Role of Information Technology in Business Success

Individual report
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ABSTRACT
Information technology pays a vital role in modern era. It not only makes individual's life
easy but also make functions of business easier. It helps firm in decision making, effective
customer satisfaction and brings globalisation (Rad, Nilashi and Dahlan, 2018). But there are
several issues which banks like HSBC face like ethical and social problems which affect running
of business. Ethical complexities may include security and privacy concerns while social issues
include identity theft, hacking, etc. There are many network technologies that connect different
devices together to send or receive data. These network technology includes LAN, WAN and
MAN. Social media has a distinct and important role in working of the business as it may help in
analysing competition, discovering social media influencers, market research, etc. The system
development cycle is used to develop a quality system that manages decision making process. It
has seven phases like planning, analysing, designing, development, integration and testing,
implementation and at the end is operations and management.
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Contents
ABSTRACT.....................................................................................................................................2
INTRODUCTION...........................................................................................................................4
LITERATURE REVIEW................................................................................................................4
ANALYSIS AND DISCUSSION...................................................................................................5
Role of information technology in success of business.............................................................5
Ethical and social issues that pertain to running business...........................................................6
Identify and differentiate between different networking technologies.......................................7
Discussimportance of social media in HSBC Plc.......................................................................8
List and explain different stage of system development life cycle............................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
Information Technology plays a prevalent role in everyone's life. This is an technical era
where people find ways to do work in short span of time and this is possible only by
development of IT (Melián-González and Bulchand-Gidumal, 2017). Internet plays an ample
role in business world where it allows companies to function more efficiently and actively with
instant storage of date, computer driven devices, maintenance of privacy and many more. One of
the well-known organisation chosen for discuss is HSBC Holdings PLC, which is a multinational
investment bank company and situated in London, UK. This report deals with role of IT in
business world together with social and ethical issues pertaining to it and importance of social
media in business. Further it provides types of networking technologies and different stages of
system development life cycle.
LITERATURE REVIEW
According to Adib. (2015),“information technology is only approach which provides
opportunity for business enterprises to analyse specific data and suitable plans for growth of
business. It also provides different tools to solve complex problems and plans which helps in
future growth of business”.
As per the views of Oster. (2019), “It is a responsibility of business entities to develop
ethics and code of conduct, so that each and every organisational member should abide and
execute. Fundamental ethical issues for company incorporates promoting integrity based
conducts whilecomplex issues include empathetic decision-making, accommodating diversity,
compliance and governance consistence with core values of a company”.
On the authority of Singh. (2020),”IT considered as a computer network with which
different computers are connected via a transmission medium like wire, cable etc.” there are 3
major types of networks named as LAN, MAN and VAN.
It is says by Ahuja. (2020) that,” Volume of consumers of banking sector on broader
platform of social media are too huge to disregard that makes social media a wide platform for
interesting and impressive marketing of banking sector products and services”. Social media
helps banks in identifying potential customers and social media influencers, analysing
competitors, identifying growth opportunities for business, understanding market needs etc.
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