What is the Role of Technology in Business?

They say money makes the world go 'round, but the rapid advancements of technology aren't far behind. Companies worldwide are relying on emerging technology more than ever to help drive innovation, strategy, growth and increase competitive advantage. Technology has become a crucial and indispensable part of almost every kind of business. Without the role of technology in business, many businesses simply could not survive. Just imagine a multinational organization or a small business enterprise trying to operate without the use of a telephone or computer – or even the Internet. Whatever form business technology takes – from video conferencing to the virtual sale of a new car or house or a more secure method for online banking and shopping – the role of technology in business continues to change the way we live and work.

Technology in business allows organizations to improve both the performance and overall effectiveness of products, systems and services, which, in turn, enables businesses to expand quickly and efficiently. Technology has a wide range of potential effects on management, as well as various ways it can impact the operations, productivity, profitability and sustainability of an organization. Modern technology offers numerous tools and applications – such as electronic email and live chat systems – that help managers effectively communicate with staff and oversee projects. Business technology not only improves communication in the workplace but also with clients. Companies use technology systems to improve the way they design and manage customer relationships. Technology such as electronic files speeds up the workflow process and can save space, paper and printing costs. Business technology enhances accounting procedures and recording of financial documents and improves inventory management. Technology in the workplace also improves the efficiency of recruiting, screening and hiring potential candidates. Another importance of the role of technology in business is to provide security to a business. Major advancements in electronic security systems and biometric alarm systems are helping keep businesses safe from hackers and thieves.

The management of information systems

More corporations and small businesses than ever use technology to collect, store, analyze and manage information. Companies effectively use that stored data as part of their strategic planning process and to support their marketing efforts. Management information systems (MIS) enable companies to track sales data, expenses and productivity levels. The information gathered can provide reports on every function of a business, including manufacturing, human resource management, finance and accounting, consumer behaviors, market trends, demographics and competitor pricing. Data also can be used to identify areas of improvement within a business as well as opportunities for change and growth.

The management of information systems involves the planning, designing, organizing, coordinating, operating and control of technological products. Business managers need to have a thorough knowledge of technology tools as well as the field of technology management. If management of information systems is handled well, a business can reduce its costs of operations, create and implement new products, enter new markets, improve customer service, streamline administrative operations and create competitive advantage in the marketplace. The proper management of information systems will benefit both the organization and its customers, which will lead to the growth of that organization.

MIS professionals can spend years on the job learning and gaining knowledge and experience in their field. An online Master of Business Administration (MBA) program that includes courses in MIS may be a good option for faster advancement in this field. Because an online MBA balances essential business practices with evolving technology, students will be prepared to assume managerial positions within the expanding field of information systems. An online MBA program can lead to careers in business intelligence analysis, systems analysis, telecommunications and networks, and data administration and management.

The salary and job outlook also are positive. Job growth in the field of information systems through 2022 is 15 percent, which is higher than average for all occupations, according to the U.S. Bureau of Labor Statistics' 2014-2015 Occupational Outlook Handbook. The median national annual salary for computer and information systems managers is $120,950.

Depending on the industry and role you choose, earning an MBA that includes courses in Management Information Systems could be beneficial for your career.

Learn about the Baylor University online MBA program.


Sources:

http://importanceoftechnology.net

http://smallbusiness.chron.com/information-technology-its-role-modern-organization-1800.html

http://www.useoftechnology.com/impact-information-technology-organization/

http://www.bls.gov/ooh/management/computer-and-information-systems-managers.htm


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