The advent of information technology has revolutionized all walks of life. Be it the industrial manufacturing sector or the healthcare sector, information has become easily accessible to everyone thanks to the blessings of technology.
Due to timely and easy access to information, companies are able to make timely decisions and compete in the market. Also, the use of technology has reduced costs dramatically, making small companies grow by earning huge profits.
While large companies are expanding their business, however, experts are also expressing some concerns with the use of technology, most of which contain assumptions.
Experts say that in the near future, the use of technology will reduce the number of jobs and create a huge unemployment crisis. Humans will be replaced and only a few people will be employed in industries.
Advantages of Information Technology:
Below we will discuss the main benefits of information technology.
Best Source of communication:
Information technology has become the fastest and best means of communication between people and businesses. Now people can use email, text messaging, and video messages for mutual communication.
Now due to the advent of social media and 5G internet, interpersonal communication has become very easy. Due to the availability of high-speed internet, video conferencing has now become very easy.
Source of Cast Saving:
With the advent of information technology, the cast of various businesses has been greatly reduced. Due to automation, various companies now have to hire less labor than before.
Due to less recruitment of labor, their cost of doing business has decreased and companies are making huge profits. Also, the use of technology has increased production tremendously. Also, due to automation in businesses, manufacturing costs have decreased drastically. .
Source of easy access to information:
With the general use of information technology, companies get instant complete information about the business conditions and fluctuations of the market. Due to this reason, it has become very easy for companies to make decisions related to their business.
Due to information technology, these companies make accurate and timely decisions due to which their business is growing very quickly.
Dramatic Increase in Productivity:
With the advent of information technology, various businesses have got a great opportunity to improve their performance. Now companies are making good use of information technology to increase their productivity.
For example, large companies that are using Oracle’s ERP software have seen an amazing increase in their productivity. These companies have outpaced their competitors in the race for growth.
Also, due to automation, companies no longer need unskilled labor and they have started earning huge profits.
Disadvantages of Information Technology:
Companies using information technology are always surrounded by threats of cyber-attacks. Large businesses have to allocate huge budgets to protect their valuable software and data.
For example, Oracle’s ERP software. Companies using it have to allocate heavy budgets for its maintenance and security. Sometimes, due to such heavy expenses, the companies are facing a financial crisis.
Risks of job loss:
With the use of information technology, however, the costs of large businesses have come down significantly and they have started making better profits. But due to continuous shifts towards automation and downsizing by businessmen, employment opportunities are continuously decreasing due to which unemployment is increasing.
The use of technology will further reduce the number of jobs in the future which will surely create unrest among the working class which may lead to anarchy in the country.
Dependence on technology can cause cognitive decline:
The use of information technology in various industries and spheres of life seems to bring out very positive results, but in reality, there is nothing like that. Due to over-dependence on technology, people’s attention is getting diverted from academic research and things are getting easier.
In this way, the doors of scientific research are being closed. Our society is becoming stagnant and unable to improve itself. It seems like a simple matter, but this thing can cause a huge scientific decline.
High costs of expensive technology:
Companies have to spend heavily on purchasing various management information systems and software. In this way, huge expenses have to be paid for the maintenance and service of these soft wares, which increases the financial burden on the companies day by day, which can sometimes lead to insolvency of the companies.
Risk of data misuse:
At any time, a hostile hacker can attack the company’s management information systems and misuse the data, which can cause huge financial losses to the company. Systems are forced to buy and use. Such extraordinary expenses put small companies under financial pressure.
Risk of Data Theft:
Hackers are adopting new ways to access company data. By using modern techniques, they are often able to steal data from various companies. For example, many hackers hack various bank sites to steal their data and then use the data of customers of these banks to withdraw money from their accounts.
Such incidents often lead to huge losses for banks and large financial institutions. Because financial institutions have to pay their customers from their own budgets.
Fear of differentiation of skilled and unskilled labor in the market:
With the advent of information technology, people seem to be prospering by learning advanced IT skills, but there are fears of increasing inequality in the labor market as a large number of people become skilled in the coming era. If such a situation occurs in the future, it may lead to a major economic crisis.
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Conclusion of Advantages and Disadvantages of Information Technology:
The benefits of information technology are immense and it is revolutionizing human life. Information technology can cause an industrial revolution in healthcare system engineering and other fields. So its importance cannot be denied.
Although there are concerns about it in the future that it may cause some harm to mankind. Currently, its benefits outweigh its harms so ignore the concerns of its harms. Should and should focus fully on its benefits.