Influence of Information Technology on Finance
People are known to have conducted various business over a long period of time that promoted their interaction and survival with each other. Environmental and technological advancement has influenced a lot the way people interact with each other to improve their livelihood. 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.
Appreciating the need for technology that has been the key driver in influencing economic development cannot go without a notice. 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. For companies to realize growth and development, they have to incorporate new innovations and ideas so as to ensure production is at maximum. 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.
Economy is mainly determined by the way various capitals in the company interacts with day to day expenses bring out income. Technological evolution has rendered to changes in the sector of finance such as mode and media used in exchange of good and services. 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. Technology advancement has promoted many services to be user-friendly and efficient hence promoting growth and development of various institutions. Proper accountability of finance and other resources in a company is crucial to ensure the survival of the company.
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. Evaluation of various treads of good and services in the market gives a good information source for company to come up with proper planning strategies. To ensure appropriate action is taken during the financial crisis, people need to equip themselves with the right skills and knowledge that the technology has to offer. Information available on the online platform that is up to date has rendered useful over the years for the purpose of ensuring one has to come up with informed decision on market trends, in this case, making conclusion on the financial management is usually simplified. 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.