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INTRODUCTION

Information and communications technology (ICT) is often
used as an extended synonym for Information Technology (IT), but is a
more specific term that stresses the role of unified
communications and the  telecommunications (telephone lines
and wireless signals), computers as well as necessary enterprise software,
storage, and audio-visual systems, which enable users to access, store,
transmit, and manipulate information        

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ICT has gone beyond just being a business enabler to becoming
a critical success factor for determining the success of a business. Anyone
involved in business in today’s world must embrace as well as know how to
leverage on the benefits technology to enhance profitability and drive down
operational cost

Technology is developing, mutating, and adapting is so fast
that as a business you cannot but embrace its benefits, else risk being be
swept away in a tidal wave of progress, whether you are prepared for it or not.
Technology provides the tools and functionalities for which almost every
business worldwide operates upon. As at today, technology and business are
inseparable, as such it has become an integral part of every business plan.
From major multinationals, that operate and maintain large mainframes and
ecosystems to small businesses that have only one computer, ICT can be applied
in business

The following are some of the ways ICT can be applied to
businesses

 

Faster and Easier
Communication

In fact, many kinds of software have been introduced in
different organizations, especially for internal communication – the IP
messenger. For external communication, from business-related topics to general
Christmas greetings and other such Brand Loyalty based activities; everything
can be achieved with technology.

The number of small organizations today who are setting up
shop with cloud based tools like Office 365 allow and encourage for team
members to work from home. Yes, this does raise several concerns but it also
allows for flexibility. According to Walden University, the Internet has
allowed business people to communicate easily regardless of time zone and
language issues.

 

 

Inventory Management

An inventory management system is a system that encompasses
all aspects of managing a firm’s inventories; purchasing, shipping, receiving,
tracking, warehousing and storage, turnover, and reordering. In summary, they
track the quantity of each item a company maintains, triggering an order of
additional stock when the quantities fall below a pre-determined amount. Retail
firms can obtain massive benefits by integrating its inventory management
systems with both logistics and its upstream supply chain. This would thrust
inventory system to ‘just-in-time’ demand-pull supply systems which implies
essentially linking reordering to real-time electronic point-of-sale (EPOS) –
record consumer demand, allow tracking of orders consequently substantial
reductions in both retailer inventory holdings and the amount of capital tied
up in those holdings

Inventory management is pivotal in any effective and
efficient organization. The principal goal of inventory management involves
having to balance the conflicting economics of not wanting to hold so few or
too much stock. Such a golden balance is

important in two ways; firstly, as it saves the organization
from having to tie up inactive capital, incurring huge costs in storage,
spoilage, pilferage and obsolescence of inventory and secondly to avert the
cost of not meeting customer requirements.

Incorporating Inventory Management Systems to saves cost and
unessaery

 

Data Management

Large corporations and small businesses likewise can leverage
on power of data

 

Management Information Systems

 

Customer Relationship and
Management

Advertising, Marketing and
Brand Awareness

The
advent of social media to ICT has totally changed the way advertising, marking
and brand awareness is carried out by businesses. This has also brought about a
dramatic changes to the relationship between a brand. It has given immense
control and power to consumers and large corporations and well-known brands no
longer have the so called upper hand.

Top
notch executives and business owners now understood that social media can make
or break their business, so they have taken the opportunity to build a presence
on social media sites like Facebook and Twitter to do business.

By
using social media, companies now can create strategies after they analyze the
analytics to understand the target consumer’s demands and likes/dislikes

Companies
have started to give preference to the buyer’s participation in their online
marketing.

They
are creating polls and user generated hashtag campaigns, producing appealing
podcasts and making videos to promote their brands.

Some
hold competitions where the participants are asked to submit or share ideas or
content created solely by them; this motivates the buyer to purchase the
relevant product or service because now they know that their wishes are being
valued.

Research shows that most consumers have a habit of spending a
minimum of half an hour per day in various social media sites as such, social
media has become a requirement for digital marketing advertising and promoting
the brand of a business 

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