A Project Report

On

“The Impact of Information Technology on the Modern

Business World”

For the subject Business & Technology in the

Masters of Business Administration

programme at GLS University

Submitted to
Dr. Jasmin Padiya
Faculty of Management

Submitted by-
Enrolment Number Name
(202200620010203) Kajal Khubchandani
(202200620010208) Sneha Singh Kshatriya

Batch: 2022-2024
SEM 2
Date of Submission: 05th March 2023

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 PREFACE

As a part of MBA programme and in order to gain practical knowledge in the field of
Management, we have prepared a project on “The Impact of Information Technology
on the Modern Business World”.

The MBA programme is a well-structured and integrated course of business

management at GLS University. The main objective of preparing the Project at MBA
level is to develop skills in students by providing them an opportunity to relate
practical experience with the theoretical concepts and principles of business
management.

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 ACKNOWLEDGEMENT

Every Project Report is a culmination of a student’s endeavour to gain optimum

experience during a short valuable tenure. This Project is dedicated to all the people
to whom we met, talked, took guidance and learnt many things from them.

We take immense pleasure in taking this as an opportunity to express our deepest

gratitude to all those people whose guidance and support has made it possible for us
to complete this project successfully.

First and foremost, we would like to convey our heartiest thanks to GLS University
for providing us with the huge platform for doing this Project.

We are thankful to our Dean, Faculty of Management, for providing us constant

support from the institute. Our deepest gratitude to our project guides Dr. Jasmin
Padiya, Faculty Guide who in spite of their busy schedules has provided us with their
invaluable guidance, suggestions and directions, which enabled us during all stages
of this project.

Finally, we would like to convey our deepest regard to everyone who has directly or
indirectly helped us in accomplishing this project.

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 Table of Content (Index)

Sr. No. Title page of the Report Page No.

I Preface 2
II Acknowledgements 3

III Table of Contents (Index) 4

Chapter 1 Introduction 5-6

Chapter 2 Technical Aspects 7-9

Chapter 3 Business Implications of the technology 10 - 11

Chapter 4 Future possibilities 12-13

Chapter 5 Reference 14

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 Chapter 1
Introduction

 In the global business, there are producers as product sellers and consumers
as product purchasers. These two people are interdependent; the business
does not exist or successful if there is no one between them. Producers
require consumers to purchase products to sell, so consumers require
producers to satisfy their needs. Manufacturers sell goods at a market place,
and when consumers want to buy their needs, they go to the market place.
These have occurred hundreds or even thousands of years since the starting
of business when technology not yet improved. When technology improved,
affects the development business system. Currently, information technology is
advancing very fast so that it is difficult to avoid its development. The
advancement of information technology not only assist people’s life to become
better every day but also support the global business.

 Information Technology (IT) has a role as a means of the transaction of online

business, such as through offering media facilities like the internet. The
websites, apps, are given as an area for consumers to select the items they
want. These transactions also need other technologies to support the online
business, which is a telephone communication technology, banks that enable
consumer payment, media with producers, shipping agents such as post
office. These things are technologies that play a significant role and affect the
development of online business. The facilities offered due to the part and
influence of IT makes online business tremendous due to it is efficient,
economical, and faster to both sides producers and consumers.

 The purpose of IT on human life is critical. The development of information

technology presently developing along with the progress of social
development. Information technology is broadly applied by people who see
business opportunities due to the development of this technology, such as
online business. Globally online business is going to be usual. These have
become commonplace and have developed quite well. By using an online
business, it is simple for citizens to get the goods and services they are
searching. The increasing number and cheapness of internet connections in
some countries influence the development of online business. So this is
beneficial for the advancement of online business, compared with the offline
business.

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 Information Technology explains any technology that enables humans to
create, change, store, communicate, and spread information. IT brings
together high-speed computing and communication for data, voice, and video.
For instance, of IT consists not only of personal computers(laptops), but also
telephones, Televisions, electronic household appliances, and modern
handheld devices like cellphones. The advancement of the tools is significant
and supportive of business activities that carried out, but it does not cost a
small investment; besides, technological advancement should be supported
by facilities and infrastructure from the area or place where the company is
doing business activities.

 E-business is an electronic media-based business system like radio and

television. Since the e-business system is better known by the wider
community when the internet employed as an electronic media, the broad
community assumes that e-business is an internet-based business as its
medium. The development of e-business continues to change with the
availability of electronic devices, like mobile phones and tablets. On cellphone
or tablet systems, internet access is wireless, and this supports the ameliorate
of new protocols such as the Wireless Application Protocol (WAP), which is
an internet application without using a cable so that by using a cellphone or
tablet, users can access the internet in when and wherever there available

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 Chapter 2
Technical Aspects
 How is Information Technology Impacting
Businesses?

 There are several ways information technology has impacted businesses. The
following list is just a few ways that IT has impacted businesses across the
globe.

1. Automation

 With the help of information technology, businesses can automate certain

processes and tasks including customer support, data entry, and
bookkeeping.
 This reduces the need for manual labor and frees up time for employees to
focus on their core competencies.
 Automation can help businesses become more efficient and save time,
money, and resources.

2. Artificial Intelligence

 Information technology has enabled businesses to use Artificial Intelligence

(AI) to streamline their operations.
 AI can analyze data quickly and accurately, making it easier for businesses to
make well-informed decisions quickly.
 It also helps reduce the need for manual labor and the associated costs. This
is especially helpful when large amounts of data need to be analyzed and
processed.

3. Improved Productivity

 Information technology helps businesses increase their productivity by

allowing them to access data quickly and accurately, which can help improve
decision-making processes.
 In addition, it enables businesses to communicate more effectively with
customers and staff, helping ensure that projects are completed on time and
within budget.
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  Improved productivity can lead to increased profits, as businesses will be able
to produce more products or services in less time.

4. Improved Customer Service

 Information technology helps businesses interact with customers in real-time,

thus providing them with better customer service.
 Businesses can also use AI to handle complex customer queries and provide
personalized experiences to customers. This helps build customer loyalty and
improves brand reputation.

5. Cloud Computing

 Cloud computing is another way that information technology has

revolutionized businesses. By using cloud-based applications, businesses can
store and access data from any device or location.
 This can help businesses save resources and time by eliminating the need to
install software on individual devices or maintain server hardware. In addition,
it makes collaboration between employees easier as they can access the
same data from anywhere.

 Technical Aspects of Business

Technology
 Communication technology consists of any pieces of technology people use to
communicate with one another.

 Electrical Many pieces of modern technology use electricity in some form.

 Energy technology aims to help generate, store and transmit energy for a variety of
purposes.

 Mechanical.

 Medical.

 Transportation.

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 Technology has three major aspects: goods and services, human
activities that create these products, and capabilities that enable
technical activities.  The aspects are interrelated and mutually
reinforcing.  Activities in research, development, and production
create not only consumer goods and services but also knowledge
and skills, which supply the growth of technological ability.  On the
other side, people’s demand for goods and services stimulates
technological activities, some of its results are ploughed back as
social investments in education, research, and infrastructure,
which expand technological capability.  Thus, technology
progresses under the “supply push” and “demand pull,” influenced
in each step by myriad factors such as natural resources,
economic conditions, and consumer tastes.

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 Chapter 3
Business Implications of the Technology

 “Technology has numerous business implications, both positive

and negative”. Some of the key implications are,

1) Improved Efficiency: Technology helps increase productivity,

improve customer service, and gain a competitive advantage. Today’s
tech landscape provides better options to improve the efficiency of your
business.

Technology has enabled businesses to streamline their operations and

automate routine tasks, reducing the need for manual labor and
increasing efficiency. This has led to cost savings and improved
productivity.

2) Enhanced Customer Experience: Technology has made it easier for

businesses to interact with their customers through digital channels
such as social media, email, and chatbots. This has improved
customer engagement and satisfaction.

Automation allows customer service reps to work smarter and quicker.

Improve customer outcomes: Automating responses to customers as
well as accessing customer buying habits and preferences lead to
better customer outcomes and increased retention .

3) Increased Competition: Technology has lowered barriers to entry in

many industries, allowing new players to enter the market and compete
with established businesses. This has led to increased competition and
disrupted traditional business models.

4) Data-Driven Decision Making: Technology has enabled businesses

to collect, analyse, and use data to make informed decisions. This has
led to more accurate forecasting, better strategic planning, and
improved overall business performance.

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 5) Cybersecurity Risks: Technology has also brought new risks, such as
cybersecurity threats, data breaches, and the risk of business
disruption due to technological failures.

6) Skills Gap: As technology evolves rapidly, businesses face challenges

in finding and retaining employees with the necessary skills to
effectively utilize new technologies.

 Successful businesses must adapt to these changes and leverage

technology to gain a competitive advantage while managing the associated
risks.

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 Chapter 4
Future Possibilities

 The impact of business and technology on the modern business world is

constantly evolving and will continue to shape the future of businesses in
numerous ways. Here are some potential future possibilities

I. Automation and artificial intelligence (AI) will become more

prevalent in business processes, resulting in increased
efficiency and productivity. This will enable businesses to
provide faster and more accurate services to customers, reduce
errors, and cut costs.

II. The rise of blockchain technology will revolutionize how

businesses operate by creating decentralized systems that
allow for more secure, transparent, and efficient transactions.
This technology will be especially useful in industries such as
finance and supply chain management.

III. The increasing use of data analytics will enable businesses

to make better decisions based on real-time insights. This will
allow businesses to optimize their operations and offer more
personalized products and services to their customers.

IV. The growth of the gig economy and remote work will continue
to change the way businesses operate, making it easier for
companies to access a global talent pool and reducing the need
for physical office spaces.

V. Cybersecurity will become even more critical as

businesses increasingly rely on digital systems and
technologies. Companies will need to invest in robust
cybersecurity measures to protect their data and prevent cyber-
attacks.

 Overall, the future of business and technology is exciting and full of

possibilities. Companies that are able to adapt and leverage these

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 technologies effectively will have a significant advantage over their
competitors.

 Conclusion: In conclusion, the impact of business and technology on the

modern business world has been significant and far-reaching. Technology
has transformed the way businesses operate, making it easier for companies
to connect with customers, improve their products and services, and
streamline their operations. In summary, the impact of business and
technology on the modern business world has been profound, bringing both
benefits and challenges. Companies that are able to harness the power of
technology while also mitigating its risks will be better positioned for success
in the years to come.

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 Chapter 5
Reference
 https://www.herzing.edu/blog/impact-
technology-business
 https://smallbusiness.chron.com/
impact-technological-change-
business-activity-2191.html
 https://adilblogger.com/positive-
impacts-technology-business/
 https://www.bartleby.com/essay/The-
Impact-of-Technology-in-the-Business-
F3E3ED4C8M6A
 https://www.oksbdc.org/why-is-
technology-important-in-business/

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