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Any kind of purchase of products or services, which are not utilized on the immediate basis but will be utilized in the near or far future to obtain profit, is known as investment. In financial world, the economic advantage that is utilized to gain profit in the business or organization is known as investment (Venkatesh, Thong and Xu 2012). It is assumed to bring financial gain in future or can be sold at higher price for more profit. The application of systems to retrieve, manipulate and storing of information and any type of data is known as information technology. This is mostly applied for any kind of organization or business. Information and Communications Technology or ICT is the extension of IT. It focuses on the amalgamation of systems with communications for the betterment of the technological world. It further combines with all types of telecommunications that allow manipulating, store and retrieving information (Schwalbe 2015). Information Technology is always contemplated as the subpart of ICT. Investment is Information Technology is an extremely important task for all organizations. It helps the organization to take perfect decisions in their business according to the modern world. It is prioritized in all organizations.
The report outlines a brief description about the utility of any kind of investments in the Information Technology world. The report covers a detailed discussion on the definition of Information Technology and the advantages of making investments in IT industry. The report also unveils the drastic changes that may occur due to this investment and how to handle the change management that will occur after introducing investment in IT (Laudon et al. 2012). The following report further outlines the disadvantages and the problems that may occur due to this investment and proper recommendations to handle such situation. The report also helps to understand why investments in Information Technology are prioritized for any organization (Mithas et al. 2012). The description of the above discussion is given in the following paragraphs.
The implementation of all types of systems that are utilized to redeem, storing and manipulation of information or any kind of data is known as information technology or IT. Information and Communications Technology or ICT is the extension of IT (Wu, Straub and Liang 2015). It focuses on the amalgamation of systems with communications for the betterment of the technological world. It further combines with all types of telecommunications that allow manipulating, store and retrieving information. Information Technology is always contemplated as the subpart of ICT. This is always used in all types of business or organization. IT can be utilized to get the facility of transferring data and information via different electronically enabled devices and Internet enabled systems (Holtshouse 2013). The equipments needed for introducing information technology in any organization are the basic computer hardware, operating systems, software, telecom equipments and Internet enabling devices.
Information Technology is utilized for various developments of both the society and the rest of the technological world. This helps to evolve out positivity and more technological benefits (Ullah and Lai 2013). There are several advantages of investing and introducing Information Technology in an organization. They are as follows:
In spite of having so many advantages, information technology does have many disadvantages. These disadvantages make IT less popular amongst many organizations. The disadvantages of installing information technology in any organization are as follows:
The above mentioned statements clearly defines the several dangerous disadvantages of information technology.
The item or good that is bought to gain higher profit in the future is known as an investment. The item or good bought is not utilized in the present day and is stored for the near or far future (Otim et al. 2012). This is similar to keeping money in banks with the hope of obtaining interest in the future. In financial world, the economic advantage that is utilized to gain profit in the business or organization is known as investment. It is assumed to bring financial gain in future or can be sold at higher price for more profit. In a finance market, the advantage that is obtained from any kind of investment is known as return. This return comprises of interest, dividends, capital gain and investment income. Investment can be defined as the expenditure of money in any asset to achieve profit in future (Keller and Heiko 2014). Organizations invest their money in various projects in the hope of gaining profit from that particular project. Investments in Information Technology are also needed for any organization. The shareholders and the managers of the organization usually make the decision that which information technology policy should be invested and would be good for the business (Bloom et al. 2014). It is an extremely important job to understand which one will be good for the organization. There are mainly two distinct possibilities of this selection of policy. They are as follows:
Therefore, before investment in any policy of Information Technology, a stable and practical decision is to be taken by proper IT engineers and shareholders. The above-mentioned two possibilities are evaluated in the first position to check the possible outcomes of the investments.
Information Technology and the organization have an interconnection between each other. Any organization cannot achieve their organizational goals and objectives without introducing information technology in their business (Otim et al. 2012). It is the technique, by which an organization gets to know the shortcomings in their production. Information technology is the main strength behind the necessity of alterations in the procedures of the business and the cultural diversity within the organization. This relation and the combination of both can bring major success in the business and can bring enormous profit.
Information Technology brings various profits in any organization. There are several reasons that define why investments should be done in technology. The needs for the investment in information technology are as follows:
The above statements clearly define the needs and the requirements of investment of information technology in any organization. Introducing IT in an organization will help the organization to achieve the organizational goals and objectives.
Information Technology plays the most important role in any organization for achieving the goals and objectives of that particular organization. Prioritization can be defined as the arrangement of several options according to their importance in life or work (Schwalbe 2015). These options can be anything. It can be an item, a situation, an individual, or any policy. Any organization has two types of priorities in their businesses. They are as follows:
Information Technology is also considered as a priority in any organization. It falls under the category of strategic priorities. It is considered as the strategic priority because it helps to obtain the goals and the objectives of an organization (Venkatesh, Thong and Xu 2012). It is utilized as a strategy in the business. The major utilization of information technology is the technological field and decision making field of the organization. It is kept in the top section of the priority list in any organization and it is given highest priority amongst the strategic priorities (Willcocks 2013). Every organization should implement information technology in their business and should keep in the top position in the priority list.
Information Technology is important for all organizations. It helps to attain the organizational goals and objectives. Any organization before investing in any information technology policy should consider two possibilities. The first possibility is the investment of huge money in the installation and the second possibility is the loss of money in the project. Modern technology is changing day by day. It is recommended that any organization should check the possible outcomes before investing in any project. The main motto of any organization should be like this that they will install such an information technology policy that would be cost effective and at the same time will be of latest technology. They should go for a market survey before installing any such system in their business so that they will not regret later. Once invested in such a large project, it is almost impossible step back. Therefore, it is recommended that the policy makers of the organization should look into the matter thoroughly and invest in proper policy. The second possibility is more dangerous than the first one. This possibility occurs when the implementation of any information system is completed. There is always a high chance that the information system installed in the organization, can become obsolete and out dated. This will bring huge loss in the organization, as they will have to install all of it again. Therefore, it is highly recommended that latest technologies should be installed and introduced in the organization so that no such cases occur. In addition, the Information technology engineers should look into the matter that the policy that is to be installed is popular in the market and has positive and good reviews. It should not be a brand new technology as it can back fire the whole scenario. All these recommendations can help the organization to attain and achieve the organizational goals and the investments would not be a loss.
Therefore, from the above discussion it can be concluded that, information technology is the basic implementation tool and technique for any organization. It helps to achieve the organizational objectives easily. It has several benefits like the cost effectiveness, time saving technique, increment in productivity, improvement in the file management, improvement in storing of data and information, improves communications, improvement in management in finance department, improvement in the business to customer relation and improvement in the advantage of competition. In spite of having so many advantages, information technology does have many disadvantages. The main disadvantage of information technology is the security breaches. Another disadvantage of IT is the data integrity. These disadvantages sometimes make IT less popular amongst various organizations. The report contains a brief description about the information technology, its advantages and disadvantages. The report also helps to understand the needs and requirements of investments in information technology. It is needed for various reasons and this makes it important for any organization. It falls under the category of strategic priorities of an organization and can be claimed as one of the top most priorities in the organization. The report further provides specific recommendations that can help a particular organization to achieve its goals and objectives and without making any loss in their investments.
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