Information Technology is important in business, as it helps in cost reduction, better communication, improvement of financial management, improvement of public relations and time saving. Staying ahead of the competition and secure data storage are also some of the reasons why IT is a vital requirement for success in the modern world of business.
Cost Management: information technology helps in bringing down certain costs by automating systems, using cheaper platforms for marketing and using cost-effective communication alternatives.
Better Communication: in order to effectively communicate, the medium used must allow for accuracy and timely delivery. Information technology ensures that messages are sent and received within appropriate time limits and without any form of corruption.
Efficiency: since information technology is likely to offer faster solutions to daily activities like transactions, calculations and record creation, it ultimately promotes efficiency in service delivery.
Product Quality: information technology can help in product analysis, and as a result enable improvement in quality.
Financial Management: all transactions and stock records can be entered on computerized systems, which helps to create accountability and transparency with regards to financial issues.
Security Enhancement: not only does information technology help in enhancing physical security of a company, but it also helps in safe keeping of delicate company data.