Information system Essay Example | Topics and Well Written Essays - 250 words - 1

Information system - Essay Example (BBC 2008) Technology implies something scientific in a broader definition of the word. But for the commercial and industrial world, technology means information technology – an all embracing term that cover all aspects of information systems, technological or not, within a business. The initial funding of 300 million euros for the European Institute of Technology in Budapest is a testament to such fact and the institution prioritizes IT project along with renewable energy. (BBC) The BBC report highlighted that in pooling the expertise of universities, research bodies and businesses, the institute will play a prominent role in the European Union’s strategy of promoting jobs, growth and competitiveness. Because of what it does, technology is crucial to business. There are two main reasons: First, without effective use of technology, an organization cannot sustain any competitive position and, secondly, technology-driven innovation becomes the only viable route to long term growth. In integrating information technology, for instance, to the overall business strategy, the ability to lower cost and make profits are enhanced. It plays a vital role in corporate success because it enhances business strategies by making their execution faster, more efficient and effective, and more responsive to customer needs and market conditions. Just as the BBC report cited in this paper highlighted for us, technology is no longer solely an opportunity for companies; it has become a requirement and standard in order for them to