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IT Stands for "Information Technology," . It refers to anything related to computing technology, such as networking, hardware, software, the Internet, or the people that work with these technologies. Many companies now have IT departments for managing the computers, networks, and other technical areas of their businesses. IT jobs include computer programming, network administration, computer engineering, Web development, technical support, and many other related occupations. Since we live in the "information age," information technology has become a part of our everyday lives. That means the term "IT," already highly overused, is here to stay. Regardless of whether an organization’s service area is local, regional or global in scope, it is important for all business leaders to constantly be vigilant in considering new ways to increase operational efficiency in today’s highly competitive marketplace. Reducing costs is not the only way to improve ef

Competitive Strategy   is defined as the long term plan of a particular company in order to gain competitive advantage over its competitors in the industry. It is aimed at creating defensive position in an industry and generating a superior ROI (Return on Investment). Such type of strategies play a very important role when industry is very competitive and consumers are provided with almost similar products. One can take example of mobile phone market. Before devising a competitive strategy, one needs to evaluate all strengths, weaknesses, opportunities, threats in the industry and then go ahead which would give one a competitive advantage. Types of competitive strategies by Porter According to Michael Porter, competitive strategy is devised into 4 types:                  1. Over All Cost  Here, the objective of the firm is to become the lowest cost producer in the industry and is achieved by producing in large scale which enables the firm to attain economies of sca

Six Major Types of Information Systems A typical organization has six of information systems with each supporting a specific organizational level. These systems include transaction processing systems (TPS) at the operational level, office automation systems (OAS) and knowledge work systems (KWS) at the knowledge level, management information systems (MIS) and   decision support Systems   (DSS) at the management level, and the executive support systems (ESS)at the strategic level. Transaction Processing Systems Every firm needs to process transactions in order to perform their daily business operations. A transaction refers to any event or activity that affects the organization. Depending on the organization’s business, transactions may differ from one organization to another. In a manufacturing unit, for example, transactions include order entry, receipt of goods, shipping, etc., while in a bank, transactions include deposits and withdrawals, cashing of cheques etc.

Contemporary data storage and data analysis technology enables companies to easily gather personal data about individuals from many different sources and analyze these data to create detailed electronic profile about individuals and their behaviors. Data flowing over the Internet can be monitored at many points. Cookies and other Web monitoring tools closely track the activities of Web site visitors. Not all Web sites have strong privacy protection policies, and they do not always allow for informed consent regarding the use of personal information. Traditional copyright laws are insufficient to protect against software privacy because digital material can be copied so easily and transmitted to many different locations simultaneously over the Internet.

, or  MIS , broadly refers to a computer-based system that provides managers with the tools to organize, evaluate and efficiently manage departments within an organization. Management information system Definition:  A Management Information System is a set of combined procedures that gathers and produces reliable, relevant, and properly organized data that supports the decision making process of an organization. To sum up, it is a group of processes through which data is obtained, sorted, and displayed in a useful way for decision-making purposes. The organization and coordination of the activities of a business in order to achieve defined objectives. ...  Management  consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization's resources in order to achieve the objectives process form of data is called information. A  system  is a collection of elements or components that are organized for a com