Current Developments in Information Technology

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ACCOUNTANTS, INTERNET AND INFORMATION TECHNOLOGY
By Barnabas O. Agochukwu

INTRODUCTION

Before now, business success was built on the ability to move goods and services with speed and accuracy. Today, information has become the fuel that powers business success. In contemporary corporate world, information technology is deployed to gain competitive edge. Information Technology has been defined as the processing and distribution of data using computer hardware, software, telecommunications, and digital electronics (Encarta Encyclopaedia: 2004). Therefore, it is now obvious that computer, as a component of information technology can no longer stand alone without the combination of the other components. In the light of this being abreast of developments in IT transcends being computer literate.

The essence of this paper, therefore, is to highlight some of the current developments in information technology, and the challenges such developments pose to Accountants, with particular emphasis on Internet.

Things are different today. Information is now the fuel that powers business success. Today, organisations use information technology facilities (ITFs) to gain competitive edge. The gains of deploying such facilities may not be evident in the first few months, but as time goes on the gains would be mouth-watering. To effectively achieve this, organisations must be abreast of current developments in the information technology world.

It is pertinent to stress herein that information technology (IT) has done to business what aeroplane did to travels. IT is the extra staff that does not go to hospital or go on leave. In contemporary business world, IT does not belong to IT Department any longer but to all and sundry.

CURRENT DEVELOPMENTS IN INFORMATION TECHNOLOGY

The field of IT is virtually booming today, with more and more advanced technology coming into the market, making life a lot...
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