Importance Of Information Technology

Information technology refers to anything related to computing technology. So does computer hardware, software, and networking.”

Information technology benefits the business and allows organizations to work more efficiently and give maximize productivity. People look for more ways to do more work in a shorter amount of time which is possible through Information Technology. Faster communication, electronic storage, and the protection of records are advantages that Information technology provides to enterprises. IT is driven by the demands for the new competitive business environment which helps in delivering important information to managers and uses this information to make a crucial decision for the organization. IT has to do a lot with computer applications on which the organization’s work environment is dependent.

Computerized systems are the system to incorporate information technology into the organization. Information technology makes electronic storage systems to protect the company’s valuable records. The records and the maintenance of the customers are integrated with the business information and useful for the analysis. Set of the tools, processes, and methodologies, coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control and associated equipment useful to collect and process the data, and the analysis the present information with the help of the  Information Technology. 

Storage systems keep information safe by the employees within the company. The company can access, withdraw, add, or change the documents. IT security protect electronic information from being hacked by hackers. Electronic security has valuable records that will remain untouchable. Information technology improves the efficiency of the employees by developing automated processes to take the burden from the staff. Employees are free to work on other important needed things, as the computer runs their reports, creates queries, tracks projects, and monitors financials easily.

IT systems give them remote access to the company’s electronic network so that organizations do work from home or on the road. Communication is essential to the organization where information technology gives the company resources to communicate quickly and effectively. IT department employees give email, video conferencing equipment, and internal chat rooms for the communication between the employees and make the decision quickly for the organization. 

Role of technology in the Banking sector

Information Technology has basically two important things that are Communication and Connectivity. IT enables product development, better with the market infrastructure, implementation of real and reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. Technology has changed the three major functions performed by banks that are the access to liquidity, the transformation of assets, and monitoring of risks. The communication networking systems have a crucial bearing on the efficiency of money, capital, and foreign exchange markets.

The Internet has significantly influenced services and emerged as an important medium for the delivery of banking products & services. There are detailed guidelines of RBI for Internet Banking that have prepared the necessary ground for the growth of Internet Banking in India. The Information Technology Act, 2000 has given legal recognition to creation, transmission and retention of an electronic (or magnetic) data to be treated as valid proof in a court of law, except in those areas, which continue to be governed by the provisions of the Negotiable Instruments Act, 1881.

As stated in RBI’s Annual Monetary and Credit Policy 2002-2003: “To reap the full benefits of such electronic message transfers, it is necessary that banks bestow sufficient attention on the computerization and networking of the branches situated at commercially important centers on a time-bound basis. Intra-city and intra-bank networking would facilitate in addressing the “last mile” problem which would in turn result in quick and efficient funds transfers across the country”.

Technology products in a Banking sector

  • Net Banking
  • Credit Card Online
  • Instant Alerts
  • Mobile Banking
  • e-Monies Electronic Fund Transfer
  • Online Payment of Excise & Service Tax
  • Phone Banking
  • Bill Payment
  • Shopping
  • Ticket Booking
  • Railway Ticket Booking through SMS
  • Prepaid Mobile Recharge
  • Smart Money Order
  • Card to Card Funds Transfer
  • Funds Transfer (cheques)
  • Anywhere Banking
  • Internet Banking
  • Mobile Banking

Use of technology in banks to:

  • Users can deposit paycheck directly into the bank or credit union checking account.
  • Withdraw money from an ATM machine with a personal identification number (PIN).
  • Instruct the bank to automatically pay certain monthly bills directly from the account.
  • Bank credit union transfer funds each month from your checking account to your mutual fund account.

Role of IT in the Educational Sector

Information Technology is defined as the use of computers to study, send, retrieve, store, and information used widely in the field of education. Many of the Schooling Systems provide a better understanding of difficult concepts to students in the classroom and at home with the help the information technology.

Information technology has made both teaching and learning easier in the educational sectors. Creating interesting audio and visual presentations keep the students engaged and give them a better understanding of all the concepts and give interactive sessions between students and teachers. IT helps the teachers and administration to keep track of all students in the classroom

Many schools have digitalized their classroom, by encouraging the students to use information technology to submit their tests, homework, and assignments. IT made education fun and entertaining for the students. It has made education accessible for all the students by the introduction of the virtual classroom. It has also made group studies and Assignments much easier with the help of the tools and applications. With the help of Information technology, students achieve a better understanding, learning, and education and teachers also keep themselves up to date and improving their teaching skills. 

Information Technology in Healthcare systems 

Health information technology is the application of information processing which involves both computer hardware and software that works with the storage, retrieval, sharing, and use of health care information, data, and knowledge for communication and decision making. It represents computers and communications attributes to build systems fo health information technology in medicine.

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