The Role of IT in Modern Business: Software, Ethics, and Applications

This essay provides a comprehensive overview of the role of information technology (IT) in modern business. It begins by defining software and categorizing it into application software, systems software, driver software, middleware, and programming software. The essay then discusses the ethical and ...Read More

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Contents
Abstract ...................................................................................................................................... 2
Introduction ................................................................................................................................ 3
Software types ............................................................................................................................ 4
Issues with technology's social and ethical impact .................................................................... 6
Internet's Effect on Business Processes ..................................................................................... 8
IT's position in business ........................................................................................................... 10
Banking software applications' advantages ............................................................................. 13
IT's Function and Effect in Banks ............................................................................................ 14
The Effect of Information Technology on the Financial Sector .............................................. 15
Conclusions .............................................................................................................................. 16
References ................................................................................................................................ 17

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Abstract
What we call "software" is the gathering of information, programmes, and instructions that
allow a computer to work as its designers intended. As contrast to the physical components,
software is concerned with the logical aspects of a computer. Software encompasses any
executable code, such as an application, script, or programme. The computer's software may
be changed, but the hardware is always the same. (Rosencrance, 2021)
Software may be broken down into two broad classes: applications and operating systems.
Applications are pieces of software designed to meet a particular demand or carry out a certain
function. System software is written to control and manage the computer's hardware and to
serve as a foundation upon which other software may be installed and operated. (Rosencrance,
2021)
In addition to system software and applications, other forms of software exist, such as the
programming software that developers rely on, middleware that acts as a bridge between the
two, and driver software that controls hardware. (Rosencrance, 2021)

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Introduction
The first section of this article will focus on the many forms of software as well as the ethical
and societal concerns that arise from its use. To follow that, I'll talk about how companies may
benefit from IT and the role it plays in their operations, including the impact of the internet and
intranet.
In the next section, I'll talk about the many categories of software and the moral and societal
concerns that arise when applying technology to a company. After that, I'll talk about how
certain businesses might benefit from IT and the Internet, as well as the role that IT plays in
those businesses. In last, I'll sum up the essay's main points.

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Software types
The most prevalent forms of software may be broken down into many broad categories:
(Rosencrance, 2021)
Software for applications. The most common kind of software program, known as
"application software," is written to help the user with a specific job or, in certain cases, to be
used by another programme. An application may either be a single piece of software designed
to do one specific thing, or it can be a group of programmes designed to do that one thing.
Office suites, graphics programmes, database and database management software, web
browsers, word processing, image editors, SDKs, and comms platform are all examples of
modern applications. (Rosencrance, 2021)
Systems software. It is the job of these applications to manage the hardware and software on
a computer. Systems software is what binds all the software and hardware together and makes
it work. It also controls the computer or network and provides a base environment in which
other programmes may function. System software, in which the operating system plays a
significant role in directing and coordinating the work of all other applications on the computer,
is the prototypical example of this kind. System software includes things like the CPU,
language translators, and utilities. (Rosencrance, 2021)
Drivers' software. This kind of software, also known as debugging tools, is often grouped
along with other pieces of the system. The hardware in a computer can only do its intended
tasks if instructed by the proper device drivers. Each piece of external hardware that interacts
with a computer requires at least one device driver. Hardware-specific software, such as that
found on gaming controllers, and generic software, such as that found on USB drives,
keyboards, mouse, and printers, are two excellent examples. (Rosencrance, 2021)
Middleware. Mediating across application and system software, or between two distinct
application types, is what we mean when we talk about middleware. Using middleware,
Windows can communicate with other applications like Excel and Word. It's also used to
request remote work to be done from an application running on one operating system to an
application running on another. In addition, it allows modern programmes to communicate
with older ones. (Rosencrance, 2021)

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Software for programming. Code is written by computer programmers using special
software. Software developers can create, test, and fix bugs in other software with the use of
development software and programming tools. Software used in programming includes tools
like compilers, interpreters, debuggers, and assemblers. (Rosencrance, 2021)

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Issues with technology's social and ethical impact
There's a lot of talk about ethics in corporate America. How we treat people, how we utilise
information, how we connect with workers, how we manage resources, how we approach
sustainability, and how we influence the globe all to play a role in shaping our perceptions of
businesses. Furthermore, the wrong way of dealing with people and the places we call home is
frequently under examination and may be a leading indicator of a company's success or failure.
For this reason, many organisations, even those as large and influential as Microsoft, prioritise
moral judgement and action. (Watters, 2023)
The modern business world faces several moral dilemmas. Important choices must be taken to
guarantee personal rights are respected and data is used responsibly. (Watters, 2023)
Exploitation of Private Data
Businesses' exploitation of customers' confidential data raises serious ethical questions in
today's era of ubiquitous computing. Online activities such as surfing the web, shopping, filling
out forms, interacting with various companies, and social networking all include the voluntary
disclosure of personally identifiable information. (Watters, 2023)
False news and elaborate hoaxes
The 2020 and 2016 U.S. presidential elections shown the power of disinformation to sway
voters. The resulting division has had far-reaching consequences for economies and
governments throughout the world. (Watters, 2023)
In stark contrast to the pre-internet era, we now have instantaneous access to a plethora of
breaking news and current events. In the age of social media, public people like celebrities and
politicians may express their views without having to worry about whether their statements are
based on reality. Once upon a time, before information could be published in newspapers or
books, it had to go through a rigorous vetting procedure. (Watters, 2023)
Failure to Monitor and Take Ownership
Nowadays, "hybrid stacks" consisting of both in-house developed and third-party supplied
software are the norm rather than the exception in most enterprises. As a result, there is usually
confusion about who is accountable for certain governance, big data usage, cybersecurity
threat, and personally identifiable information management tasks. While it comes down to it,

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whose job is it to make sure sensitive information stays that way? Do you assume any liability
for stolen credit card information if you use a third party as payment processing software? In
fact, it is everyone's responsibility. Companies must shift their thinking to one of communal
accountability. (Watters, 2023)
In a similar vein, several specialists advocate for a worldwide strategy to governance, saying
that inconsistent enforcement at the local level has led to inconsistent policymaking and
extensive data misuse. This situation is analogous to the issue of climate change in that we need
to work together to effect change. (Watters, 2023)
Implementing AI
Making Use of AI Artificial intelligence has enormous commercial possibilities. (Watters,
2023)
Independent Machines
The use of autonomous vehicles, robotic weaponry, and service drones is no longer in the
distant future; it is now the present, and it raises serious ethical concerns. Self-driving vehicles,
unmanned drone deliveries, and robotic warriors are all technologies that might one day replace
human workers. (Watters, 2023)
Although autonomous technologies have enormous economic potential, many people are wary
about giving up control to machines that are operating on their own. Too much faith in
technology without sufficient knowledge is a common ethical problem. (Watters, 2023)

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Internet's Effect on Business Processes
The internet has made a tremendous impact on modern business practises. There are so many
uses for the internet now that it's hard to conceive how companies would function without it.
Continue reading to learn about the many ways in which the internet has altered the way
business's function. (QRIUS, 2022)
Expanded Opportunities
By facilitating instantaneous global communication, the internet has allowed firms to rapidly
expand their customer bases. This has made it much easier for startups to quickly expand into
larger markets. Because of this, nowadays a single company may serve customers halfway
across the world. This is not limited to the automotive sector. The fact that, according to Car
Remarketing, 60 percent of auto buyers do some kind of internet investigation on their potential
purchase before making any moves only serves to reinforce this trend. (QRIUS, 2022)
More Use of Machines
Several once manual tasks in corporations are now easily automatable, all because to the
widespread availability of the internet. There are numerous examples of automation in use,
from instantaneous replies to customer inquiries to guided purchases on e-commerce sites.
Automation is made possible via the use of internet-connected applications and programmes
based on artificial intelligence, which in turn helps to lower the expenses of operating a
company and keeps things manageable. (QRIUS, 2022)
Refined Public Relations
Because to the internet's massive user base, companies are having fun promoting their brands
and running advertisements. Advertising campaigns that are well-aligned with a company's
aims may now be easily implemented across a variety of media outlets, yielding the desired
outcomes. There is no shortage of tools available to modern organisations, from movies and
elevated graphics to viral memes and Gifs. Over 900,000 domains are registered every week,
so it's only natural that advertisers would become more imaginative as a result. As a result,
more people will be able to find what they're looking for on the market. (QRIUS, 2022)

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Online Labour
The internet has also altered the workings of businesses by making it easier to locate and
supervise employees from afar. Companies may get the benefits of having a full or part-time
workforce at a fraction of the usual expense since they no longer have to provide a physical
facility for people to work from. As a result, they can deliver fantastic services while preserving
a sizeable portion of their earnings via reduced operating expenses. Having your employees
work remotely means you may hire the best of the best without worrying about keeping them
close to the office. (QRIUS, 2022)
Increased Team Cooperation
Finally, the web has made it practical for groups to work together successfully and efficiently.
As nothing is delayed because of teams being in separate places, the overall quality of
outcomes from any team has increased. In the case of companies with several offices and
employees all around the world, this is extremely important. When a task calls for several
people to work together, a quick and painless solution is a quick and painless internet
connection. (QRIUS, 2022)

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IT's position in business
The foundation of technical innovation is information technology (IT). This invention has
significantly contributed to the advancement of company administration. There isn't a single
company in the world today that doesn't utilise numerous IT tools and technology to carry out
daily operations, create marketing plans, and even hire staff. Many prestigious institutions of
information technology in Nashik prepare students to become outstanding IT experts in a
variety of sectors. (SANDIP, 2021)
1. Operational simplification
Nowadays, information technology is employed in every aspect of corporate operations. By
controlling costs, regulating hiring, addressing market instability, managing inventories,
keeping track of employee performance, resolving employee complaints, and much more, IT
has made running business easier. (SANDIP, 2021)
To speed up everyday operations, IT has now automated many laborious and time-consuming
procedures. Nowadays, for instance, a variety of software programmes are available to record
workers' daily attendance, handle leaves, and determine their monthly compensation with the
least amount of human involvement. (SANDIP, 2021)
2. Putting cloud-based solutions into practise
Another helpful tool that enables organisations to keep their information on other servers over
the internet is cloud technology. It is an innovative technology that has reduced prices for both
small and big organisations, allowing them to choose subscription plans that best meet their
requirements. (SANDIP, 2021)
Companies don't need to worry about putting together a sizable IT staff to handle and maintain
massive servers within their facility. They might hire independent contractors to keep pertinent
data on hand. With the advent of cloud technology, issues like servers failing, downtime, and
data loss are now outdated. (SANDIP, 2021)
3. Supporting Cyber Security
As more companies keep data online, there is an increased danger of cyberattacks. Even third-
party providers of cloud services to enterprises must protect their customers' data from online

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threats. Cybersecurity is something that companies inside the banking and financial industry
need to be increasingly worried about. (SANDIP, 2021)
To assist develop competent IT employees for the future, several of Nashik's best management
institutions provide a thorough undergraduate degree in cyber security. Companies that have a
strong cyber security network may reassure their customers that personal data will always be
secure and so expand their customer base. (SANDIP, 2021)
4. Carrying out a Data Analysis
Businesses rely on IT specialists to collect, absorb, separate, and analyse pertinent data
to comprehend current industry trends and consumer behaviour. The data is then used to inform
a variety of organizational-level choices that help them grow their firm. (SANDIP, 2021)
Another crucial tool that organisations utilise to create company plans, analyse market
projections, remain competitive, comprehend client behaviour, and design product
development strategies appropriately is data analysis. In an extremely competitive market, it
may also help firms keep one step ahead of their rivals. (SANDIP, 2021)
5. Making Effective Communication Possible
One of the key benefits of information technology is simple and effective communication.
Communication includes both internal organisational communication as well as
communication with clients and consumers. (SANDIP, 2021)
Mail, WhatsApp, customized chatbots, feedback forms, and other Technology tools fall under
the category of communication. Since we live in an age of information technology, firms can
communicate instantly. Sales data, consumer opinions, customer inquiries, market trends, and
much more are included in this message. (SANDIP, 2021)
6. Improving Client Experience
Nowadays, most organisations rely on Technology to improve customer experiences and foster
strong client relationships. Companies utilise systems like CRM to monitor customer
behaviour, address any difficulties that may arise, and guarantee a prompt resolution of any
problems. (SANDIP, 2021)
If a customer calls the business and has a problem with a product they've bought or a service
they've utilised, the CRM will record the conversation. The client's shopping history will then

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be reviewed by a customer relationship manager using the CRM tool, and the problem will be
quickly and effectively resolved. (SANDIP, 2021)
7. Cutting Down on Operating Costs
Overall, utilising the IT tools and programmes outlined above may assist organisations in
significantly lowering their operating expenses. To do jobs that can be completed by software
and programmes, they are not required to hire more staff workers. To advance their firm, they
may instead hire top-tier specialists from the sector. (SANDIP, 2021)
To build a strong financial portfolio, this enables firms to spend more money on marketing,
improved cyber security, staff rejuvenation initiatives, and other areas. Improved financial
results indicate that the business is more solid and dependable for both customers and staff.
(SANDIP, 2021)

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Banking software applications' advantages
Applications for banking software are essential to banking operations. They aid in the
automation and streamlining of several activities, including reporting, transactions, and
account administration. (Eddie, 2022)
− Automated completion of routine activities.
− Enhanced effectiveness and cost savings.
− Improved client experience.
− Fraud prevention and detection.
− Compliance control.
− Using data and insights to make decisions.
For banks to be competitive in today's digital environment, they must use banking software
solutions. Banks can efficiently manage their everyday operations, provide consumers a better
entire experience, decrease expenses, increase productivity, and improve security with the
correct banking software that completely satisfies their requirements. (Eddie, 2022)

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IT's Function and Effect in Banks
In recent years, several financial institutions have upgraded their services by incorporating
electronic and computerised tools. As a result of technological advancements, banks may now
offer their customers more convenience and adaptability in their financial services. Customers
no longer need to keep track of their finances using cumbersome paper ledgers thanks to the
advent of electronic banking. The following are some of the services provided by the e-banks,
often known as easy banks: (MBA, 2022)
→ The Use of Debit and Credit Cards
→ Cash MACHINE
→ E-Cheques
→ EFT (Electronic Funds Transfer)
→ Electronic Medical Accounting Technology
→ Electronic Banking on Mobile Devices
→ Financial Transactions Through Telephone System
→ Online Banking
→ EDI (Electronic Data Interchange) (MBA, 2022)

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The Effect of Information Technology on the Financial Sector
Relationship banking is gradually replacing traditional banking. The bank's branch network
has allowed for a more personal, one-on-one interaction with consumers. Clearing and
decision-making duties were decentralised to each branch, where they have since been put into
effect. Clearing procedures, branch expansion, and employee education all were under the
purview of the corporate headquarters. The bank oversaw operations and established guidelines
for making decisions, but the branch's employees and customers could only access data from a
specific location. (MBA, 2022)
The branch network is no longer sufficient for the contemporary bank. Services like online
banking serve a dual purpose for the consumer and have risen in popularity because of the
growing desire for new, more convenient delivery methods. They provide the standard banking
services, plus a plethora of data on account balances and the bank's other offerings. This
requires the establishment of account information layers that can be accessed by both bank
employees and clients. (MBA, 2022)
Customers might benefit from having access to more information about their accounts and the
bank's services via the use of Internet-based, interactive electronic linkages. (MBA, 2022)

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Conclusions
It's safe to assume that all modern organisations use some kind of IT to run smoothly,
communicate with their clients, and handle internal issues. Information technology not only
helps businesses expand but also provides consumers with more choices. (SANDIP, 2021)
Companies and Technology work together in harmony. The needs of businesses have a
significant impact on the IT sector, and companies all around the globe profit from IT
advancements. (SANDIP, 2021)
Everyone in the current world relies on banking application software. It's useful for keeping
track of money going in and out of your bank account, as well as other financial transactions.
(Eddie, 2022)
Banking application software that is tailored to a company's needs may facilitate the
streamlining of banking procedures, enhancement of efficiency, and decrease of expenses.
(Eddie, 2022)
An additional safeguard for customers' information and cash is provided by banking software.
For this reason, it is crucial to choose a reputable banking application software supplier while
looking for the finest banking software in 2023. (Eddie, 2022)

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References
Eddie, J. (2022). List of the Best Banking Software Types to Use in 2023. Retrieved 03 04,
2023, from https://medium.com/geekculture/list-of-the-best-banking-software-types-
to-use-in-2023-7895081b70f1
MBA. (2022). Role of Information Technology (IT) in the Banking Sector. Retrieved 03 05,
2023, from https://www.mbaknol.com/business-finance/role-of-information-
technology-it-in-the-banking-sector/
QRIUS. (2022). The Internet’s Impact on Business Operations. Retrieved 03 03, 2023, from
https://qrius.com/the-internets-impact-on-business-operations/
Rosencrance, L. (2021). Software. Retrieved 03 01, 2023, from
https://www.techtarget.com/searchapparchitecture/definition/software
SANDIP. (2021). Role of Information Technology in Business Management. Retrieved 03 04,
2023, from https://www.sandipuniversity.edu.in/blog/role-of-information-technology-
in-business-management/
Watters, A. (2023). 5 Ethical Issues in Technology to Watch for in 2023. Retrieved 03 02,
2023, from https://connect.comptia.org/blog/ethical-issues-in-technology