Enterpreneurship Essay Example | Topics and Well Written Essays - 1000 words

Enterpreneurship - Essay Example It is evident that e-mail, the notable contribution of information technology provides users with a simple and inexpensive way of communication. Over the last decade, more high-tech communication facilities have been developed including voice over internet protocol telephones and smartphones, which allow personnel to communicate through live chat systems. Likewise, data management is another important role of information technology in modern organizations. As MacKechnie points out, many of the companies nowadays deploy digital versions of documents on storage devices in order to get rid of the troubles associated with bookkeeping. This system promotes easier and immediate access of data in a multinational corporation regardless of its geographical locations. In addition, the IT plays a notable role in managing the inventory levels of an organization. Since purchase, production, and distribution processes of a firm are connected by a computer system, it is possible to maintain effecti ve control over stock and to ensure inventory optimization. According to McAulay, the management Information Systems (MIS) greatly assist companies to accurately trace productivity levels, sales data, and operational expenses. Thus, the information gathered can be effectively employed to analyze profitability, to point out areas of improvement, and finally to increase returns on investment over time. Furthermore, Customer Relationship Management (CRM) system is an effective application of information technology that stores every interaction a company makes with its customers. Such a system aids the company to deliver improved services to its customers and thereby to maximize its sales volume. Impact of IT on entrepreneurs and their organizations According to John, since information technology plays a vital role in transferring technology from institute to industry, it greatly assists entrepreneurs by introducing technological changes in management and emphasizing on their relevance in the present environment. John adds that IT sector provides information to all business entrepreneurs without any discrimination (109). This easy accessibility to information has greatly aided entrepreneurs to focus more on their planned venture. In addition, IT also ensures that entrepreneurship is not concentrated in particular area or people. The affordability of information assisted entrepreneurs to bring greater and deeper improvements in their venture. The IT developments enhanced cross border information sharing and this situation greatly aided entrepreneurs across the globe to effectively plan their venture development process. The developments in information technology â€Å"will also bring about access to just-in-time information of business opportunities† (John, 109). The emergence of e-commerce was a milestone in business management that entirely restructured the way organizations provide value to external and internal customers. In short, the rampant developmen ts in IT sector including the introduction of e-commerce were helpful to entrepreneurs to redesign their operations so as to ensure increased customer satisfaction. 2. Differences in Asset Structure Across the global market, today’s economy is considered to be the â€Å"knowledge-based economy†, where the responsibility of creating value lies heavily on the various kinds of assets related to all kinds of knowledge, which is called the intangible