1. Abstract This document reviews the current and future role of Information Technology(IT) from the perspective of the primary,secondary and tertiary businesssectors. Agriculture/Farming and Mining businesses from the primary sector,Manufacturing/Automobile businesses from secondary sector and Healthcare,Finance, Retail, Media/Entertainment, Education and Sports are focussed on. Therole of communication technology is also discussed as Information CommunicationTechnology has become a superset of IT. 2. Introduction The use of information technology inevery aspect of life has grown tremendously in the last decade. The adoption oftechnology has a huge impact in not only the way we communicate, commute andtransact but also in the way we do business.
Every sector be it Manufacturing,Banking and Finance, Healthcare, Retail or Automobile has undergone radicalchange owing to the adoption of IT. IT in India has been its fastest growing service sectors with an annual growthrate above 8% since 20021. India gained $154 billion revenue in FY 2017 just with the export of ITand IT enabled services. The growth in the IT sector is attributed toavailability of a large pool of highly skilled, English-speaking, low costworkers in some of the highly specialised domains. This matched with theincreased demand from foreign consumers seeking Indian IT services.
The shareof the Indian IT industry in the country’s GDP increased from 4.8% in FY05 to8% in FY171. The Unique Selling Point of Indian IT Service isproviding low-cost solutions, the plethora of cheap highly educated talent poolavailable in the region helps. Role of IT in Business has gained traction from the 90’s and it would beinteresting to assess its current role in any business model. With the currentlevel of dependence on IT, it seems like a no brainer that in the futurebusiness would be heavily dependent of various form of technology. 3. Literature Review Information Technology as a competitive advantage has beenwell documented through case studies, frameworks by big consultancy firms,anecdotes and through articles in journals.
There is also research thatsubstantiates that IT alone may not be the game changer. Just because anecommerce company has a phenomenally efficient and good-looking App it wouldnot ensure that they would be selling more than their competitor with anaverage website. IT has helped organizations gain sustainable advantage bycreating a flexible boundary less workforce, managing resource planningefficiently and help sustain a mutually beneficial supplier relation2.Study conducted by Vijay et al3.found that IT is valuable, but the extent is dependent upon internal andexternal factors. There also has beenefforts in the area to explain the role of each type of Information System inthe business. Office Automation System, Management Information System, DecisionSupport System, Transaction Processing System are few of such systems whichhave been developed to suit the needs of a department, they are also given theflexibility to talk to each other and thus helps the senior management to lookinto the bigger picture and make strategic decisions and plug the holes if any.Yaser4 et al.
in their study have looked into each of these types of systemsand explained their roles and the impact they could bring in the departments.Although we found scores of papers trying to understand how to arrive at thebusiness value delivered by IT to any organization, we found hardly any paperson trying to understand how consumers of these IT services perceive the impactit has on the business. This paper attempts to gather the existing literatureavailable around the present and future role of IT in Business and is anattempt to quantify how educated working class looks at it as a potentialpanacea for all the business problems. According to McKinsey, the IoT has atotal potential economic impact of $3.9 trillion to $11.
1 trillion a year by2025. At the top end, that level of value—including the consumer surplus—wouldbe equivalent to about 11 percent of the world economy.Although fixed and short range willbe a significant part of IoT communications, cellular technology is forecastedto grow as the technology of choice for IoT applications as well. The above statistics forecasts asignificant business potential for cellular IoT and 5G is poised to enable thispotential.
4. Methodology Thisis a cross-sectional study. Computer Literates were invited to participate inthe study by responding to the questionnaire which was uploaded using googleforms. A self designed, structure questionnaire was prepared.
The questionnairecontained variables like age, location, occupation, present role of IT inbusiness, future role of IT in business, perception of role of IT in business,role of IT in achieving the business objective, which technology will havemaximum impact in the next 5 years. Results were analyzed using Microsoft Excel2016 for Windows 7.Apart from this articles and white papers were fromdifferent websites and information was procured from industry insiders.