Influence of Information Technology on Finance
The way good and services are exchanged in the current world has undergone major changes due to evolution and increase understanding of mankind. There are many factors that have changed the way people conduct business, in this case, environmental factors have played a major role. people who are interacting in exchange of good and services, need to have one unifying factor that will aid in ensuring there is sanity among them. Moreover, these exchange of good and services are the economic drivers of any society that rely on each other for survival.
People have come to appreciate the importance of technological advancement in the way people do the businesses, where production has been efficient due to improved machinery. One of the challenges that many companies experience is the availability of capital for the starters and working capital management for the already established companies. Companies have adopted new method of doing business by incorporating technology so as to ensure production and income is maximize for the company to realize growth and development. nevertheless, for any company to realize changes mainly in the area of growth and development, it has to take into consideration importance of human capital.
Capital invested in any given company has to show result by producing income for the company for it to survive in the market. Doing business have been influenced over the years due to improved sector of technology hence measures of capital being greatly interfered with. Banking institution to be at par with technology, there are many changes that have been made to promote their growth and development. Online banking is one of the impacts of improved technology that has made user-friendly by the improved information technology where clients have easy access to their accounts. Company should incorporate technological advancement in ensuring accountability of the resources and company finance.
Financial planning is one of the activity that should be considered by any company so as to ensure growth and development is realized in future. There are various sources of information crucial to drawing conclusion for the companies is how good and services are moving in the general market, in this case, one can make future treads of the market. Financial the crisis has always been a challenge to the human being, moreover, the vast changes of technology have rendered to be of great help due to updated information on how to deal with the crisis. nevertheless, studying the behavior of the various market structures in the market is usually easy due to the presence of vast information available on the online platform. Engaging on financial literacy to member of community can be easy due to mass information available on the online platform.