AMULUDUN OLUWABUSAYO R.
1.0 BACKGROUND OF STUDY
Globalization of the economy has led to the emergence of information technology, especially the growth of the Internet and other communication network. Growing diversity of business transactions and increased competition, companies are changing the way they communicate with new processes that sharpen business performance. The Internet is becoming the foundation for new business models, process and new ways of knowledge distribution (Laudon and Laudon, 2000).
Information technology (IT), as defined by Information Technology Association of America (ITAA), in Anyasi and Imoize (2010), is the study, design, development, implementation, support or management of computer based information systems, particularly software applications and computer hardware. Basically, information technology deals with the use of electronic computers and computer software to convert, store, protect, process, transmit and securely retrieve information. Examples of information technology include; personal digital assistant, personal computers, telephones, televisions etc. (Brain and Stacey, 2001). Chiefly, IT is believed to be the main driver of the economy, ever since the industrial revolution. With the exception of IT, most technologies either provide minor changes to a broad spectrum of industry, or a significant change but limited to a specific industry. In the context of small and medium scale enterprises (SMEs), IT facilitates the expansion of new markets, where companies can compete or act as a supply chain partner in a network that has already been designed by international conglomerates.
Small and Medium Scale Industries are sometimes interchangeably used to describe small business organization because there is no clear-cut... [continues]
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(2012, 04). The Relevance of Information Technology in Managing Small and Medium Scale Enterprises. StudyMode.com. Retrieved 04, 2012, from http://www.studymode.com/essays/The-Relevance-Of-Information-Technology-In-975703.html
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