The Value of Information Technology - Why Is It So Important?

 The Value of Information Technology - Why Is It So Important?

The extent to which information technology (IT) permeates and affects our daily life is difficult to fathom. or, to be more precise, how it is used in our computers, tablets, and cellphones. We spend a significant portion of our waking hours on these gadgets, whether we're working, playing, or chatting with coworkers, friends, and family.

Almost everything we do is impacted by IT, including online buying, learning, seeing the doctor, banking, and eating out. In actuality, the areas where IT has improved our lives the most are business, higher education, healthcare, banking, and food service. The positives greatly exceed the negatives, despite the fact that some people choose not to notice them. 

Information technology: what is it?

Information technology can encompass a wide range of concepts and aspects of life. The definition provided by Merriam-Webster is "Technology including the development, maintenance, and use of computer systems, software, and networks for the processing and distribution of data." However, this definition gives IT the impression of being purely functional. In reality, innovation is at the heart of IT. According to Forbes, the real value and goal of information technology is to "research and develop new technologies in cognitive science, genetics, or medicine" so that those developments can address the issues that we all face. This breakthrough has made it possible for advancement in numerous fields outside of the sciences.

Information technology and business

The two major objectives of any firm are to increase revenue and win over customers with excellent items. Especially with the use of web marketing, IT has improved the effectiveness, simplicity, and appeal of that approach. But IT offers organizations more than that. Additionally, it aids in automating some procedures, achieving goals, generating income, and lowering inefficiency. In the end, IT helps organizations accomplish the following three major objectives:

enhancing and expanding trade in the business sector

reducing the time needed to attract new clients

Electronic security, data storage, and effective communication are added and provided.

These accomplishments are attributable to the use of IT in the workplace, where it is harnessed for the power to develop new business procedures that enhance and improve how firms operate. IT is therefore extremely important to enterprises. IT specifically supports business activities in the following ways:

enabling the development of smarter applications

better data storage

facilitating quicker data processing

spreading information more widely and effectively

enhancing value and quality while increasing output

The corporate world uses this knowledge to develop new strategies for connecting with, supporting, and selling to clients, such as:

Business strategy planning

efficient online marketing

increased global sales

systematic administration

Real-time observation

Quick customer support

Online purchasing

using social media

communicating via VoIP

Utilizing the cloud

The development of a brand-new field of employment, the IT department, is another way that IT has benefited the business sector. Numerous employment exist and are crucial to the daily operations of numerous firms throughout the world due to the influence of IT. Among the most significant ones are:

Data Scientist System Analyst Network Administrator

Web and software developers

Tech assistance

Educating people and using IT

Education is a sector of the economy that constantly adopts new technology. Teachers and professors can now offer material more dynamically than ever before because to the resources provided by IT. Reaching more students—especially those who can't afford or commit the time to a degree program or who live too far from schools or college campuses—may be the biggest benefit of this.

Through online courses and degree programs that students can finish remotely, IT broadens the reach of education. Although the University of Phoenix first used this strategy in 1989, it is still a relatively recent phenomena for students to attend school and get a degree entirely online from top universities.

Teachers agree with the value of using IT to teach their curriculum and support its use in this regard. According to 81% of instructors, employing digital learning tools in the classroom and online has substantial benefits. Additionally, 57% of them think that using digital learning tools and IT to tailor education and learning as well as engage students effectively.

As fresh gadgets, software, and technology advance, so does this involvement. As technology advances, it will be possible to include people, such pupils with autism spectrum disorders, who might not succeed in or cannot afford to be in a traditional classroom setting.

Teachers intend to integrate Virtual Reality (VR) and Augmented Reality (AR) into their curricula since these technologies are becoming more widely used and accessible. Students and educators have reacted well to new technologies like VR and AR. According to educators, students feel that their creativity is stimulated more, information is retained more easily, and the coursework is more engaging.

individual perusing a laptop

The majority of reactions to using IT in education are positive, despite claims that it can be distracting, reduce social interaction, complicate lesson plans, or isolate and eliminate people without the money for sophisticated equipment. IT improves learning, according to most students, teachers, and professors, for the following reasons:

More people can obtain information of high caliber and relevance. 

Students pick up crucial tech skills

Performance and participation among students rise.

Automating tasks lessens repetitious work

Technology's Importance in Banking and Finance

The two sectors of banking and finance that are most impacted by IT are these two. Since the 1970s, these two crucial businesses have used IT in some capacity. The development of nationwide financial services like electronic check and credit card processing as well as the expansion of local financial businesses that process electronic data were both made possible by IT. Additionally, IT has improved the security and stability of how individuals and businesses access their important financial accounts.

Most notably, increased revenue was provided to banks and other financial organizations by IT and the growth of the internet. Online business transactions reached $50 billion in value by 1998, and that figure doesn't even include personal financial transactions. If banks didn't make investments in safe information networks and committed their brand to an online presence in the twenty-first century, they would probably fail. In terms of international financing, IT enables financial institutions to: 

Be prompt in your response to world events

successfully compete with other financial institutions

Keep tabs on the credit ratings and scores of their lenders, insurance providers, and other companies looking for dependable and financially responsible clients.

Another method that banks and other financial institutions can interact with their clients and learn about their requirements is through social media. Additionally, this outlet promotes brand loyalty for these organizations. Banks and financial institutions recognize the potential for attracting new consumers because younger demographics are the main users of social media platforms like Facebook, LinkedIn, and Twitter.

Healthcare Information Technology

In order to improve communication with patients and safeguard their privacy, security, and confidentiality, the healthcare sector has adopted IT advancements. Due to the internet, patients can look up symptoms and communicate with their doctors by email, text, or video conferencing to determine whether they actually need to make an appointment or if their symptoms can be treated without one with over-the-counter medications. IT has thereby enhanced healthcare, decreased patient errors, and decreased health care costs in a variety of ways, including:

enhancing the transmission of reliable medical information

adjusting information to each patient's specific needs

sharing decisions between patients and healthcare professionals

establishing social support networks for patients and medical personnel

enabling quicker, more informed judgments that could have an influence on people's lives and the general public

It is impossible to overstate the value of IT in the healthcare sector, especially in light of the 44,000 preventable deaths that could have been prevented had patients received the prescribed therapies. Better patient care has been achieved as a result of electronic health data and digital instructions, which have made access to care recommendations easier.

In reality, a brand-new medical specialty called informatics has emerged as a direct result of IT. Using informatics, nursing and IT management collaborate to give patients individualized care. As a result, nurses can spot mistakes in medical records, saving time while documenting patient care. This enables nurses to concentrate on the most crucial component of their work: attending to and caring for their patients.

If there is a drawback to IT use in the healthcare sector, it is that data breaches occasionally happen, putting the privacy of patients' medical records at danger. The HIPAA Privacy Rule regulation became enforceable in 2003 as a result. This law regulates and safeguards the dissemination of patient data, and the layers of protection provided by IT technologies act as a barrier against cybercriminals. Therefore, despite this risk, IT use in healthcare has enhanced it. Several instances of this are: 

further precise information

patient treatment that is personalized

improved communication between patients and healthcare professionals

improved drug administration

access to medical records more easily

reduced expenses for hospital stays and doctor visits

enhanced data processing

Due to HIPAA requirements, patient privacy and security have been improved.

Technology Use in the Food Service Sector

While the benefits of IT are clear in fields like business, education, banking, finance, and healthcare, they might not be as clear in the one we interact with on a daily basis: the food service sector.

In fact, IT has grown to be rather crucial to the restaurant and bar sector, which is occasionally vilified due to high employee turnover and poor customer service. Making customers pleased, keeping personnel happy, changing tables fast, and reducing expensive food waste are continual challenges for those in the sector.

Digital ordering through the internet or through a restaurant-specific app downloaded to a smartphone or tablet is a significant way restaurants employ IT to enhance customer service. This means for restaurants: 

increased revenue

more precise orders

Improved data tracking, including the capacity to determine when an order is available for pickup or delivery

More convenience for the customer because they can see what they requested, how much it will cost, and when it will be ready in real time.

The usage of POS (point-of-sale) or electronic register systems is another benefit for the restaurant business that highlights the significance of IT. These kinds of systems are presently used by 81% of eateries. In many restaurants, customers browse a digital menu on a tablet-based touchscreen, make their order, and then pay without speaking to a restaurant employee. Customer ordering is viewed by 37% of restaurant owners as the technology that would most help their establishments.

The restaurant business also benefits from IT for back-end operations. Here, restaurant owners attempt to strike up a conversation with both their patrons and personnel in order to strengthen both relationships. Through a restaurant-specific app or online, restaurants can create loyalty programs. These enable patrons to access their account information via the restaurant's mobile or tablet app or website. Another method restaurants utilize IT to communicate with consumers is through email newsletters connected to their loyalty program.

Making reservations is one of the biggest sources of annoyance for both restaurant proprietors and patrons. Luckily, IT has been making progress in this area as well. Customers may now check a restaurant's website or app to see whether a table is available rather than going inside or phoning to make a reservation. To do this, several restaurants in the sector partner with booking services like OpenTable. The following is possible for clients now thanks to IT:

Find out where a restaurant is located.

View table availability on a calendar that is built in.

Look for local eateries that accept bookings.

Reserve a table for a particular time.

Reservation cancellations or confirmations through email

Scheduling personnel for the hours they may work and their vacation time is another difficulty faced by restaurant operators. By providing automated schedules, tracking for vacation requests, and scheduling checks for employees so they are always aware of their schedules, scheduling software helps ease some of those issues.

ConclusionThe importance and utility of IT in today's world will only increase as computers, networks, smartphones, tablets, and other devices become smarter and more capable of carrying out various activities. And as time goes on, we will only become more reliant on the data and information that is accessible around-the-clock. Are you interested in learning more about IT and what it can accomplish for you or your small business? Find an online course today to start your road towards learning more about the value of IT. Online courses are a terrific way to learn a lot in a short amount of time.