Data storage device Early electronic computers such as Colossus made use of punched tapea long strip of paper on which data was represented by a series of holes, a technology now obsolete. The earliest form of non-volatile computer storage was the magnetic druminvented in  and used in the Ferranti Mark 1the world's first commercially available general-purpose electronic computer. It has been estimated that the worldwide capacity to store information on electronic devices grew from less than 3 exabytes in to exabytes in doubling roughly every 3 years. Database Database management systems emerged in the s to address the problem of storing and retrieving large amounts of data accurately and quickly.
In order to keep up with competition as a result of internet commercialization, companies are increasingly turning to information technology IT -- or hardware, software, and telecommunications networks -- to streamline services and boost performance. As such, IT has become an essential feature in the business landscape that has helped companies cut costs, improve communication, build recognition, and release more innovative and attractive products.
IT Streamlines Communication Efficient communication is critical to company success.
In an increasingly connected and dispersed business landscape, recruiting, retaining, and leveraging employees requires ongoing communication and collaboration. A key advantage of information technology lies in its ability to streamline communication both internally and externally.
For example, online meeting and video conferencing platforms such as Skype, GoToMeeting, and WebEx provide businesses the opportunity to collaborate virtually in real-time, significantly reducing costs associated with bringing clients on-site or communicating with staff who work remotely.
In addition, IT allows organizations to connect almost effortlessly with international suppliers and consumers. IT Facilitates Strategic Thinking One of the fundamental advantages of IT is its ability to enhance a company's competitive advantage in the marketplace, by facilitating strategic thinking and knowledge transfer.
Accessing and leveraging social networks and subscription databases, for instance, has enabled companies the ability to assemble, interpret and transfer information like never before. This has given businesses unparalleled access to customers and consumers, enabling organizations to deliver new and enhanced products.
Therefore, when used as a strategic investment rather than as a means to an end, IT provides organizations with the tools they need to properly evaluate the market and to implement strategies needed for a competitive edge. IT Stores and Safeguards Valuable Information The storage, preservation, and maintenance of information -- known as information management -- is another domain in which IT shines.
Information management is essential to any business that must store and safeguard sensitive information such as financial data for long periods of time. IT affords companies the ability to store, share, and backup files for later use, as well as protecting information from unauthorized individuals.
As a result, IT gives businesses the peace of mind that the information they collect and analyze can be properly stored and safeguarded for future use. IT Cuts Costs and Eliminates Waste Although IT may seem expensive when first implemented, in the long run, however, it becomes incredibly cost-effective by streamlining a company's operational and managerial processes.
The implementation of online training programs is a classic example of IT improving an organization's internal processes by reducing costs and employee time spent outside of work.
In effect, IT enables companies to do more with less, without sacrificing quality or value.Company Information –Include a short statement that covers when your business was formed, This section of your business plan provides a high-level review of the different elements of your business.
This is akin to an extended (e.g., changing technology, high investment cost, lack of quality personnel)?. Startup Business Plan for Educational Technology Providing Firm in India By Urvashi Thakkar Fall Semester, An EMGT Field Project report submitted to the Engineering Management Program Company Information: “EasyEd Inc.” would be privately owned company, with its.
BUSINESS start-up & Resource guide selecting and using professionals 22 selecting a business location 24 minimizing your risks 25 legal considerations & requirements 26 regulatory requirements 26 tax information 28 insurance 31 protecting intellectual property 31 employer responsibilities 32 legal structure of your business 33 develop your business plan nationwidesecretarial.com Information Technology Business Plan 5 Executive Summary Prime contractors who receive job orders from the federal government often hire other companies to help ensure the fulfillment of the contract.
technology (IT) systems1 to process their information for better support of their missions, risk management plays a critical role in protecting an organization’s information assets, and therefore its mission, from IT-related risk.
Second, the business plan is a requirement if you are planning to seek loan funds. It will provide potential lenders with detailed information on all aspects of the company's past and current.