MGT211 Theme 9 by VUBuddy

Introduction to Business – MGT211 Short Notes By VU Nexus · Theme 9 · IT, E-Commerce, and Risk Management · I. Information Technology (IT) in Business · Information Technology (IT)

Full Form: Information Technology Meaning: The use of computers, software, networks, and data systems to support business activities. IT is the backbone of modern business, helping organizations achieve: Efficiency Innovation Global competitiveness IT includes: Hardware (physical devices like computers) Software (programs and applications)

Networks · Data systems · 1.1 Transformative Role of IT

Transformative: Causing major change or improvement.

Key areas where IT transforms businesses: Communication

Tools: Zoom Slack Microsoft Teams Enable real-time collaboration across locations. Real-time: Without delay.

Automation

Automation: Performing tasks automatically using technology.

ERP – Enterprise Resource Planning

Examples: SAP, Oracle ERP automates: Payroll Inventory management Billing Benefits: Lower costs Reduced human error

Data Analytics

BI – Business Intelligence

Tools: Power BI, Tableau Used to analyze: Customer behavior Sales trends Operational inefficiencies Inefficiencies: Weaknesses or waste in operations.

Customer Experience

CRM – Customer Relationship Management

Tools: Salesforce, Zoho CRM helps in: Personalized marketing Managing customer data Chatbots: Automated programs that provide customer support 24/7.

E-Commerce

Meaning: Buying and selling goods online. Platforms: Shopify Daraz Allow businesses to reach global markets.

Meaning: Protecting data from hacking and cyber attacks. Tools: Firewalls Encryption

GDPR – General Data Protection Regulation

A law to protect customer data.

Example:

A Pakistani textile manufacturer uses ERP to track inventory in real time and reduces waste by 20%.

1.2 Computer Networks in Business

Computer Network: A system that connects devices to share data and resources.