Advisory Board Company | Benefits of IT in Business Management
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Benefits of IT in Business Management

05 Sep Benefits of IT in Business Management

The world of today is changing rapidly and along with it, flow of information is changing swiftly. The internet, the only brand source of information for the all latest news and happening around the globe changes its course and design every day. Everything is connected – your back account, taxi service, fast food galore, railways, hotels, airways are connected with Information Technology. It is has become an indefensible part of our life, whether it’s booking tickets online, or source of education, or entertainment – every field is touched by information technology. It’s so advanced that doctors today have the liberty to help their patient online or other doctors with emergency cases.

The task that required man labor earlier has been automated and computerized. Another field where Information technology has brought immense growth is undoubtedly the Business sector. It has indeed become an integral part of every business program. From multi-national business management consulting firms who maintain mainframe systems to small business management consulting corporations that own a few computers and handful of employees, Information technology has flourished and identified as the vital methodology to run the business world.

Communication:

Email, one of the early drivers of the internet, has turned itself to become the inexpensive and principal means of communication between employees, suppliers and clients. Over the course of years, other communication tools have also evolved, allowing people to communicate via online meetings tools, live chat systems and video-conferencing devices. Technology such as Voice Internet Protocol (VOIP) telephone and smart phones has become essential for employees for improved and quality communication.

Inventory Management

Inventory Management:

The corporate executive board in any organization needs to manage enough inventories in order to meet the demand from the customers without investing in more than they actually require. This is where inventory management comes in the picture. The system is used to track the quantity of each item a company maintains that is further utilized to trigger an order of additional stock when the quantities of product fall below a pre-determined amount. This is only possible when the inventory management system is connected to the point-of-sale (POS) system, ensuring that a record is maintained each time an item is sold or, one of the items is removed from the inventory count. This helps in creating a closed information loop between all departments in a business firm.

 

 

Data Management:

Data Management:

Gone are the days when a business firm required a large room to keep files, along with rows of filing cabinets and the mailing documents. The companies of today understand the benefit of employing Information Technology and have started storing digital versions of documents on servers and other storage devices. The added advantage lays in the fact that these documents are instantly available to everyone in the company, regardless of their geographical location. A tremendous amount of historical data can be maintained and shared economically and everyone, the employees and the advisory board can have direct access to the necessary documents they need.

Information Systems Management

Information Systems Management:

The progressive companies use the stored data to pave way for further strategic plan and tactical execution of that strategy. Management Information Systems allow companies to keep a track on a daily basis on data related to sales, profit, expenses, return on investment and productivity levels. This enables the managers to retaliate to upcoming issues and boost employee productivity.

 

 

Customer Relationship Management

Customer Relationship Management:

Information technology improves the companies design and manages customer relationships.CRM (Customer Relationship Management) systems record every interaction a company has with its customers and ensures better and enrich experience with them. IT has enabled customer support representative to see the details of item purchased, including billing and shipping information, to tackle a customer’s issue and effectively respond with the solution. All interaction is stored in the CRM system which can further be used to ensure problems are rectified if the customer calls again. This contributes to a better and focused experience for a customer and in the process, the company benefits from improved productivity.

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