THE IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY ON THE MODERN BUSINESS TRANSACTION

ABSTRACT

Information & Communication Technology (ICT) had a great impact in all aspects of life such as economy, businesses and enterprises. The global economy is currently undergoing fundamental transformation in which ICT plays a key role. IT has a real impact in most of industries and in all aspects of economy, while businesses and enterprises continue to undergo considerable changes. Usage of these technologies is revolutionizing the rules of business, resulting in structural transformation of enterprises. Modern businesses are not possible without help of information technology, which is having a significant impact on the operations of Small and Medium scale Business. 

CHAPTER ONE

1.0 INTRODUCTION

In today’s national and international business transaction, information is a price less commodity, whatever form it takes, without up “to the minutes, accurate information, most commercial organization would quickly founder.

Such business offices serve as hubs or centers of information which take in, process, store and relay data and messages in a host of situations, financing, selling, building, making, servicing or advising “so as to enable all sorts of people to function in their jobs, ranging from senior managers planning company activities over the next five years to stop assistants quering the current retail price of a product.

While manual and paper-based system of information processing are still much in use, in the form of book, diaries, letters, invoices and so on, more and more office facilities are today being undertaken by electronic and computer-based technology.

Information technology, both in the industry and business world is resourceful. In the 1905s, business embarked on the first widespread use of computer primarily as tools for recording and processing accounting transactions.

Thus information technology has only really been part of business for about the last 40 years. Nonetheless, information technology is one of the most important resources in today’s business environment. But what exactly is information technology.

Aronu (1999) defines information technology as the combination of two technologies; computing and telecommunication (the cornerstone of information technology and the main purpose of which is to transmit representation of information (signals) between remote locations).

One must admit that the modern business world have been reshaped, compared to the business of years ago. History has it that man has to cross oceans, spend huge amount of money and energy to transfer information or transact business. Since the advert of computers, experts have contributed to research with a view of making computer a greater advantage to the business world.

The world at present is connected to a global system of communication that ensures speedy information and business transaction. The global system of communication involves the uses of computer, GSM, fax machine etc.

The modern technology offers worldwide communication capability, a mechanism for information dissemination and a medium for collaboration and interaction between individuals without regard or geographical location.