Influence of Information Technology on Finance
Evolution of mankind has greatly influence the way good and services are exchanged in the market where old methods are replaced by new one. 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. In order for any given society to stand, it require other societies to come in and fill the gap in providing what it does not have.
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. With improved technology capital has remained to be a problem to many companies, in this case, management of working capital has remained to be a nightmare. companies have come to realize growth and development that was not there before due to improved technology where production have been increased to ensure maximum income. Human capital is very crucial in any development and growth of a company, in this case, companies are required to properly plan on how to incorporate this capital for their good.
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. Institutions such as banking have been affected adversely by the improved information technology that has promoted to changes in their structures to be at par with technology. 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. Financial management is very crucial to any given company for the purpose to ensuring its survival and minimal wastage, the company should ensure accountability of their finances.
It is important for any given company to have a good planning on how much it spend to ensure minimal resource wastage. One of the source of information that has rendered to be of great importance in planning in any given company is how good and services move in the market. People need to adopt new methods of doing business that technology has to offer over the years, this is to ensure appropriate action is taken during financial crisis in any given scenario. 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. The availability of easy and accessible information online has rendered financial advocacy to be an easy job to anyone who may wish to educate other members of society.