Implications of New Technologies on Organisations Essay Example
Implications of New technologies on Organisations
Without a doubt, advancement in technology has had a huge impact on organizations across the globe over the last few decades. It has impacted a range of sectors of the economy on diverse levels chiefly in the financial, educational entertainment, direct sales retailing, healthcare and information sectors. By and large, its impact is evident on any activity that relies heavily on communication and information flow, lowering the cost of communication, Child (2009).
The new technology which I believe has had the most influence on organizations is in the area of information and communication technology (ICT). The use of internet and other web based platforms has revolutionized business organizations globally. Most hit in my opinion is the service industries like banks and other financial institutions.
My reference for this discussion purpose will be a company in the banking industry which I would refer to as S-Ch. This is a multinational bank with presence across many geographical locations. The innovation in ICT, has brought about greater opportunity and ease in integration of systems such that end to end processing of transactions across borders is now possible and at greater speed too. Take for instance the in processing of Letters of Credit for International trade transactions; adding confirmation, amending discrepancies, generating telexes for the transactions hitherto had longer turnaround time (TAT). But with integrated systems which have been made possible by these developments which supports real time end to end transactions making transmission of information speed, TAT ‘s have greatly improved and provides opportunity to better serve the clients. Also it has created opportunity for increased number and more specialized products to be offered to clients.
In the area of organizational learning, the advancement in ICT has also contributed immensely. The use of e-learning platforms has also been very useful
Without a doubt, advancement in technology has had a huge impact on organizations across the globe over the last few decades. It has impacted a range of sectors of the economy on diverse levels chiefly in the financial, educational entertainment, direct sales retailing, healthcare and information sectors. By and large, its impact is evident on any activity that relies heavily on communication and information flow, lowering the cost of communication, Child (2009).
The new technology which I believe has had the most influence on organizations is in the area of information and communication technology (ICT). The use of internet and other web based platforms has revolutionized business organizations globally. Most hit in my opinion is the service industries like banks and other financial institutions.
My reference for this discussion purpose will be a company in the banking industry which I would refer to as S-Ch. This is a multinational bank with presence across many geographical locations. The innovation in ICT, has brought about greater opportunity and ease in integration of systems such that end to end processing of transactions across borders is now possible and at greater speed too. Take for instance the in processing of Letters of Credit for International trade transactions; adding confirmation, amending discrepancies, generating telexes for the transactions hitherto had longer turnaround time (TAT). But with integrated systems which have been made possible by these developments which supports real time end to end transactions making transmission of information speed, TAT ‘s have greatly improved and provides opportunity to better serve the clients. Also it has created opportunity for increased number and more specialized products to be offered to clients.
In the area of organizational learning, the advancement in ICT has also contributed immensely. The use of e-learning platforms has also been very useful