Business Technology Concepts

Business Technology

• New business technology is being invented and employed by organizations to gain competitive advantage
• Business technology comprises a range of hardware components and software applications to ensure efficiency and smooth operation of daily business activities
• Business technology refers to applications of science, data, engineering, and information for business purposes, such as achieving economic and organizational goals

Role of Information Communication Technology (ICT) in Business

• ICT refers to all uses of digital technology to help individuals, businesses, and organizations use information
• ICT involves storage, retrieval, manipulation, transmission, or receipt of digital data and how these uses work together
• ICT applications include:
  • Inventory management, enabling staff to access real-time stock records
  • Virtual collaboration, enabling team members to work together online from different locations
  • Reducing production costs, enabling more efficient production and supply chain management

Impact of Technology on Banking and Commerce

• Automatic Teller Machines (ATMs) and Automated Banking Machines (ABMs) have facilitated deposit and withdrawal of funds without needing to go into a bank
• On-line banking enables customers to access their accounts, check balances, pay utility bills, and transfer funds from home
• E-commerce (electronic commerce) enables buying, selling, and paying for goods and services online without visiting a physical store

Types of Technology Used in Business

• ICT technology used in business includes:
  • Productivity tools (e.g. Microsoft Word, Microsoft Excel)
  • Database software (e.g. Microsoft Access)
  • Presentation software (e.g. PowerPoint, Prezi)
  • Graphics software (e.g. Adobe Photoshop)
  • Specialist applications (e.g. Accounting QuickBooks, Computer Aided Design (CAD), and Management Information Systems (MIS))
  • Digital communication technologies (e.g. Internet and Mobile)

Microsoft Productivity Tools

• Microsoft Word: a word processing software for creating official documents, resumes, letters, business cards, eBooks, and newsletters
• Microsoft Excel: an electronic spreadsheet for calculations, research, and data visualization
• Microsoft Access: an information management tool for storing and analyzing large amounts of information