This website uses cookies to ensure you have the best experience. Learn more

Information Technology Management Essay

1919 words - 8 pages

Introduction

Since the growth of information technology there has been a change in the banking industry from branch banks and paper to net working and digitized banking services. The ways of communicating information and knowledge through computers has truly changed the way we think, work and live.

A good example is through Information Systems, which can be defined as any method of communication knowledge from one person to another and/or from one source to another. It works by providing the best possible information to its users while also taking into account that different users with their own specific tasks may need their information presented in different ways. Improving the ways ...view middle of the document...

Advances with this technology have enormously impacted employees, officers and customers. For instance, competitive advantage increases, with the use of information systems because direct marketing and 24 hour customer service is made possible. Allowing the delivery for banking products and services to be easily accessed and retrieved faster than ever before.

Here are a few more examples that create competitive advantage:

Operating expenses reduced

With the use of interconnected computerized branches and control offices, prompt and up to date information transfers can be achieved making the creation of reports and monthly returns made easier and faster for banks. Reducing over-time reimbursements for staff and the need to hire additional staff for support.

Also administrative tasks such as following up, storing, managing, including business development can also be possible with information systems. Again reducing the number of new hires, yet also speeding up the banks accuracy and efficiency saving a lot of money in the long run.

Less tedious work and more customer service

Information systems prevent the existence of duplication of data due to its single-point data entry, avoiding tedious jobs such as, double-checking interest and balancing calculations. Also tasks such as generating staff schedules and writing deposit receipts can be done with information systems. This therefore enables employees to spend more time and attention on customer needs and wants, as well as focusing on marketing strategies to improve business potential.

Management decisions made faster, increasing customer base

When properly designed, information systems can provide information specifically to the needs of the consumers, which increases the speed of decision-making. It works by providing specific information from automated/computerized and certain manual systems, to all levels of corporate professionals, managers and high-level executives with its streamlined system. And based on the data and information generated, board members and top management can make faster decisions such as strategic planning, future growth plans, or possible business expansion.

Competitive intelligence

Information Technology can be used to collect and analyze information about markets, products, environmental changes, including information about competitors. Increasing the competitive business intelligence. This is because for example, when a company gets hold of information that its competitors do not have, or if it can make the appropriate interpretation of information before their competitiors, then they can be the ones to act first, increasing competitive advantage.

Moreover, retrieving information about one’s competition is also made even easier and can really make a difference between which company is going to win or lose the battle in business. Because it is through constant monitoring of their competitions activities that companies can truly...

Other assignments on Information Technology Management

Information Technology Acts Essay

1432 words - 6 pages Information Technology Acts Paper Ryan Beland BIS/220 Mr. Vozella 7/28/2104 In today’s world we do not start our mornings with an essential meal, a cup of coffee, and reading the newspaper; but with the simple press of one of the most iconic buttons, the power button. The dramatic increase in technology demands the attention of almost every person across the globe as they connect, work, and coordinate daily plans and objectives with those

Information Technology Acts Paper

423 words - 2 pages The daily use of information technology for personal and business environment has created an innovative effect on people lives. This change has been an important factor for success through everyday life function. The fast growing pace of information technology brought along many ethical issues, like privacy, property, and accuracy, as people began to share their personal data over networks. These major issues brought new laws to defend

Communication And Information Technology Paper

1137 words - 5 pages Communication and Information Technology Paper Althea McDaniel HCS/240 March 25, 2012 Tralicia Brown Human communication is "the process through which individuals in relationships, groups, organizations, and societies create and use information to relate with others" (Edwards, 2007). "As individuals, communication is our link to the world, our means of making impressions, expressing ourselves

Bis 220 Week 1 Information Technology

606 words - 3 pages Information Technology Acts Liriaxis Marie Gonzalez BIS/220 June 25, 2013 Nnamdi Osakwe Information Technology Acts Technology has advanced greatly in the recent years. The internet has made it is easy for people to get any information they want, which in return presents danger to minors. This advance in technology has opened new issues that need to be addressed. Children depend on adults to protect them from any harm and as a

The Impact Of Information Communication Technology

867 words - 4 pages Technology. For the purposes of this essay: Internet The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve several billion users worldwide. It is a network of networks that consist millions of private, public, business and government networks of local to global scope. The internet carries an extensive range of information resources and services; such as the inter-linked

Social Issues On Information Technology That Affects Banking Sector

670 words - 3 pages * Banks, usually take help of various Information Technology (IT) basedchannels to provide their banking and other services. For this purpose, they are in need to provide continuous and frequent information about their services. We can use IT as a strong means to fulfill our objectives social and ethical banking. The IT based banking services are as follows: Mobile Banking is a new and emerging concept. Large numbers of people are still not

The Internet Will Bring About A New Freedom Of Information And So Narrow The Technology Gap Between Developed And Developing Countries

415 words - 2 pages The Internet will bring about a new freedom of information and so narrow the technology gap between developed and developing countries. The Internet has emerged as the most rapidly adopted communication mean in history. For the last decades it has built bridges between almost all corners of the world and created the greatest depository of all kinds of information. Access to these new technologies enabled rapid development of all countries

Mcar

435 words - 2 pages ADVANTAGE? The role of the management information system (MIS) manager is to focus on the organization's information and technology systems. The MIS manager typically analyzes business problems and then designs and maintains computer applications to solve the organization's problems. Management Information System (M.I.S.) is basically concerned with processing data into information. Data collection involves the use of Information Technology (IT

Business Information Systems In Your Career

7204 words - 29 pages Essentials of Management Information Systems, 11e (Laudon) Chapter 1 Business Information Systems in Your Career 1) Purchase of information systems and telecommunications equipment constituted more than half of all capital investment in the United States in 2013. Answer: TRUE Diff: 2 Page Ref: 5 AACSB: Information technology CASE: Comprehension Learning Objective: 1 - How are information systems transforming business, and what is their

Week 2- Individual Paper-Information Use

620 words - 3 pages . References: Rainer, R. K., Jr., & Cegielski, C. G. (2012). Introduction to information systems: Supporting and transforming business (4th ed.). Hoboken, NJ: John Wiley & Sons. Turban, E., & Volonino, L. (2013). Information technology for management: Advancing Sustainable, Profitable Business Growth (9th ed.). Hoboken, NJ: John Wiley & Sons. Swanson, E. B. (1994). Information systems innovation among organizations. Management Science, 40(9), 1069. Retrieved from http://search.proquest.com/docview/213233991?accountid=458

Project Cost Management And Global Challenges

539 words - 3 pages project cost management techniques. It would make the working easier and effective for the project cost management professionals. References Smith, P. (2014). Project Cost Management – Global Issues and Challenges. Procedia - Social and Behavioral Sciences . Xiao, Q. R. (2014). Project cost management and application of information technology to improve.

Similar Documents

Information Technology Essay

3433 words - 14 pages (how to use info sys to manage various business processes such as sales, customer service, supply chain management). Chapter Two: Global E-Business and Collaboration -Information systems enhance business processes in two ways: increase the efficiency of existing processes and enables entirely new process. -Transaction processing systems: processes thousands transactions each day, ex. sales, payments received, inventory shipped, typical

International Vietnam Russian Eye Hospital And Benefit Of Using Information Technology

1828 words - 8 pages establishment in February, 2009 to February, 2011 and VRH has now become one of the best medical service providers in Northern Vietnam, although it was new and had to face harsh competition from variety of opponents. This could not have been done without applying information technology to promote and advertise for the hospital, which actually began before its establishment. The most common strategy of the hospital’s management team in using online

Information Technology Acts Paper

576 words - 3 pages Information Technology Acts Paper Advances in technology made it possible to obtain almost any information needed by accessing the World Wide Web. These advances have also paved the way for predators and unwarranted solicitors to retrieve private information. Most homes are either equipped with or have access to a computer and Internet. This technology used to be reserved for the government and businesses but is readily available for the

Information Technology Act Essay

291 words - 2 pages   In the world we live in today, there’s some type of electronic device being used to connect to the Internet.   “The world-wide platform enable individuals to connect, compute, communicate, compete, and collaborate everywhere, and anywhere, anytime and all the time, and to access limitless amounts of information, services, and entertainment”(Kelly Rainer Jr. & Cegielski, 2011). “This platform operates without regard to geography, time, distance