Influence of Information Technology on Finance
Evolution of mankind has greatly influence the way good and services are exchanged in the market where old methods are replaced by new one. 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. The economic status of any given society is determined by the way it interacts with other society in exchange for good and services.
With improved industries production has been improved in a significant way that has rendered many people to engage in various production. Capital management is important as it ensure the survival of any business in this competitive market. companies have come to realize growth and development that was not there before due to improved technology where production have been increased to ensure maximum income. Without human capital into consideration, companies cannot experience the development of any kind, therefore, it is important for the company to put into consideration its input.
Economy is mainly determined by the way various capitals in the company interacts with day to day expenses bring out income. Businesses has changed the way they transact over the years due to improved technology, therefore, rendering to changes in the structures to suit the changes. Changes in the sector of information technology has to lead to development of the banking sector to a more user-friendly institution. For services to be considered user-friendly, for instance, online banking has been rendered to be user-friendly due to it easily accessibility. Proper accountability of finance and other resources in a company is crucial to ensure the survival of the company.
Understanding how much company spent on its daily expenses over how much income it generate is crucial, since companies are able to have proper financial planning. One of the source of information that has rendered to be of great importance in planning in any given company is how good and services move in the market. 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. The availability of quantity information on the internet has made it easier the process of studying the financial trends for the purpose of planning. Engaging on financial literacy to member of community can be easy due to mass information available on the online platform.