Business Technology

Business Technology

Concept of Business Technology

• Business Technology refers to the application of science, data, engineering and information for business purposes, such as

  the achievement of economic and organizational growth.

• The main element of technology is the idea of change and how it can affect business and society.

Role of information and communications technology (ICT) in business

• ICT encompasses all uses of digital technology that exist to help individuals, businesses and organisations to use information. 

• So ICT is concerned with the storage, retrieval, manipulation, transmission and receipt of digital data.

Role of information and communications technology (ICT) in business

• Storage of the data

• Retrieval of data

• Manipulation of data

• Transmission or receipt of data

Multiple Choice

What is ICT?

• Information Communication technology
• Integrating communication technologhy
• Information Connecting Technology
• Information communication technique

Multiple Choice

This involves adding to data or changing it so that is better organised and easier to read.

• Retrieval of data

• Manipulation of data

• Storage of data

• Transmission of data

Multiple Choice

Sending and receiving data

• Retrieval of data

• Manipulation of data

• Storage of data

• Transmission of data

Ways in which Technology has influenced banking and commerce

• Through the introduction of Automatic Teller Machines (ATMs) and Automated Banking Machines (ABMs) which facilitate the deposit and withdrawal of funds, as well as other services without having to go into a bank to access teller services.

• The practice of on-line banking which enables customers to access their accounts from home and other locations using personal computers. 

• Through electronic commerce (e-commerce). Using the internet, individuals and businesses are now able to make business transactions via the World-wide web, without having to visit a physical brick and mortar store. 

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ICT used in Businesses

1.Traditional ICT tools – Productivity tools which enables the creation of documents such as:

- Word;

- Excel;

- database software: Access;

- presentation software: PowerPoint, Prezi; and,

- graphics software: Adobe Photoshop

ICT used in Businesses

2. Specialist applications – these are specialist applications that are very helpful to businesses. The following are examples:

- Accounting: QuickBooks.

- Computer Aided Design (CAD).

- Management Information Systems.

ICT used in Businesses

3. Digital communication technologies – are digital tools that make it possible for two or more people to communicate with each other. The following are examples:

-         internet

-         mobile – refers to the buying and selling of goods using mobile technology, typical in the form of cellphones.

Multiple Choice

Which software would be used to create a spreadsheet?

• Access

• Excel

• Word

• Powerpoint

E-commerce vs E-Business

• Running businesses using the internet is known as E-business.

• Trading of merchandise, over the internet is known as E-commerce.

Ways in which ICT can be used to improve the efficiency of business operations

• Speed and time 

• Easier storage 

• Improved sharing of information 

• Automation

Benefits of Technology to business

• Reach more potential customers 

• Provide better service to customers 

• Support better relationships with key partners

• Allow customers to better guide the business 

Ethical implications of the use of ICT in business

Ethics are sets of moral principles regarding what is right or wrong behaviour. Individuals and businesses are judged by wider society according to whether they behave in an ethical or unethical way. The development of ICT has created a host of issues surrounding ethical business practices. 

Ethical issues concerning ICT

•  Security – information stored in databases, in social media a communication channels and in company intranet systems is never 100 per cent safe. Company’s information can be leaked from within. It can also be ‘hacked’ from outside (when someone who is not authorized to do so gains access to and/or control over someone else’s computer or computer networks.)

Ethical issues concerning ICT

• Privacy – the records of an organisation’s members and customers have traditionally been stored on paper filed. Today, most of these are held in an electronic format. Private information should be kept away from the public eyes as part of a policy of privacy. A number of countries have passed Data Protection Acts (such as Trinidad and Tobago in 2011, Antigua and Barbuda in 2013 and Bahamas in 2007). These acts are designed to protect personal data, so a company cannot disclose a person’s permission. networks.)

Ethical issues concerning ICT

•  Intellectual property infringement – there is a large volume of content on the internet (such as information, images and films) where the copyright belongs to the person or business which created that material. To use that information requires the permissions of the copyright’s owner. Examples of intellectual property include pieces of work such as books, music, photographs and films, as well as designs for product.

  There are many ways of infringing intellectual property rights that are illegal and unethical, for example:

  ·        Directly copying parts of a book or publication

  ·        Downloading and sharing music without paying for it

  ·        Using software on a network without acquiring the licence to use it

Ethical issues concerning ICT

•  Impact on humans – Some fraudsters use the internet to con money out of people, for example by posing as a genuine trader when in fact they have nothing of value to sell. Unethical businesses can invade people’s privacy with unwanted advertising.

•  Distraction – the distracting effect of ICT can have a major impact on business, for example, a clerk in an accounting office may be reading about the activities of a celebrity or booking a holiday online rather than working.