Introduction
The success of business organizations depends on the established strategic plan, model, and the ability to consider the changes recorded in the industry. Many companies are currently implementing evidence-based processes that revolve around the use of information, communication, and technology (ICT). The Internet has gone further to support this trend by improving the level of connectivity and empowering business organizations to solve most of their problems. Competent managers apply their competencies to align their business models with the available technologies and improve them continuously depending on the expectations of the final customer. The purpose of this research paper is to gather adequate information regarding the role of technology in businesses. It goes further to use the case of Barclays Bank to explain how both emerging and existing companies can utilize it to improve performance and gain a competitive edge over their rivals.
Literature Review
Introductory Note
Technology has become critical in the world today since it supports different functions of the economy, such as manufacturing, communication, transportation, and service delivery. Pfano and Beharry (2016) define this term as any set of skills, techniques, or processes that people or companies use to accomplish their goals much faster. Some of the latest developments and advancements in this field include the Internet, mobile telecommunication systems, computers, robots, and 3-dimension (3D) printers. Many experts and companies have combined the ideas associated with these fields to produce autonomous devices that can function without human intervention. Osei-Bryson and Barclay (2015) believe that technology is an area that will continue to advance and transform the experiences and practices of both individuals and companies. Businesses need to consider the relevance of these innovations and adopt them to improve service delivery or production.
Information Technology and Its Role in Retail Business
Information technology (IT) is a subfield of technology that revolves around the development and use of advanced systems comprised of telecommunication and computer networks to store, create, share, retrieve, and duplicate information (Pfano and Beharry, 2016). In the world of retail business, entrepreneurs can consider the unique benefits of IT to improve the nature of decision-making, solve problems, engage in planning, and identify the issues different customers present. Small enterprises that rely on the use of different aspects of IT will streamline their operations, embrace the power of social media for marketing purposes, and develop new models for addressing emerging challenges. The managers can use IT to manage work, design complex tasks, and minimize wastes (Osei-Bryson and Barclay, 2015). This model makes it possible for all employees to receive timely feedbacks from their superiors and focus on new ways to improve the experiences of the targeted customers.
Companies providing services to different clients will find the use of IT meaningful since it will minimize most of the costs associated with business operations. They will track files and communicate relevant messages or information to the existing customers. The acquired or stored data can be retrieved to inform decision-making process and ensure that new practices become a reality in the targeted organization. Companies that embrace the use of IT will be able to store information effectively and retrieve it whenever it is needed (Pfano and Beharry, 2016). When leaders pursue such a process in an ethical manner, chances are high that the specific firm will achieve its goals much faster. Lee et al. (2016) go further to assert that the adoption of IT becomes a new strategy for increasing a firm’s competitive edge or advantage. Small and medium-sized enterprises (SMEs) and emerging businesses that want to achieve their goals much faster should take these issues or benefits into consideration.
Networking Technology Types
Networking technology is a term that denotes the manner in which different elements in a computer system are arranged and interconnected to support communication and decision-making processes. Technicians and scientists consider specific parameters when planning to design or develop a specific network. Some of these issues include the intended purpose, targeted goals, needs of the parent company, available resources, and geographical distance (Pfano and Beharry, 2016). Technicians and computer experts will propose and present a superior system that resonates with the expectations of the owner and the intended users. The selection of the most appropriate networking plan or technology is the first step towards benefiting from IT. Companies need to identify and hire competent individuals to manage them and ensure that the outlined operations are running optimally.
The first common networking technology is given the name Personal Area Network (PAN). This system is quite since and can entail a mobile device, a computer, and a source of internet. The PAN network will ensure that the connected devices communicate with each other freely. It is applicable in home settings and does not need external help or support. Modern technologies are allowing users to have Bluetooth systems or cordless devices (Pfano and Beharry, 2016). The second one is called Local Area Network (LAN) which consists of several computers with a number of peripherals attached to streamline communication (Lee et al., 2016)). The users might go further to include external files, hard disks, and printers (Osei-Bryson and Barclay, 2015). This model supports resource sharing and makes it possible for several people to use them effectively. This networking system is usually private in nature and reduces the costs incurred when using personal devices.
The third type of networking technology is known as Wide Area Network (WAN) and it ensures that several computers spread within a large area are interconnected. Hacioglu (2020) indicates that several LANs tend to be linked in order to improve the manner in which information is shared. However, this model is usually appropriate for a specific enterprise or organization. Users should be able to share files and protect the safety of confidentiality of the available information. The fourth common type of connection is known as the Metropolitan Area Network (MAN) which can cover a small region or even an entire city. The system relies on the use of cables or optical fibres. Owners or managers of such systems will use data rates to improve effectiveness and efficiency. Investors and entrepreneurs should consult widely or apply their technological expertise to select the best networking system that can deliver the intended goals.
Ethics and Social Issues of Using Technology
The use of technology is a new opportunity for companies and business entities to pursue their aims and become more profitable. Firms that develop the best models will improve performance and identify new approaches to meet the diverse demands of the targeted customers. Unfortunately, this resource has presented diverse ethical concerns that all businesses should never ignore. Firstly, technological applications and networks remain unsafe due to the problems of cyber-terrorism, phishing, and hacking. A compromised system means that the stored information will be available to unauthorized users. Sometimes the attackers can find ways of stealing credit card information and using the data to access people’s funds. Secondly, confidentiality and the protection of data is one of the aspects that companies should implement continuously (Hacioglu, 2020). Any form of theft will result in loss of trust and even discourage more customers from doing business with the organization. Thirdly, the way companies use people’s information can result in an ethical dilemma. Some investors might start monitoring the behaviors of their customers without their consent (Kirchmer, 2017). These ethical concerns explain why it is always necessary for governments and policymakers to introduce superior laws to protect personal data.
From a social perspective, modern technologies have the potential to transform the behaviors of different people and even affect their lives. For instance, the emergence of mobile phones is a trend that has discouraged individuals from communicating physically. This process has made it impossible for more people to improve their intrapersonal and interpersonal skills. The emergence of social media network is another area that has attracted attention of many scholars and analysts. According to Kirchmer (2017), technology encourages people to become immoral or stop promoting the values and behaviors that have been maintained by their parents and community members. These aspects explain why it is necessary for users of the Internet and modern technologies to have appropriate contingency plans.
The Importance of Intranet and Internet for Businesses
The Internet is one of the latest technological advancements that are transforming the operations, goals, and operations of many business organizations today. This resource is essential since it streamlines communication processes and makes it possible for companies to do business with foreign partners. The interconnectivity that the Internet provides is a new opportunity for identifying what other organizations are doing and considering emerging concepts to achieve the intended goals. This platform is also making it easier for companies to connect with more customers and inform them about the available products and services (Kirchmer, 2017). Customers or potential clients can contact firms instantly to have their queries resolved or addressed. The Internet is also a useful resource for implementing strategy due to the presence of timely documents and information from different sources.
Similarly, the intranet becomes a new opportunity for both small and big companies to develop localized networks for sharing available files and resources. This model maximizes the level of communication and supports decision-making and problem-solving processes (Madadipouya, 2015). Workers in a small company can use the system to complete their duties and share them with the right recipients. The possible outcome is that delays in communication will reduce significantly, thereby setting the stage for continuous or improved business performance.
Analysis and Discussion
Role of Information Technology at Barclays
Barclays is one of the leading financial and banking institutions in the world today. Currently, it has operations in every continent whereby it offers a wide range of services, such as corporate banking, personal banking, investment advice and management, and wealth management (Dincer and Dincer, 2016). This organization has been keen to consider emerging IT systems that can revolutionize operations and ensure that the customer receives high-quality services (Lee et al., 2016). For instance, the emergence of computers became a new opportunity for this corporation to transform its investment and asset management procedures. It started to digitize most of its records in order to serve more customers in a timely manner. Debit cards and credit cards are essential since they reveal how the use of information technology is a reality.
Technology is currently being used to link employees and make it easier for them to communicate with their leaders. The head office in London is interconnected with all branches and regional headquarters. Different network connection types are evident depending on the location and the intended services (Madadipouya, 2015). Many customers have been issued with debit and credit cards to complete their transactions much faster. The information is captured real-time to ensure that personal and corporate accounts are balanced or adjusted instantly. Those in leadership positions rely on IT networks to monitor the functions and performance of their followers (Madadipouya, 2015). They identify emerging challenges and introduce superior strategies to change the situation and streamline operations. Mobile banking is a recent product that is benefiting from the established IT network systems. Individuals can make transactions instantly while at the comfort of their homes. The successes and gains that this company has recorded in the recent past reveal that IT is the future for different organizations. For instance, its revenues increased to over 21.6 billion US dollars in 2019 (Hacioglu, 2020). The company engages in continuous improvements to make the existing processes more efficient, address the changing demands of the customers, and improve business performance.
Types of Different Information Systems: Barclays
Barclays is a reputable and successful corporation that takes the issue of modern technology seriously to solve emerging problems and consider additional ways of improving performance. This aim is usually possible due to its leaders’ ability to identify and implement various information systems (ISs) that resonate with the demands of the customers and those of the workers. The first one is known as transaction processing system (TPS) which ensures that all transactions and activities are captured instantly (Şahin and Topal, 2018). Being an organization operating in the banking industry, such a process is essential since it minimizes room for error while ensuring that customers receive their receipts instantly. In the recent past, Barclays has been experimenting with knowledge work systems (KWSs) since they present additional ideas and insights to different workers in an attempt to improve their practices and manage documents more efficiently (Kirchmer, 2017). Individuals are also encouraged to consider new ways of adding value to the company and making it a leading competitor in the industry.
Since this is a large corporation with operations in different regions, management information systems (MISs) are utilized to support different aspects of business strategy, including decision-making, problem-solving, and planning. These systems support the mining and compilation of data to produce timely reports that can empower managers and make it easier for them to foresee possible future problems. Decision Support Systems (DSSs) are instrumental systems at Barclays that empower managers and make it easier for them to solve emerging challenges (Madadipouya, 2015). These tools make it easier for them to come up with timely decisions that resonate with the unique needs or demands of the specific branch or region. For instance, many leaders will analyze the manner in which people make deposits and withdrawals.
Types of Networking Technologies at Barclays
Barclays utilizes several networking technologies to achieve its objectives. The first one is the LAN whereby all departments within a single branch tend to be interconnected to streamline communication and ensure that all users can access the available files. Specific details will be available to different employees at the right time. This system becomes an opportunity for sharing available resources, such as scanners and printers (Şahin and Topal, 2018). WAN are used to link branches and the head office. The system streamlines communication and makes it possible for the leaders to make timely decisions. These networks have been expanded to connect different branches across the globe to the head office (Dincer and Dincer, 2016). These measures have continued to support and improve performance.
Ethics and Social Issues at Barclays
The established business model has minimized all the social and ethical issues that might arise from the use of modern technologies. A code of ethics is put in place whereby all workers should follow and consider new ways to improve efficiency while at the same time maintaining the highest level of confidentiality. Those who use the established systems are not allowed to rely on social media platforms (Wilburn and Wilburn, 2018). Such policies explain why this company does not experience major ethical or social issues.
The Importance of Intranet and Internet at Barclays
The presence of intranet and Internet connections is a move that has delivered numerous benefits to this company. Firstly, the models empower employees to offer timely services to customers. Secondly, clients receive high-quality support, thereby being able to pursue their aims. Thirdly, the Internet is a useful tool for supporting the company’s website (Şahin and Topal, 2018). Fourthly, these resources have been instrumental in advertising the business model and mission to the greatest number of customers. Finally, these network connections have become a new opportunity for treating all global clients equally and providing timely and personalized services.
Different Stages of System Development Lifecycle
The system development lifecycle is a model that companies planning to introduce new technologies use in order to record positive results. This framework consists of these major phases: Testing, implementation, maintenance, planning, analysis, design, and development (Wilburn and Wilburn, 2018). At this corporation, such a model is inapplicable when referring to the support of the established systems. The company has competent experts and technicians who work round the clock to analyze the level of efficiency and plan for new systems that can deliver the intended organizational aims. These strategies have made Barclays a successful and competitive player in the global banking sector.
Conclusions
The above discussion has identified information technology as a key area that companies that want to succeed in their respective sectors should take seriously. They can implement powerful network connections and information systems that can support a wide range of functions, such as decision-making, planning, customer support, and management. The described case of Barclays is a clear indication that companies that embrace the power of emerging technologies will achieve their goals much faster and become more profitable. They will eventually overcome the challenge of competition, attract more customers, and improve the level of efficiency.
References
Dincer, B., and Dincer, C. (2016) ‘Literature review on the use of technology and information systems in SMEs’, International Journal of Academic Research in Business and Social Sciences, 6(12), pp. 678-684. Web.
Hacioglu, U. (ed.). (2020) Digital business strategies in blockchain ecosystems: transformation design and future of global business. New York, NY: Springer.
Kirchmer, M. (2017) High performance through business process management: strategy execution in a digital world. 2nd edn. New York, NY: Springer Shop.
Lee, H. et al. (2016) ‘Impact of IT investment of firm performance based on technology IT architecture’, Procedia Computer Science, 91(1), pp. 652-661. Web.
Madadipouya, K. (2015) ‘A review of the strategic use of IT applications in achieving and sustaining competitive advantage’, International Journal of Managing Public Sector Information and Communication Technologies, 6(2), 21-30. Web.
Osei-Bryson, K., and Barclay, C. (2015) Knowledge discovery process and methods to enhance organizational performance. New York, NY: CRC Press.
Pfano, M., and Beharry, A. (2016) ‘The effect of modern office technology on management performance: Durban Westville’, Problems and Perspectives in Management, 14(2-2), pp. 376-384. Web.
Şahin, H., and Topal, B. (2018) ‘Impact of information technology on business performance: integrated structural equation modeling and artificial neural network approach’, Scientia Iranica, 25(3), pp. 1272-1280. Web.
Wilburn, K.M., and Wilburn, H.R. (2018) ‘The impact of technology on business and society’, Global Journal of Business Research, 12(1), pp. 23-39.