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Role of Information Technology in Business Success or Failure

   

Added on  2021-02-21

12 Pages3381 Words250 Views
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ABSTRACTThe Report has described literature review that includes how information technology leads to success or failure of business, social and ethical issues incidental to technology, how networking technologies are different with each other. Further, it has explained value of intranet and internet for business, different stages of system development life cycle. Moreover, the report has explained potential advantage and limitations for HSBC investing in information technology.

Table of ContentsABSTRACT.....................................................................................................................................2INTRODUCTION ..........................................................................................................................4Literature Review.........................................................................................................................4Analysis........................................................................................................................................7RECOMMENDATIONS ................................................................................................................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTION Information technology refers to the use of any type of storage, computers, networkingdevices, processes and infrastructure to develop, secure or store electronic data in all the forms.There are four basic elements of information technology such as database, computer technicalsupport, network management, software development etc (Huda, 2019). The Report is based onHSBC Holdings Plc. It belongs to the industry of financial services, banking. It was founded inyear 1865 by Sr Thomas Sutherland. The headquarter of HSBC is located in London, UK. TheReport will outline literature review that contains role of IT in success or failure of business,issues related to IT, difference between networking technologies, value of internet and intranet tothe business, stages of SDLC. It will also provide an analysis of prospective drawbacks andbenefits of IT to HSBC, recommendations to overcome drawbacks etc. Literature ReviewTheme 1: Role of IT in success or failure of the organisation.According to Singh (2015) information technology plays an important role in success ofthe business. IT helps to improve the level of innovation in business. Innovation helps toimprove data storage, processing of data, smarter apps, distribution of information. As a result,innovation leads to improvement in quality of services, productivity, value of business etc.Further, Information technology helps to bring radical changes in the business. Such as digitalmarketing is more efficient as compared to other methods, cloud computing has become efficientas compared with private computer network. IT tools like google analytics, CRM Dynamics etc.assist business like banks, insurance companies to take better decisions. Boarcăs (2017) criticsthat, advancement in technology provides benefits to society like checking bank balance onlineetc. But, in case technology goes wrong it will create negative impact on business andcustomer's. Example- There are businesses that has suffered loss of market share or brand equitydue to failure of technology. Companies are fighting with the problems on weekly or daily basis and it may alsodamage the long term health of business. Other than this, development of cloud and mobile hasadded links to applications thus, it has created more difficulties for IT departments to identify thereason of bottlenecks in performance. Therefore, it has become great challenge for companieswhen it comes to online services like mobile banking etc. In case business is having outdatedservers then it may leads to various problems like operational problems through lost of

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