecasting and Social Change, 160, p.120236.
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