\ 4 FORM 5 PRINCIPLES OF BUSINESS \CT IN BUSINESS : busines i refers lications of science, data, engineering, and information for 4 aaa ih ice of esonmmic ond ort! gals The min cement of teshnalog isthe Mjrofchng ef bow cana busines and sce, Heng (1) here tesing rac: on infrmaton chology by busines ofall ps 0 Ian inh Bes pres Role of technology in business: Information and communications technology -ICT is considered to be all. uses of digital technology that exist to help individuals, businesses and organisations use information, So ICT is. ‘coneemed with the storage, retrieval, manipulation, transmission or receipt of digital data. Important, it is also ‘concemed with the way these different uses can work with each other. WAYS IN WHICH TECHNOLOGY HAS INFLUENCED BANKING AND COMMERCE. ') Through the introduction of Automatic Teller Machines (ATMs) and Automated Banking Machines (ABMs) whieh facilitate the deposit and withdrawal of funds, as well as other services without having to go into a bank to access teller services. The location of ATM machines in hotels, petrol stations, malls and supermarkets adds ‘o the convenience of customers who can transact business without having to wait inline at @ bank. ii) The practice of on-line banking which enables customers to access their accounts from home and other locations using personal computers. This facility enables customers to check their balances from the comfort of their homes and permits easy and convenient payment of uility and other bills, Customers with more than one account can also use this facility to transfer funds from one account to another, (ii) Through electronic commerce (ecommerce). ‘make business transactions via the World-wide we E-commerce has given rise to many. them electronically. Using the inteme, individuals and businesses are now able 10 eb, without having to visita physical brick and mortar store. ‘online stores which permit customers to browse for products and pay for Fev svccessfil companies use technology to improve productivity, communicate more efciently and track customers and goods. Infact, most suecessfl organizations rely on technology for almost every aspect oftheir business ‘Types of technology used in business A. Traditional - Productivity tools ‘+ Microsoft Word-use for completing documents such as letters, invoices, pamphlets ete ‘+ Microsoft Excel that allows users to organize, format and calculate data with formulas using a spreadsheet system. This isa spreadsheet program used for calculations, making charts and recording data about all sors of business processes ‘+ Database software: Access- is an information management tool that helps you store information for reference, reporting, and analysing *+ Presentation software: PowerPoint, Prec- Microsoft Office product that provides users with an interface to design multimedia slides to be displayed on a projection system ot personal computer. The software incorporates images, sounds, videos, text, and chars to create an interactive presentation, Microsoft PowerPoint interacts with other ‘+ Graphies software: Adobe Photoshop- Adobe's photo editing, image creation and graphic design software. Specialist applications: ~ Accounting: QuickBooks- Accounting systems kep tack of every dollar a company spends along with every dllarof revenue twas designed by INTUIT ro manage sales and expenses, pay bil, ax generate financial reports and keep tack of daily ansactions. - Computer Aided Design (CAD)- This is a software program that allows the user to produce two or three dimensional designs on a computer sereen which can be quickly and easily modified. This is used extensively in architectural and engineering firms ‘Computer Aided Manufacturing- This involves the use of computers in a variety of manufacturing tasks, ‘Computers are used in the manufacturing process‘This is a computer based system that provides management with tate effective decision making These systems keep trick of every item in your inventory, ensuring you donot runout of ~ Inventory Control System. stock, nor you order foo much, B. Digital communication technologies: Q2inteenet this sa system of computer network that allows fast communication around the wordt is used by business for buying and selling, advertising ete Gi mobile technology/m-commerce-buying and selling of goods using your cellphone. Payment system are ‘now activated using the celiphone-apply pay ete Definition of e-commerce and e-business In both cases, the e stands for "electronic networks” and describes the application of electronic network technology - including Intemet and electronic data, Ectommerce covers outward-facing processes that touch customers, suppliers and external partners, including soley marketing, ordr taking, delivery, customer service, purchasing of raw materials and supplies lor Production and procurement of indirect operting-expense items, sch as office supplies, Involves cow Eisiness models and the potential to gan new revenue or lose some existing even lo new competion, Inter: change (EDD ~ to improve and change business processes. eanmerees the buying and selling of goos and services, or the ransmitng of finds or data, over an lectronic network, primarily the internet, product development, risk management, strategy is more complex, more focused on internal prot efficieney, productivity and cost savings. amiatas lecroni business) isthe conduct of busines processes on the inemel These e-business processes include Coun and sling produc, suplics and services; servicing customers processing payments manayine pecieeny snore, ovaborting with business purer: sharing infomation; ruming automated employee seronsrertiog and Ways in which technology can improve business: (i) Speed and time- Technology saves ‘money for your business by. ‘saving time, such as the hours that would be required to compile reports by hand. In addition, meaningful and up-to-date information helps you quickly ‘ognize roblans and pyres a spond proses, Conmnian tina ee send documents back and forth during negotiations. Payments can be done online (ii) Easier storage-large volume of information can be stored updated easily {1} Improved sharing of information Internet enables information tobe shared easly and quickly within a frm ‘or using firm's website, ‘on a computer or using a storage device, This can be say cazt in numerous areas sich s when staying in touch with cusiomers, tacking packages For example, fist fod restaurants are implementing ordering No customers hands. Automation allows for large volume of goods Benefits of technology to business: (© Abusiness can reach more potential customers, develop a business relationship them through the internet. Example: commercial website (1) Businesses operations can be streamline and this reduce costs (better use of materials), improve efficiency, maximize profit, minimize waste (fewer mistakes), devote talent to core business instead of overhead costs il) Businesses can provide better service to customers; request information any time ofthe day or night using online Forms (i) Businesses can support beter relationships with key partners suchas supplies and the government G) allow customers to better guide the business- through online market research the company carpet feedback from customer in online comments Customers can get information on websites andConsequences of unethical use of ICT: (a) Security-company’s information on customers is liable to leaks and illegal hacking. This can be protected using passwords or encryption. (b) Privacy-Businesses store customer information in an clectronic format-sharing this without consent is illegal and unethical. (c) Intellectual property infringement- Copyright is protected their intellectual property with the relevant authorities (d) Impact on humans-If ICT is used unethically persons may ATMs and steal savings from unsuspected users. : (e) Distraction-ICT has lend itself to users wasting time, example by browsing for non-work purpose during working hours. Some business owners block certain websites during working hours the customer through the courts so a business should register lose, Fraudsters have been able to compromise