Introduction
In the recent past, a number of advancements in information technology have taken place in various aspects of business such as marketing, management, accounting, and sales amongst others. These advancements have continued to shape how entrepreneurs run their businesses. Notably, advancements in information technology are in the form of developments that have affected almost every aspect of businesses.
Businesses and other related sectors that involve human interaction have experienced the impacts of information technology. Outstandingly, businesses can market, advertise, and sell their products easily if they employ information technology as part of their production system (Chang & Rajiv, 2002). Therefore, businesses are shifting their attention to information technology and embracing its advancements so that they can expand their market share and retain consumers.
Fields such as marketing, accounting, and sales require information technology so that businesspersons can successfully reach their potential customers and convey the desired information. Information technology enables businesses relay information to individuals in a cost-effective manner. In addition, information technology uses communication media like televisions, radios, and newspapers when reaching out to a large number of potential customers easily and quickly (Baye, Morgan, & Scholten, 2003).
Since modern customers emphasizes on the quality of products that a firm produces, businesses and companies employ information technology to enlighten potential consumers on the quality of their products. Through the advancements in information technology, businesses can increase customers’ awareness of products, persuade customers to purchase the products, and increase sales; hence creating phenomena that translate to an increased market share and revenues in a firm (Badrinarayanan & Laverie, 2011).
Hence, this research paper evaluates advancements of information technology over the last five years in the fields of marketing, accounting, and sales, and consequently considers their potential impact on the electronic business.
Research Findings
Marketing and Information Technology
Over the last few years, information technology has transformed marketing of electronic products. From the research, it is obvious that electronic businesses and potential customers use communication media such as social sites, television, radios, and mobile phones as means of satisfying their varied needs.
Masrek, Karim, and Hussein (2007) argue that businesses employ communication media to market their products to potential consumers. The research also identifies that businesses use media like televisions and social sites such as Facebook, Twitter, and YouTube to inform customers of the existing products, and thus persuade them to purchase the electronics (Gurrib, 2007).
Therefore, through these media, businesses achieve the core objective of marketing, which is to inform clients about existing products, and thus persuade them to purchase these products (Baye, Morgan, & Scholten, 2003). Furthermore, the research finds out that the presence of many channels of communication increases awareness among customers.
Analysis: From the research, it is clear that electronic business should employ communication media like mobile phones and newspapers to market their products to potential users. Using newspapers, the business conveys messages, which are in the form of texts or images, to their customers.
Since phones and newspapers are available and used by almost every individual, their application in marketing electronics is very instrumental. Additionally, with the advent of technology, phones have transformed into small computers, which send and receive e-mails and other visual messages that are useful in marketing of products.
From extensive research, it is clear that modern customers are concerned about the quality of products, and so they use communication media to increase their level of knowledge about the products (Masrek, Karim, & Hussein, 2007; Baye, Morgan, & Scholten, 2003). As a result, the electronic business should use communication media when reaching out to customers it is cheap and effective in marketing.
Accounting and Information Technology
The research paper identifies that information technology has transformed the accounting field positively. Historically, accountants used to record data manually in large and bulky books that sometimes were lost, mixed up, or misplaced. However, the advancements in information technology have automated the accounting processes.
Hence, recording of data and other accounting information has become effective and efficient. Modern accountants can record information quickly and easily as opposed to medieval accountants who performed accounting activities manually (Ahearne & Bhattacharya, 2005).
From the research, it is unmistakable that businesses employ communication media because they are efficient and effective. Additionally, the research found out that the advancements in technology enabled the introduction of software such as spreadsheets, which help accountants to record information (Chang, & Rajiv, 2002).
The software is useful to accountants because it is applicable in payment of bills, recording data, and enhancing accuracy of data. In the research, it is apparent that accountants employ the Internet in their daily duties. According to the findings, many accountants use the Internet to relay data from one point to another (Badrinarayanan, & Laverie, 2011). In addition, the Internet has increased the level of security in storage of data, as accountants can securely store data in online databases.
Analysis: From the research, it is apparent that electronic business and consumers use information technology in performing their accounting procedures.
Critical analysis depicts information technology as indispensable in the electronic business because it enhances accuracy of data analysis as well as safety of stored data. Information technology has simplified accounting, and so accountants can record data safely, quickly, effectively, and correctly. Therefore, since information technology is very important in accounting, the electronic businesses must employ it in its operations.
Sales and Information Technology
Information technology provides a platform for businesses to market their products and consequently increase their sales. The research paper observes that a number of businesses undertake extensive marketing campaigns in an attempt to increase their sales volumes (Gurrib, 2007). Additionally, from the findings, increased marketing leads to improved knowledge among customers about the existing products, and thus influence their buying behaviour.
Deawan (2005) explains that present customers are more skeptical and choosy than medieval customers. From extensive research, it is understandable that businesses employ information technology in improving their sales. With the use of information technology, customers can access products and services at any time, while salespersons can deliver products to consumers easily and effectively.
Analysis: Information technology is a very important element in today’s electronic business. For the success of any electronic business, its management should employ information technology.
Salespersons must apply information technology and embrace its advancements, as they are crucial in marketing of products and increasing sales. According to the analysis, the electronic business should institute an effective marketing strategy, which persuades potential consumers and increases their desire to purchase the electronic products (Badrinarayanan, & Laverie, 2011).
Through the employment of information technology, salespersons can inform customers about available products in the electronic business. Informing the potential customers about the existing products increases their level of awareness enhances their willingness to buy the electronics products. It is also very fundamental that the electronic business employs information technology effectively because relaying of wrong information leads to distrust and reduced sales.
Recommendations
Recommendation: To expand market share, the electronic business should adopt and apply advancements related to information technology in marketing the products. From the research findings, information technology plays a very vital role in the progress of the electronic industry (Masrek, Karim, & Hussein, 2007). Therefore, the electronic business should employ information technology in its marketing departments as it enables them market electronics effectively and efficiently.
Furthermore, entrepreneurs should understand that information technology is an indispensable means of marketing in modern world of business (Alphar, 1991). It is important that electronic business should use communication media such as televisions, radios, social networks, and mobile phones to convey messages to their potential users and increase its market share.
Recommendation: Accounts departments in the electronic business should not ignore the significance of information technology because it has numerous benefits in financial analysis and projection of growth. Using information technology managers and accountants can record data in computers, versatile disks, or other devices, which are safer than bulky files.
Additionally, accountants can encrypt and save the documents in online databases where only authorized people can access (Chang & Rajiv, 2002). This implies that electronic business can make very little progress in the absence of information technology and its advancements.
Recommendation: Given that customers have increased knowledge on the use of communication media, the electronic business should employ information technology in promoting its sales. According to Badrinarayanan and Laverie (2011), information technology is very instrumental in promotion of sales volumes in any business.
Hence, the electronic business should use information technology in marketing electronics, and consequently improve sales. Moreover, the electronic business should seek expertise from information technology experts to optimize the use of the technology in promoting sales.
Conclusion
Advancements related to information technology are very fundamental in the progress of any business. By using information technology, the electronic business can market its electronics quickly and easily to potential customers.
Furthermore, through increased marketing and enhanced awareness of electronic products among customers, sales volumes will increase resulting in overall development of the electronic business. Accountants can also use information technology tools such as computers to process data accurately and store them safely.
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