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.

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.

Storage of the data

Retrieval of data

Manipulation of data

Transmission or receipt of data

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. 

Speed and time 

Easier storage 

Improved sharing of information 

Automation

Reach more potential customers 

Provide better service to customers 

Support better relationships with key partners

Allow customers to better guide the business 

 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.)

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.)

 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

 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.