Translate PDF. Technology has been the prevailing impact to businesses in Swaziland and around the world. It is now given stretching from the perspective of technology and its benefits as to whether it can be effective, that is improving company performance, where many if not most of businesses implementation include competitive advantage, reduction in human errors. Companies in Swaziland have different reasons for frequent improvement of technology to existing technologies used in the companies.
Increased business productivity can be traced to the automation of processes allowing for faster communication of strategy. Management implements technology because it enables the company to keep up with other companies in the world. And technology allows businesses to improve their communication processes.
The use of emails and other websites can help companies improve communication with consumers. This also allows businesses to reach new economic markets with the use of internet advertising through carefully placed web banners or advertisements.
This helps in maintaining competitive advantage. And business owners can use technology to reduce business costs. Technology helps in automating back office functions, for example record keeping, accounting and payroll. Technology can also be used to create secure environments for maintaining sensitive business or consumer information.
This has affected many businesses and has led to intense business competitions locally, internationally and globally. Such were as a result of business competitions, diversification and the change in business markets and of which have been affected or impacted by technological advancements sources.
These days the technological advancements have made some business to go out of business due to failure to adopt advancements in technology in the field of accounting sources. Good adoption of such technology by business has seen major improvements into operations. Technology in the field of accounting has imported a series of parties including auditors, financial managers, operational staff, bankers, investors and many more. Technological advancements have transformed many firms in professional services industries.
Technology has advanced in a variety of areas which including processes, computer hardware, program languages and data constructs sources. Computer devices have forever transformed the way companies conduct business. Software packages have also improved traditional operations and production processes. The biggest impact technology has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions.
Paper ledgers, manual spreadsheet and hand written financial statements have all been translated into computer systems that can quickly present individual transactions into financial reports.
Advancements in technology have opened up the possibility of generating and using accounting information from a strategic view point. The advancements in technology in the field of accounting have allowed instant access to services, data and news as well as financial and non-financial information to aid business operations. Information highway which has been created by new forms of communication and access to data has redefined the business communication.
Global computer networks and telecommunications equipment allow access to all type of business information at a press of a button. There are opportunity advantages created by the knowledge of the system and there are some types of advancements such as spread-sheets and accounting software applications skills are now essential.
New developments such as e-commerce have enhanced the level of decision makers of the information technology knowledge and experience.
Such developments and good utilization have increased job opportunities sources. There is a relationship between accounting information systems and performance measures and investments in such technology proves to be time saving in trips to and dealing with banks, administration and other business activities.
However firms may suffer from productivity decrease due to the competition from their it adopting counterparts. Small business management requires business owners to use a mix of education, knowledge and expertise to run their company. Autocratic, paternalistic, democratic and laissez-faire are a few common styles of management. Autocratic management allows a business owner to be the main individual responsible for making decisions and driving the company through the business environment.
Paternalistic management looks to create the best work environment for every employee. Business owners use a democratic management style when they allow employees to have input or feedback on business decisions. Laissez-faire creates the most employee autonomy, and allows decisions to be made with little business owner oversight. Business owners usually represent the most visible individual in an organization.
Vendors, suppliers, distributors and warehouse companies are a few external companies business owners may work with in the business environment. Business owners coordinate the activities involving these organizations to ensure that their company has sufficient economic resources.
Economic resources represent the raw materials and supply chain needed to produce and distribute goods in the business environment. Each piece of information is reviewed and used to decide whether operations should be increased or decreased, new markets found for products, or profit margins increased. The decision process includes all parts of the company management, seeking to create the most informed decision possible relating top the reported information. Proper communication aids the success of management decisions based on the information from the MIS.
Communication allows top-level management to discuss the information will department level and front-line managers, creating a downward communication flow for decisions. Upward communication is also important regarding decisions, allowing front-line employees an opportunity to discuss the MIS information with upper management.
Open communication lines allow companies to receive input from all employee levels, making the best decisions from the MIS information. Share It.
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