Technology is the deliberate application of information in production, design and usage of services and alignment of human activities. The advantages of technology to the business are easier storage, higher productivity, enhanced sharing of data and functional automation. Information technology is known to be the most important technology present in the business. IT is recognised as technology involving maintenance, development, and use of software, computer systems and networks for distribution and processing of data. Information technology supports certain businesses in different ways:
- Increased efficiency: Associated work system, shared work spaces and allocated storage increased efficiency and enables employees to finish the work quickly.
- Rapid communication: Communication helps to increase productivity. Chat services, email servers and organisation sites enhance communication among employer and fellow employees. All these resources can be involved in updating employees about what has been accomplished what still requires to be performed.
- Creating competitive benefits: IT resources enable the organisation to develop new products, extend their products and develop the customer services.
Information technology major responsibility is to support organisations enhanced business operations, achieve cost-effectiveness, maintain a competitive edge and drive revenue growth in a market place. Technology comes in diverse shapes and forms. Technology is very crucial to a business as it keeps the world and different businesses going.
What are high-performance models of work systems?
Work systems in the basic unit of analysis for thinking about systems in enterprises. In the organisational settings, work is known as the application of informational, physical, human and other resources for producing services. This is a system where human participants perform work with the help of technology, information and resources to produce particular services for specific customers. Certain business organisations comprise work system which procures materials from produce products, suppliers and delivers products to customers, hires employees and performs various functions.
Work system framework
Work system framework is an essential basis for demonstrating and evaluating the IT-dependent work system in an enterprise. The framework creates work system’s functions and environment. It concentrates on business instead of IT concerns. Some of the critical elements in a work system framework are specified as follows:
- Participants, processes and activities, technologies and information are analysed as entirely in the work system
- Consumers and services are partially inside as well as partially outside as consumers often participate in processes within work system as services take shape in the work system.
- Infrastructure, environment and strategies are analysed as widely outside the work system even when there exist direct as well as indirect impacts on the work system.
What are the economic factors affecting businesses?
Several economic factors that are usually impacting businesses involve interest rate, employment, confidence and inflation.
- Consumer confidence: This is an economic indicator which measures complete customer optimism regarding the state of an economy. Intervals of higher customer confidence present opportunities for new organisations to enter the market while the interval of low confidence might insist organisation to cut expenses for maintaining profits.
- Interest rates: This is an amount that is charged by a lender to individuals or business. Large interest rates lead to higher total business expense for organisations with debt. This higher interest rate also decreased customer spending as higher rates make it expensive for the customer to take out loans to purchase things.
- Inflation: It is a rate where prices in the economy are increased. Inflation leads to increase in business expense like utilities, rent and cost of material involved in the production. Inflation may decrease the purchasing power of customers until employers increase wages by inflation level.
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