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Role of Information Technology in Business

Added on - 23 Nov 2020

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INDIVIDUALREPORT
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Role of IT in success and failure of a business.......................................................................12.Ethical and social issues which pertains to running business..................................................33. Different kinds of network technology and their differences.................................................4CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONInformation technology is referred to as a sub-category of information andcommunication technology. Different products and services associated with IT are electronics,software, telecom equipment, hardware, e-commerce and internet. This technology benefitsbusiness personnel’s in collecting data and transforming it into useful information which assistsin appropriate decision making (Chao and Chandra, 2012). This report is based on MilestoneHotel which is a UK based five-star hotel, headquartered in Kensington, London. This hotel is apart of Red Carnation Hotels groups. This assignment includes role of IT in failure or success ofbusiness. Along with this, ethical and social issues are mentioned which impact business. Also,different kinds of network technologies and their differences are discussed.MAIN BODY1. Role of IT in success and failure of a businessInformation technology plays a crucial role in business growth. It helps an organisation inmanaging accounts, point of sales system, management information system etc. Digitalmarketing is a tool which helps an organisation to gain competitive advantage over competitors.IT can result in loss of revenue, if not used appropriately. In context of Milestone Hotel,information technology has considerable impact on working and profitability of hotel. Role ofinformation technology in success and failure of a business is discussed below:Role of IT in business success:Streamlines communication:To sustain a firm position in market, every organisationrequires effective communication process. IT assists an organisation in streamlining bothexternal and internal communication with the help of telecommunication, videoconferencing, voice call etc. Due to applications like WebEx and Skype, expenses ofMilestone Hotel in bringing clients on-site will reduces which results in enhancedprofitability (Fayolle and Gailly, 2015).Facilitates strategic thinking:Another advantage offered by IT is that it helps acompany in achieving competitive advantage against rival firms. It assesses and leveragesocial networks which helps an organisation in assembling, interpreting and transferringinformation in an efficient manner. This can help Milestone hotel in expanding theircustomer base because of technological advancement.1
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