There are many advantages to using information technology, too many to list them all here. However, some of the greatest advantages include globalization, increased market size, declining costs, increased communication, increased job market and extended hours. All of these are great reasons to embrace information technology.
Globalization & Expanded Market
Globalization and expanded markets have opened the door for businesses from around the world to compete in a common market place. This has increased the available markets for every business individually while, at the same time, increasing the number of options available to the consumer. In doing so, consumers can find better deals while producers have access to larger markets. These two things combine to bring down costs while, at the same time, increasing profits.
Decreased Cost & Increased Communication
Due to declining costs, it is now possible to share information and ideas around the world. Information technology makes virtual international conferences possible. Mail, images and videos are sent around the world electronically in only a fraction of a second and for very little, if any, cost. Perhaps the most interesting development is that groups of people can work on projects with others from around the world. They do this by storing the information for the project on the Internet and allowing members to access it any time. Thereby being able to work on the project 24 hours a day seven days a week.
More Jobs & Extended Hours
Companies and individuals around the globe have utilized these resources of information technology in order to create more jobs and extend business hours. Many software companies have teams of programmers in multiple time zones around the world. Each team is able to work on the same project at different hours in order to achieve a 24 hour work day. This, in effect, extends the business day from 8 hours to 24 and creates jobs for programmers around the world. Many other businesses are using this model to create new jobs and extend their hours as well.
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