ABSTRACT

Information & Communication Technology (ICT) had a great impact in all aspects of life such as economy, businesses and enterprises. The global economy is currently undergoing fundamental transformation in which ICT plays a key role. IT has a real impact in most of industries and in all aspects of economy, while businesses and enterprises continue to undergo considerable changes. Usage of these technologies is revolutionizing the rules of business, resulting in structural transformation of enterprises. Modern businesses are not possible without help of information technology, which is having a significant impact on the operations of Small and Medium scale Business. 

CHAPTER ONE

1.0 INTRODUCTION

In today's national and international business transaction, information is a price less commodity, whatever form it takes, without up “to the minutes, accurate information, most commercial organization would quickly founder.

Such business offices serve as hubs or centers of information which take in, process, store and relay data and messages in a host of situations, financing, selling, building, making, servicing or advising “so as to enable all sorts of people to function in their jobs, ranging from senior managers planning company activities over the next five years to stop assistants quering the current retail price of a product.

While manual and paper-based system of information processing are still much in use, in the form of book, diaries, letters, invoices and so on, more and more office facilities are today being undertaken by electronic and computer-based technology.

Information technology, both in the industry and business world is resourceful. In the 1905s, business embarked on the first widespread use of computer primarily as tools for recording and processing accounting transactions.

Thus information technology has only really been part of business for about the last 40 years. Nonetheless, information technology is one of the most important resources in today's business environment. But what exactly is information technology.

Aronu (1999) defines information technology as the combination of two technologies; computing and telecommunication (the cornerstone of information technology and the main purpose of which is to transmit representation of information (signals) between remote locations).

One must admit that the modern business world have been reshaped, compared to the business of years ago. History has it that man has to cross oceans, spend huge amount of money and energy to transfer information or transact business. Since the advert of computers, experts have contributed to research with a view of making computer a greater advantage to the business world.

The world at present is connected to a global system of communication that ensures speedy information and business transaction. The global system of communication involves the uses of computer, GSM, fax machine etc.

The modern technology offers worldwide communication capability, a mechanism for information dissemination and a medium for collaboration and interaction between individuals without regard or geographical location.

Buying and selling electronically is changing the way people think and carry out transaction all over the world. Time, distance, and competitive product quality, is no longer the problem. This has triggered off increased economic activities and is having a considerable impact on the world of business. The business world should not be left out in this trend. Inspite of many business hindrances ranging from poor computer appreciation to inadequate communication facilities, the business world must strive to harness the huge economic potentials inherent in this amazing technology that has revolutionalised global economics.

1.1 BACKGROUND TO THE STUDY

Information Communication Technology (ICT) provides an opportunity for businesses to improve their efficiency and effectiveness, and even to gain competitive advantage. Small and medium sized business (SMB) plays an important role in economical development of a any country. There are several theories, which elaborate the connection between information technology, economic development and social change. Almost all agree on the importance of information and communication technology adoption in SMB, while the importance of SMB as engines to economic growth is well acknowledged worldwide. Information technology, particularly the Internet is having a significant impact on the operations of any small and medium scale business and it is claimed to be essential for the survival and growth of business in the nation. At present, the traditional business has become more dependent on new technologies due to information technology. Compared with traditional business new technologies facilitate an increased interactivity, flexibility, cheap business transactions as well as improve interconnection with business partners and customers. Information technology is having a significant impact in sector of SMB, especially where industries are in decline or when uneployment levels are high. In developing countries, SMB development is drawing attention too and modern trends of businesses and information technology usages are taking place.

1.2 STATEMENT OF THE PROBLEM

Information and Communication Technology has become a potential tool in every organisational transaction sustainable growth it has revolutionized the business and its advent has enormously increased the capabilities of the modern business as they are now able to offer wider range of services to the customers. Despite all these innovations of ICT in the Business world, it is highly disheartening to observe that most of the business in Jos metropolis are still finding it difficult to meet the expectations of their customers as regards service delivery and operation. Delay in attending to customers, inability to properly sort out transaction and customer’s general loss of trust in them. 

However most modern business organizations, in spite of the numerous benefits associated with technological advancement of ICT are yet, to help pace with drastic change and also the cost involved in acquiring the facilities, training and retraining of work force.

1.3 OBJECTIVES OF THE STUDY

The broad objective of this study is to identify the impact of Information and Communication Technology on the modern business transaction in Jos metropolis. The specific objectives of the study are;

1.To determine if ICT has enhanced the operation of business world in Jos metropolis.

2.Examine the role of information technology on the modern business world.

3.Examine the impact of information technology on performance of the modern business.

4.Look into impact of information technology on communication in the modern business organization.

5.To find out the attitude of organizations and their workers towards the change brought about by information technology

This research work is intended to enhance knowledge and eliminate difficulties encountered in the business world in relation to the use of information communication technology. 

1.4 RESEARCH QUESTIONS

In the light of the preceding objectives, the study seeks to answer he following questions

1What role does information technology play on the modern business world?

2. Has information and communication technology made any impact on your business operation or transaction?

3. What are some of the factors militating against the application of I.C.T in the operation and transaction of business firms in Jos Metropolis?

4. Does information communication technology results to staff redundancy in business today?

5. What is the effect of information technology has it revolutionarily change the business world?

1.5 SIGNIFICANCE OF THE STUDY

It is hoped that, the findings and solutions of this research work will be of immense benefit to the following:

(1)Government: It will enable the government realize the relevance of information technology to the business and thus, strive to meet the challenges posed by information technology. It will also help the government plan her business policy along the path of information technology.

(2)Private organizations: This research work will provide opportunity to the private organization to look inward and restructure their organization to meet the intrigues of information technology simultaneously, its relevance to the modern day business.

(3)Educational institutions: It is believe that, at the end of this study, the educational authorities will see the urgent need to introduce information technology course to the academic curriculum and at the same time equip her students.

(4)Students: This research work will serve as a vital academic tool for students who may wish to write further on this topic.

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