This report discusses the impact of information technology on business, ethical and social issues, different types of computer networks, and the impact of artificial intelligence on enhancing business operations.
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INTRODUCTION TO INFORMATION TECHNOLOGY 1
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TABLE OF CONTENTS ABSTRACT......................................................................................................................................3 INTRODUCTION...........................................................................................................................4 MAIN BODY..................................................................................................................................4 LITERATURE REVIEW................................................................................................................4 Theme 1: Impact of IT in helping business to enhance their business operation........................4 Theme 2: Importance of ethical and social issue in context of increasing in virtual world.......5 Theme 3: Different types of computer networks with their impact on business.........................6 Theme 4: Impact of Artificial intelligence in enhancing their business......................................7 ANALYSIS AND DISCUSSION...................................................................................................7 CONCLUSION..............................................................................................................................11 REFERENCES..............................................................................................................................12 2
ABSTRACT Information technology is mainly use of computer to collect, store and maintained all crucial information in well organised and effective manner to be used in future. LAN, WAN are various network that contribute in building and maintain connection between computer so that employees can easily communicate with each other. This report has discussed about information technology, its impact and social and ethical issue face by business. It has also covered detailed related to type of network and the impact of AI on enhancing business operation. 3
INTRODUCTION Information technology can be defined as use of software, hardware, supporting infrastructure and services in order to manage and delivered information from one individual to another. In another words, mainly computer is used to create, stores, process and exchange all data, facts and information. There are many benefits of using information technology for business such as help in decision making, store crucial information’s, fact and figure that may be require in future etc. Barclay is an multinational company that has started its operation on 17 November 1690, having around 83500 employees that are dedicatedly working for growth and development of company.Over the year, Barclay has expanded its business across worldwide and has earned revenue around£21.766 billion. The report contain detailed related to impact of IT in helping business, importance of ethical and social issue associated with running business. Moreover it depicts information related to different type of computer networks and their impact and the way AI lead in enhancing business operation. MAIN BODY LITERATURE REVIEW Theme1:ImpactofITinhelpingbusinesstoenhancetheirbusinessoperation From the view ofAlam,(2021), information technology is making effective use of computer to store, retain access, analysis and utilise the information so that correct decision related to particular topic can be undertaken. Likewise, it is application of technology having capabilitiestoresolveorganisationalprobleminbettermanner.Inrecentscenario,with development in technology, there are many companies that are making use of information technology that has helped in achievement of end goals. Furthermore, through use of information technology, company operating in service sectors, organisations are able to easily take their decision and promote smooth operation in external environment. Therefore, the as per author IT has dramatically transformed the live of people living in society. 4
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CameroandAlba,(2019),alsoillustratethattheInformationtechnologyhelpin enhancing business operation such as cloud computing utilise information to capitalise on its ability that lead in improving agility, time and management of resources of business. IT has also helped in developing automated process that not only contributes in reducing overall cost but time associated with running the business operation. Tracking metrics, monitoring certain process, billing and collecting customers data are various automated process that are easily happened through making use of information technology. Moreover, it also helps in working remotely through effectively access the company network i.,eall employees have ability to get work done even if they are notphysically present at the workplace. So, all this function of information technology has lead in improving the business operation and lead in its overall growth. According toAlfalah, (2018),there are various type of resources that individual require in order to delivered qualitative services to customers within limited time frame. Likewise human, financial and so on resources are needed by the business to gain competitive advantages. IT helps in enhancing business operation because it play vital role in managing the resources effortlessly by introducing or finding wide range of feasible solutions. So, the of task of resource management is difficult for the company is easily managed through making use of information technology by firm. Moreover, IT is one of the best tool that help company in effectively communicate with its customers and solving their relative problem in limited time frame for their satisfaction level. Therefore more happy and satisfied customers lead in increasing profit margin, performance and customer’s retention ratio. Theme 2: Importance of ethical and social issue in context of increasing in virtual world As stated byJakšič and Marinč, (2019),with evolution and usage of technology by more and more people, business for different purposes, the chance of ethical and social issue has increased. Ethicsare moral principle,value that needsto be abided by each and every organisation while operating in external environment. It also specify that there are various ethical and social issue with increasing virtual world, among which the user security and privacy is major concern. Such as with development of technology or people posting their personal information on different social media platform, security and privacy issue has raise. There are many business as well as individual living in society that are facing issue related to security and 5
privacy of their useful information. At the same time, are highly concerned that it may not be used for unnecessary purpose that could adversely harm them. Schlagwein and et.al., (2017), also supported that, ethical and social issue are important because it contribute in ensuring that no harm or disadvantage is caused to other for someone benefits. Company by not abiding to ethical and social value can lost its customers base, profit margin or it will lead in decrease in brand image of firm in mind and heart of customers. So, ethic and social issue are crucial because they help in gaining confidence of customers or help in building strong relationship with them for longer time frame. Furthermore, in current situation, most of the people wants to be part of the organisation that followed ethical and social practices so firm by abiding the same can achieve higher growth. It will also protect company from unnecessary intervention of government, penalty and charges thereby lead smooth operation of business. Theme 3: Different types of computer networks with their impact on business AsnotedbyGalanek,GierdowskiandBrooks,(2018),computernetworkallows employees to easily share their respective ideas, though and feeling so that the task can be completed in most efficient manner. It is just multitude of connected computers that allows all computers connected to network can effective share resources and data.In addition to this, technology,capacity,structure,organisationpurpose,structuresarenumberofdifferent properties that are used to classified computer network. These are bunch of similar desktop computer connected with bundles of candles but now they have become more flexible. Thereby, computer network are most important IT solution that business need to implement in the business for effectively achieving the desired goals. Furthermore, another authorsChae, Koh and Park, (2018),explained that computer networks are of different types such as Local Area Network, Wide Area Network, Wireless Local Area Network, Storage Area Network and Metropolitian Area Network etc. Such as, LAN (local Area Network) is most common and popular network design used by businesses and homes. It connects device located within a single i.,e within limited areas for example a building or home so interconnect device are present in similar geographical location. As per perspective of WAN is wide area network that connects large group of computers over large distance so it is used by only those business that have location at multiple geographical sites. Thereby they can easily connect, share information with each other in real time to avoid confusion and conflict in 6
future scenario. Interest is one of the best example of wide area network. Apart from LAN and WAN, WLAN (wireless local area network) is an network that connect device using wireless communication. It also required less number of wire to connect as compared to other networks. Wireless local area networkmake use of high frequency radio waves and have one or more access points that allows user to move around coverage area. Theme 4: Impact of Artificial intelligence in enhancing their business According toAllam and Dhunny, (2019),artificial intelligence canbe defined as simulationof human intelligence by computer system so that it can thing and take decision as human. Companies thatare adapting to the AI are becoming more and more diversified and successful as they have capability to analysis data, detect fraud andhelps in customer relationship management. AI enhances business performance such as it contributes in getting insight pertaining to market and customers. Predict analysis is applied to data assembled fro web matrix, social media and system matrix in order to develop a better product or services that could be delivered to target audience.So, prediction helps company in understanding what actually happening i n external environment and the manner in which it can adapt to the same in order to gain and retained competitive advantages. Moreover, from point of view,Marcus and Davis, (2019 ),AI has enhance business as many of the firm has started use of AI as it has contributed in virtual Assistance. Likewise Chatbox is used to communicate with users or understand what type of service that they require from the firm. So, AI has helped in providing machine drive assistance.Apart from this, Ai is also useful in process automation as it quickly automating routine cognitive process and work 24 hour without any break. Artificial intelligence has also enhanced sales process, as previously company sell what they have, but with development or changes in external environment it offer what customer wants. Therefore, the AI has played important role in accumulating crucial information related to the customers, their preferences. Thus help company in improving its sales and marketing process with a motive to attract more and more customer within the organisation for fruitful outcome. ANALYSIS AND DISCUSSION The success of Barclay lies behind it technology that help company to expand business not only in United Kingdom but also different parts of the world to earn high revenue and market share. Company by making best use of information technology is able to design and develop 7
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better solution for key issue that are face by its millions of customers. IT plays an indisputable role in banking services as it has opened thousands of doors to serve the customers beyond their expectation level. Barclay has make use of information technology to create and maintained communication with customers, employees and shareholders. This has also helped Barclay in offering continuous services to customers i.,e 24*7 hour services. Therefore, information technology has act as blessing for banking business (Avgerou and Walsham, 2017). Moreover, information technology has also helped Barclay in improving its overall strategies to attract more and more customers in the firm. As through IT, it is able to gathered sufficient information pertaining to its existing performance, key issue face by customers and many more. Thereby able to make necessary changesin its strategy to grow and sustain its operation in external environment for longer time frame. Furthermore, it has been analysed that Barclay through use of information technology is able to offer E-banking facilities to its customers. They can easily avail the banking services while staying safe and secure at their home through making use of mobile banking, internet and online and may be SMS banking. It has helped in providing ease to customers to easily check their existing cash balance, request for fund transfer and request for check book from just home or at any where. Thus, they need not have to go bank or stand in queue in order to get fund, transfer payment or wants something else. Along with this, IT has contributed Barclay in accumulating, retaining, maintaining all valuable and crucial in formation of company for smooth operation (Chae, Koh and Park, 2018). There are lot many information that Bank such as Barclay has to maintained for examples records of employees, financial data and transaction information. Thereby the information help Barclay in storing all crucial information in safe, secure manner at minimum cost possible. In current scenario, with increase in competition level, Banks are making use of unethical method to exploit the advantages of IT that negatively impact on other individuals or institute or organisation. For instance, company by making use of information technology copying or make use of ideas of other bank without its permission to stay ahead in competition. This result in cheating for bank that has find out an innovative ideas or method to delivered services to customer for their satisfaction level. At the same time, there is another ethical and social issue faced by business i.,e personal and crucial information of customers and employeesare stolen by hacker and used for unnecessary purposes. All these may harm other person whose 8
personal information has been used without its permission. Along with it, through study it has also analysed that there are many organisation in services sector that track movement of customers by making use of cookies (Lowe and et.al.,2018). On the basis of understanding of customer’s preferences, behaviour, bank offer different range of services to customers likewise, credit card, master card and many more. So such cyberbulling and cybercrime are not good for society as it creates threat in mind of customers and they not prefer to have only banking services at any cost. It has also been analysis and understands that Social and ethical are important for company as it helps in smooth operation of business. All employees of Barclay are happy and satisfied as company is engaged in ethical practice that always motivates them to work hard for its benefits. Barclay is able to retained its reputation in international and local market through following ethical practice and taking step to provide maximum benefits to people living in the society (Lowe and et.al.,2018). Furthermore, it has helped company in easily adding new and existing customers in the firm as they trust its services. Therefore, in short ethical and social issue needs to be eradicate by the company through continuously monitor each and every action, making strict policies and procedure for better outcome. The study has also helped in extracting crucial information related to different kinds of network that are used by Barclay in order to share information, software and resources among the employees that are working in the organisation. Such as local areas network, wide area network and wireless local area network used to connect with its employees and timely delivered services to customers as per their respective desire. In context of Barclay, it has make use of LANforofficialpurposesthathascontributeinmaintainedgoodcommunicationand relationship within employees (Acemoglu and Restrepo, 2019). They are no chance of confusion and conflict in any case as through LAN network they share what all task, files, other document andsoftwareneededtodeliveredservicestocustomers.Furthermore,therearevarious advantages of LAN network such as help in effective resources, internet sharing, centralised data and lead better communication. On the contrary note there are two major limitation of LAN likewise, it is more expensive i.e having high maintenance cost, along with this, it requires constant upgradation. Along with this, Barclay has also make use of Wide area Network as it has operation across worldwide so WAN has helped in connecting with bank branch. Packet switched wired 9
are used for network thereby all necessary information can be easily shared without much wastage of time and capital (Acemoglu and Restrepo, 2019). With advancement in technology, company have started making use wireless area network as in it no wire is present to develop network thus it is more effective and useful. Furthermore, it helps in protecting employees being tripped because of wire coming in between so Barclay by making use of different network has maintained connection with both employees as well as customers. Artificial intelligence leads in enhancing business success as it is innovative technology that helps in providing more better services to customers. AI has brought drastic change in Banking sector by contributing in providing ease to people to easily access any type of services any type. This has make customers happy and satisfied as in current scenario, there are too busy with their routine work thus does not have enough time to go to bank for transfer, withdrawal and deposit. Barclay is huge enterprise with lot many employees and customers that has lay emphasis on effectively adapting to new-new method or innovative technology to offer services to customers (Collins and Moons, 2019). Likewise, through adapting to artificial intelligence, customers can resolve their issue in minimum time frame without requirement of any other individual. In addition to this, company is able to easily appraise customers credit histories more accurately thereby take necessary decision related to whether to provide credit or not. Barclay also have it mobile banking application through which the bank is able to easily track financial transaction of customers and analysis it detail for further use. So, in short it can be stated that it contribute bank in effective understanding the associated risk with issuing loans i.e., threat of fraud and customers insolvency and many more. Apart from all this, AI also contribute Barclay in saving overall cost as less expense need to be incurred in order to complete different task. So, effective services can be rendered to customers at minimum interest rate so that they can be part of the organisation (Mitchell, 2019). Along with this, there are lot many sensitive information present in bank about the customers if they are known by some other person and use for bad purpose then it is harmful for both bank as well as its customer. So, Artificial intelligence has contributed in maintaining security and privacy of all crucial information related to Bank. Barclay is able to achieve growth and development by making use of AI in its operation as it has lead in improving customers experience and satisfaction level to maximum extend. 10
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CONCLUSION From the above report it can be concluded that information technology is on e of useful application that helps businesses in having sufficient record of key facts or data that are important for company. Along with this, through making use of IT, company is able to offer services as per expectancy of customers in minimum time possible. Ethical and social issue are important for business as it helps in creating a good brand image in mind and hearts of customers so that they are part of that firm only as compared to other. Furthermore, through research it has been learned that there are different network that could be used by Barclay to grow and expand business in international market. Local area network, Wide area Network and wireless local area network are main type of network that helps in effective exchange of information from one individual to another for different purpose. At last, it can state that AI has helped in enhancing business operation by making process simple. 11
REFERENCES Books and journals Acemoglu, D. and Restrepo, P., 2019.8. Artificial Intelligence, Automation, and Work(pp. 197- 236). University of Chicago Press. Alam, T., 2021. Cloud Computing and its role in the Information Technology.IAIC Transactions on Sustainable Digital Innovation (ITSDI),1. pp.108-115. Alfalah, S. F., 2018. Perceptions toward adopting virtual reality as a teaching aid in information technology.Education and Information Technologies,23(6). pp.2633-2653. Avgerou, C. and Walsham, G. eds., 2017.Information technology in context: Studies from the perspective of developing countries. Routledge. Camero, A. and Alba, E., 2019. Smart City and information technology: A review.cities,93. pp.84-94. Chae, H. C., Koh, C. E. and Park, K. O., 2018. Information technology capability and firm performance: Role of industry.Information & Management,55(5). pp.525-546. Collins,G.S.andMoons,K.G.,2019.Reportingofartificialintelligenceprediction models.The Lancet,393(10181). pp.1577-1579. Galanek, J. D., Gierdowski, D. C. and Brooks, D. C., 2018.ECAR study of undergraduate students and information technology(Vol. 12, p. 12). 2018. Jakšič, M. and Marinč, M., 2019. Relationship banking and information technology: The role of artificial intelligence and FinTech.Risk Management,21(1). pp.1-18. Lowe, D .J and et.al.,2018. Information technology in an audit context: Have the Big 4 lost their advantage?.Journal of information systems,32(1). pp.87-107. Marcus, G. and Davis, E., 2019.Rebooting AI: Building artificial intelligence we can trust. Vintage. Mitchell, M., 2019.Artificial intelligence: A guide for thinking humans. Penguin UK. 12
Schlagwein, D and et.al., 2017. “Openness” with and without Information Technology: a framework and a brief history. Allam,Z.andDhunny,Z.A.,2019.Onbigdata,artificialintelligenceandsmart cities.Cities,89, pp.80-91. 13
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