Information and Communications Technology (ICT) sector has undergone a revolution over the last decade in all developing countries. ICT or more especially internet has become one of the most cost effective medium to manage business activities for maximizing profits, but everyone may not have time to use it wisely.
The introduction of “Networked economy” by ICT linked all the business owners to their suppliers, shippers and customers in real-time internal manufacturing processes. Businesses are now able to move any information and communicate with each other in real time. This has changed the way businesses are being done. ICT in business has the capacity to cut down costs of communication, coordination and information processing and many businesses have taken advantage of this.
A business is an organization that sells products/services in order to make a profit. Businesses of all types can use ICT in business to good effect whether it is a small firm or a large firm in different areas of their work. Computer systems have the capacity to make a business more efficient, more cost-effective and responsive to the needs of its customers within no time.
There are many advantages in using ICT in businesses
- It is very easy to store data and can be stored in many places other than just in your computer or written, for example external hard drives
- Organization is much easier and better when using a PC
- Your work can be very accurate if done efficiently depending on the user input
- There is unlimited amount of space available to you if you use ICT
ICT is being used even in day to day transactions. Due to the extensive use of ICT, the small and medium enterprises (SMEs) have been exposed to risks where employees have copied or downloaded information relating to the business or customers. The use of ICT and electronic commerce (e-commerce) by small and medium business enterprises has raised legal issues regarding the security and rights of the creators, owners and manufacturers of ICT.
Many entrepreneurs, professional experts, and other business persons misuse their precious time in making best use of this technology to achieve their targets as they consider it as remedy for all business solutions. If you don’t use ICT, it all depends on the skills which can be available physically through regular employment. ICT has widen the scope of finding you the right skills from anywhere in the world for getting the job done on less cost and with more control of quality in an efficient manner.
Entrepreneurial Learning
The use of ICT in business has increased and is used by many SMEs worldwide to gain profits. Information and communications technology is the word that is doing wonders in the world of business. The impacts of ICT include using computers, internet, 3G, mobile phones, old and impacts of ICT include the way traditional practices of work have changed. One can send documents, pictures, have live video conferences over the internet, without having to travel miles and can also save money. Use of ICT is the main ingredient to save time, money and space. It makes you feel that the world is such a small place and everything is around you. So, make good use of it to increase profits.
