Role of IT in today's business Term Paper Example | Topics and Well Written Essays - 1250 words

Role of IT in today's business - Term Paper Example In addition, by implementing information technology into their business the corporations have better options for managing their business activities. This paper will outline different aspects of information technology. The basic aim of this research is to examine the impacts of information technology on businesses. Role of IT in Today’s Business Improving business efficiency is the term that can be utilized to describe the scope of information technology role in today’s business. Additionally, at the present, competition in the fast growing trade circumstances requires timeline for people to analyze and implement advance distributing information and knowledge which comes in a more rapid manner than ever before. In addition, it is a key fact that technology plays a crucial role in today's business setting. Seeing that a lot of companies at the present significantly rely on computer machines and software that are valuable for them to provide precise information for their b usiness, to mange them properly. Moreover, IT role in business today has become ever more necessary for all businesses to slot in information technology related solutions to manage them in a successful way. In this scenario, one major aspect that several organizations have adopted IT infrastructure on a large scale by implementing the ERP (Enterprise Resource Planning) systems in order to carry out their business transaction, business hosting, marketing and data processing requirements (Bae and Ashcroft; Turban, Leidner and McLean). Majority of businesses today seem to be a balanced flow of knowledge that is available for some organizations that implement information technology inside the business. Additionally, the constant up gradation of IT sector is gradually developing and it results in strong impact on business applications that has changed considerably from the time when the IT enabled organizations were often considered as data processing. Today, in several industries, IT pr ovides such services, which are useful for some businesses to make them more eminent than their competitors in local or international market. In addition, successful managers of companies or corporations examine information technology like a strategic business enabler or as a substitute of an expenditure center; furthermore work for maximal competence and effectiveness of their IT operations. As a result, they can focus on their resources on providing worth to the business and quick reaction to today’s environment of swiftly varying business conditions (TechNet; Turban, Leidner and McLean). The Changing Role of IT in Today's Business Climate At the present, business competitors must make sure that no matter whatever funds they allocate and what investments they formulate are paid incrementally. As a result, in this perspective, capitulate from an IT asset or investment desires to be pretty quick. Additionally, the advancements in information technology have allowed the busine ss society to create a passion with the scope of risk management that various IT executives are finding it to be challenging and difficult to adopt devoid of some external help. In this scenario, partnerships with IT services companies would result in better productivity, global competition, organizational network structures, reduction in the expenditure of failures that are expected and healthy growth rates

Case study Essay Example | Topics and Well Written Essays - 1500 words - 16

Case study - Essay Example On the other hand, the legitimacy theory studies the reactions of stakeholders in terms of their social obligations and requirements as imposed by the society and other forces. These two theories will provide insights into the reactions of BP following the oil spill. The stakeholder and legitimacy theories remain some of the most relied upon theories that explain the nature of reaction and approaches that companies, firms, and businesses undertake when faced with various perspectives (Friedman & Miles, 2006). These theories attempt to expose the driving motives and the determining interests that help companies to develop various choices and alternatives as understood together with the policy framework of the companies. The choice of an approach is often determined by the long-term and short-term objectives of the company. These objectives may relate to matters of performance, public image, brand protection, strategic considerations, and the costs involved. The long-term considerations of a company’s interests are largely conditioned by multiple factors that make it necessary for companies to adopt approaches that can safeguard them against the perils of the market and the unpredictable nature of the business environment (Solomon, 2011). The stakeholder theory spells out terms for the survival and the sustainability of any company. According to this theory, firms should seek to create, sustain, and increase value for all its stakeholders for the purposes of performance and survival (Philips, 2011; Philips, 2003). The theory begins from the point that the existence, performance, and progress of a firm is significantly dependent on the harmony that must exist among the stakeholders. Any adverse effect on one or some of the stakeholders will invariably spill over to the other stakeholders. As such, the work of the management is to harmonize, streamline, and regulate the actions, policies, strategies, and