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Being a teacher in a business management department, I want to emphasize on the tremendous importance of ‘business modeling’ in Business Management. For any MBA student, ‘business modeling’ should be the core of business management studies. ‘Business modeling’ in any area of business management namely finance, production, marketing, decision sciences, operations, export-import, insurance etc. comprises of 2 steps. The first is, complete theoretical understanding of the subject area done through individual book studying and the traditional chalk and board teaching in the class. In the second step, the theoretical models from the book are converted to models in the computer. This ability is known as ‘business modeling’.

In the present global business world, the days of theoretically solving problems by hand are no longer valid. Typically, a business manager needs to solve many problems in a day. If the manager relies on hand computation to solve any problem, it will take several days or weeks to solve a problem. Hence, hand computation is no longer feasible. Each business analyst should have the ability to build models in the computer.

One of the best platforms for doing ‘business modeling’ is Microsoft EXCEL. In Excel, only blank worksheet templates and some in-built functions are present.  All models have to be built from scratch. The business analyst can build models and quite easily solve problems in all possible areas of management. And, the best part is that, once the model is built, the computation is done within few milliseconds by the computer.  Myriads of day-to-day business problems can be solved using ‘business modeling’. Another good platform for doing modeling is MATLAB.

Please remember that, we do not have software to solve all the problems of the human civilization.  One of the best ways to create new software is to build ‘models’ in the available platforms. If a ‘model’ successfully solves the problem for which it was built, the logic of the ‘model’  can be easily converted to software using various software development technologies It would not be wrong to say that, good ‘business modeling’ can lead to building software in newer areas, where there is no existing software at all.

In a few brief decades of human history, information technology has permeated every corner of the world and every facet of the human experience. Nowhere is this phenomenon more marked than in India. India’s high availability of technically trained workers, who are also multilingual, make it extremely competitive on the world economic stage. Indian Institutes of Technology are recognized for their excellence on an international scale. The Information Technology sector in India is mostly taken up by software and and services like, system integration, application development and maintenance or CADM, consulting, software testing, and internet services. Companies like Wal-Mart, Intel, Cisco, Oracle and Dell are continuing to look to India’s Information Technology organizations to provide technology services.

Recent economic downturns have affected India, not unlike other parts of the globe. However, recent events make an early recovery in India’s information technology companies, promising. India’s largest exporter of computer software, Tata Consultancy Services, Ltd. reports a 29% increase in second quarter 2009 profits. While the profits are attributed to both new orders and cost control decisions, it is not the only firm to report results that were better than anticipated. Infosys, as well is reporting an upswing. Overall, third quarter results are up around 16 billion rupees, as compared to last year’s 13 billion during the same time period. TCS plans to add 8000 employees to its rolls to meet the anticipated increased demands in the coming year. In other developments, India’s Polaris Software Lab Ltd. has agreed to purchase Laser Soft Infosystems Ltd. Laser Soft provides information technology services in the banking industry. The purchase, for approximately 520 million rupees will add 600 people to Polaris’ 9,000 and 40 financial institutions to Polaris’ holdings. The banking technology market is predicted to experience continued near-term growth. Payment processing and other banking infrastructure and transaction systems are anticipated to lead the momentum as worldwide economic recovery continues to unfold.

Shifting technology support and consultancy services to India has proven to be a significant source of cost control for many of the world’s technology companies. Mergers and acquisitions by organizations such as NASDAQ listed Cognizant with UBS India Service Centre put the world on notice that information technology resources in India are desirable assets to acquire. One such jewel in India’s crown, Proteans has recently been named to Software Magazine’s Software 500 list. Inclusion on this list puts Proteans on a preferred list of business partners for the world’s large corporations.

Although India has experienced challenges to its status as a premier locale for outsourcing this type of work from China, The Philippines and Eastern Europe, India’s superior training in, not only technology, but languages is anticipated to keep it out front of its competition. Growth in the telecommunications industry will also fuel future growth in India. The ability to distribute telecommunications capability to outlying areas of the country allows for these areas to become resources for workforce talent. Nearly no information technology advancement that has occurred in the world over the last few decades without India’s involvement or influence. The future seems to predict ongoing success.

This present era is an era of information technology. This article is dealing with development of information technology in different facet of our life”

INTRODUCTION

In today’s world (IT) is all pervasive, everywhere, and in every facet of our day to day life. Prominently service sector involving railway, airlines, scientific and businesses establishments, banks, universities, schools, and most definitely in our homes. The phrase ‘information technology’ has many varying connotations in the same way as it has a wide spread presence. From the most mundane of things which a common person does to the most complex wizardry which only a techno savvy geek comprehends. Information technology can be seen and experienced in processes improving services to citizens and consumers (online transactions, bookings, university admissions, professional consultations, telecommunications, consumer products etc), increasing the productivity and efficiency of governments (computerization of government records, departments, e-cops), strengthening the legal and law enforcement systems (Judicial administration and Court Management) and in promoting the priority economic sectors (banking, agriculture, industry, marketing and the like), involving processes of manufacturing and production chain. Possibly the greatest impact Information technology has had is on blurring the time and geographical divide.

The penetration of the home computer or the personal computer phenomenon along with the Internet has increased the impact of information technology beyond our own imagination. Thus use of Internet has given the globe a shrinking effect. Every kind of information is only a few clicks away. In today’s world of competition -”information” is the key word to success. Availability of right information at the right time can make all the difference. Today relevant information outweighs the price of gold. The graphical user interface has simplified one of the most complex issues in the world. Indeed, the world is undergoing a second Industrial Revolution.

Information technology today touches every aspect of life, irrespective of location on the globe. Everyone’s daily activities are affected in form, content and time by the computer. Businesses, Governments and individuals all receive the benefits of this Information Revolution. While providing tangible benefits in time and money, the computer has also had an impact on everyday life, as computerized routines replace mundane human tasks. More and more of our businesses, industries, economies, hospitals and Governments are becoming dependent on computers. With the computer, the heretofore impossible has now become possible, The computer has allowed large volumes of data to be reduced to high-density, compact storage, nearly imperceptible to the human senses. It has allowed an exponential increase in speed, and even the most complex calculations can be completed in milliseconds. The miniaturization of processors has permitted worldwide connectivity and communication.

WHAT IS INFORMATION TECHNOLOGY?

The broad subject concerned with all aspects of managing and processing information, especially within a large organization or company. Because computers are central to information management, computer departments within companies and universities are often called IT departments. Some companies refer to this department as IS (Information Services) or MIS (Management Information Services). The penguin dictionary of computers defines it as “a portmanteau phrase to cover all aspects of the art or science of processing data to produce information”. It includes computer software, hardware, programs, and databases, semiconductor chips that put together process and produce the output. Output can be expressed in human readable form (printouts) or in machine readable form (series of electronic pulses) which are further used to control a any other machine, tool or device. Information technology also includes networking of computers and databases exchanging and feeding information between one another.

Basic understanding of and about technology law warrants proper grasp and appreciation about technology itself. Inherently technology law, like any other emerging facts of law, is purely inter-disciplinary in nature. Hence, it is now proposed to explain and introduce some of essential and relevant aspects of information technology.

Importance of information technology

The importance of information technology cannot be ignored by banking and insurance sectors, except at the cost of elimination from the competition. This is so because the use of information technology produces certain advantages, which are not available when the traditional and conventional methods of doing business are used. The use of information technology generates the following advantages and benefits: