An Assessment on How Ict Serices Can Help Develop Businesses During Covid-19 Pandemic

Introduction

Today's businesses rely more heavily on technology than ever before. From improved telecommunications to online payment options, most modern businesses could not function as effectively or efficiently without technology. Even the ability to accept credit or debit card payments at retail stores requires a complex system of bank exchanges and telecommunications in order to operate smoothly and reliably. The application of information technology in management provides opportunities to work outside the office and have increased access to important information regardless of location.

Information and Communication Technologies (ICT) services are the backbone of the digital economy. Best described as directly involving the production andor use of ICTs, they include ICT services as final outputs (e.g. telecommunications services, computer and information services) as well as ICT-enabled services, i.e. services delivered remotely over ICT networks for which ICTs are thus critical inputs. ICT-enabled services include financialservices, research and development services, professional and management consulting services, audio-visual and related services, health services, and education services. In the digital era theproduction of a variety of services, including ICT services, has become increasingly independent of location, new services are being created, and the tradability of many services activities is on the riseGarca. During the COVID-19 pandemic ICT services have played a prominent role. As governments started imposing traveling bans and social distancing measures in order to prevent the virus from spreading both within and across borders through human proximity and alleviate the pressure on the healthcare systems struggling to cope with the outbreak, firms and the public sector alike resorted to adopting a smart-working approach and digital solutions to minimize the disruptive impact these restrictions would have on employment, global value chains and goods and services production. With the transition to remote work and the increasing reliance on the digital medium, ICT services and ICT-enabled services boomed. Therefore this paper will asses how it can help to develop business during covid-19 pendemic.

ICT in developing businesses during Covid-19 pandemic

Businesses around the world are relying on technology to ensure the safety of employees, expedite information distribution, and maintain continuity. In addition, governments have also invested in up-and-coming technology in the fight against COVID-19 pandemic. During this global crisis, the use of technology in business is reducing the spread of the virus, while keeping businesses afloat. Following are the reasons on how ict can help in the development of businesses during covid-19 pendemic.

According to Imam and Oladapo (2010), ICT aids in the growth of businesses during the covid-19 epidemic by streamlining remote working. To handle remote working seamlessly, businesses use technology such as virtual private networks, collaboration tools, and cloud conferencing. More employees are now successful in adapting the practice of working from home. For example, Cisco improves its Webex software to support the businesses and offers them 247 assistance. Project management tools like Trello and team communication apps like Slack have also made it easier for teams to work remotely. Apart from providing more flexibility in work, technology is also saving commute time for remote workers.Live promotion in live-streaming platforms. Social media have considerably changed service industries, such as the hospitality and tourism industry. The emergence of Web 2.0 provides online social spaces for real-time connectivity among businesses and Internet users by easily creating and exchanging information. Social media provide low-cost and efficient management of online information exchange and relationships, including social networking, offering information for travelers, and carrying consumer generated content about products, brands, services, and issues. Through social media, companies have more opportunities to reach customers and sell products. During the pandemic, promotions through social media have become the default working operations for many Chinese companies.

During the Covid-19 pandemic, Ict assists businesses by enabling online business ads. One of the most significant benefits of information technology in industry is the opportunity for businesses in a variety of sectors to advertise their goods and services on the Internet. Almost every website contains advertisements surrounding the site's primary content. Often these sites feature links from which, with a single click of a mouse or tap on a touchscreen, people can find information about the company whose ad they have clicked on. By making information so easily accessible, advertisers may benefit from a much larger volume of traffic to their own sites and thus greatly increase the chances of someone taking advantage of their goods or services. Companies are even able to communicate with or reach out to people all over the world, thereby increasing exposure to their ads without having to pay an exorbitant amount of additional advertising costs (Imam and Oladapo,2010). Online advertising during this period of covid-19 pendemic have lot of advantages since many people are usually on the internet especially during lockdown, at the same time, people are at home and spending more time online than ever before, boosting the audience supplied. This is basic economics - when the demand plummets and the supply increases, prices go down. That's what's happening now, creating the perfect opportunity for the development of a business to bid low on CPM advertising.

The development of ict during covid-19 pandemic enables businesses to implement online Shopping and Money Transfers this results in business development. Online shopping, bill payments and funds transfers are also key examples of information technology in business. By allowing consumers to access products and services from any computer, phone or tablet from home or on the go, companies have made it easier than ever for people to move money. Shopping online has become so prominent that most major retailers have online stores to accommodate shoppers. Consumers can buy virtually anything online from appliances to music. Funds transfers allow investors to track their investments or manage the accounts of their clients much more quickly. Most utility businesses during covid-19 pandemic offers online bill payment options which enable a customer to have their utility provider draw funds directly from a designated account (Galanouli and McNair,2001). This virtually ensures that customers can avoid late payment fees, as the utility provider is collecting their payments automatically from clients' accounts. This eliminates the possibility of payments being mailed and subsequently arriving at the utility provided after the payments due date. As an added convenience, customers are also spared the expense of envelopes or postage. "During the pandemic, online consumption habits in Brazil have changed significantly, with a greater proportion of internet users buying essential products, such as food and beverages, cosmetics and medicines", said Alexandre Barbosa, manager of the Regional Center of Studies on the Development of Information Society at the Brazilian Network Information Center. For example, Amazon.com sells nearly all of its goods online through its e-commerce platform. NewEgg, Ocado, and TigerDirect also focus primarily on online shopping facilities. Online shopping includes both buying things online, as well as just looking at things online. Online shopping reduces crowds. If you are like me, you hate crowds when you're shopping. Especially during holidays, festivals, or on weekends, they can be such a huge headache. Also, being crushed in the crowds of shoppers sometimes makes us feel rushed or hurried. You don't have to battle for a parking place. All of these problems can be avoided when you shop online.

Ict has also helped in the development business during covid-19 as it has bought about online Banking. Furthering the do-it-yourself banking model is online banking, which allows customers to pay bills, view account balances, transfer funds from one account to another, pay friends and much more. Financial institutions have also given consumers control over their own security by adding features like the ability to freeze a missing credit card to avoid further charges. Over time, these controls will only increase as technologies like biometrics and facial recognition keep accounts safe. Businesses have developed during covid-19 pandemic despite the lockdown measures that have been implemented in most the the countries. Online banking technology enable people to carrying out any transaction 247 and enjoying permanent access to all financial information in real time. Some banks have also tried to promote online banking by sharing tutorials and expanding the types of transactions customers can carry out remotely. For users themselves, there are also a number of factors driving the increased use of online banking, such as the fear that cash could spread corona virus.

ICT can also help the development of business during covid-19 pandemic as enables electronic transaction this means a transaction in which one party, or its intermediary, contemplates that an agreement may be formed through the use of electronic messages or responses, whether or not either party anticipates that the information or records exchanged will be reviewed by an individual. Businesses often had to wait for a check to clear, which meant approval by the payer's financial institution, to access the funds they deposited. The use of computers have sped up that entire process, with instant check authorizations. Checks have mostly become an afterthought, thanks to debit cards that take funds automatically from a person's account. Mobile payments will take that even further, letting customers pay with a mobile device or wearable, eventually taking plastic out of the equation. This has really helped many business to operant without any complication. For example It could be through internet banking, ATM, from stock exchange trades or just an invoice completion for some servicegoods. Nowadays almost all transactions are classed as electronic.

In the development of businesses during covid-19 pandemic it has played a greater role has it has helped in globalnication communication. One of the most powerful business tools that technology was provided is the ability to communicate worldwide almost without restrictions. Video chat apps such as Skype have greatly increased the efficiency of conference calls by allowing meetings to be conducted internationally from computers or mobile devices. E-mails and file sharing services allow documents to be transported instantly across an ocean. Smartphones enable business associates to communicate even while in transit. Companies with associates in several different states or countries may now send important updates or information without delay. For example china has undergone massive changes in the decades leading up to the pandemic and it's a huge influence in the global markets. When something occurs in China that changes its production and manufacturing lines, there are repercussions on trading partners all over the globe as a result. Globalization communication connects businesses and customers across the world. Companies open satellite offices to decrease production costs, forge relationships in new territories and access new consumer markets. The importance of communication in globalization is paramount because individuals from different countries, ethnicities, languages, cultural attitudes and other variations must understand one another and express themselves to another effectively in order to work together. This may result into business to develop during covid-19 pandemic.

Abdullahi (2013) argues that the use of robots in shops, hotel and housekeeping deliveries etc, it is another way it has helped businesses to develop during this period of covid-19 pandemic. Robots play an important role during this period of covid-19 pandemic, elements in the business world may conjure a science-fiction view of the future. But the fact is that many businesses from a wide range of industries rely on robots to perform basic tasks that are either too dangerous, laborious or time-consuming for humans to perform. The pandemic is prompting several industries to adopt contactless options. Shopping malls, large or small, are expected to use robots to increase social distancing and reduce the number of staff that must physically come to work. Robots are also being used in hotels for roles that hotel staff cannot perform during the pandemic period. From preparing room dining services, doubling as waiters in hotel restaurants, delivering housekeeping items, dispensing facemasks and hand sanitizers, robots are used on the frontline to protect hotel guests and employees and prevent the spread of COVID-19. The robots not only help protect guest health and prevent the virus spread, but also enhance service quality and customer satisfaction. For example Many supermarkets are turning to robots to fill orders. At Giant Eagle, robots are taking over inventory, which frees human employees to focus on disinfecting and sanitizing surfaces. Automation creates a more efficient shopping experience and frees up resources to keep the store clean.

Gutiarrez and Zamora, (2013) suggest that the use of Self-driving autonomous vehicles have proved their efficiency in delivering supplies in virus-infected areas. And seeing them on roads will soon be normal. They can be used in delivery, pickup, or movements in hazardous environments. Self-driving cars, trucks, sidewalk robots and shuttles are rolling out of the labs and parking garages and onto American streets to help deliver groceries, meals, and medical supplies. As COVID-19 put the human side of transporting goods into the spotlight, logistic companies are seeing the need to implement self-driving systems in real time. While cost savings and non-stop transit of goods are factors, the ability of COVID-19 to pause the shipment of goods has spotlighted the human factor of transporting goods as a weak link in our national supply chain for goods. This enables ict develop business during covid-19 pandemic.

Conclusion

The advancements in technology have enabled most business entities to computerize their accounting tools. For example, rapid change and evolution of technology have enabled companies to computerize the accounting information systems. With the help of modern Information Technology (IT), documents such as ledger and journals have been automatically transformed. This has enabled the accountants to perform financial transactions more accurately and efficiently. Due to investment in technology, most business corporations have been able to perform most of the accounting tasks more efficiently. The Accounting Information Systems (AIS) has led to significant savings in time and cost for most of the companies. The use of the various software packages has hence helped the business entities to operate more effectively and efficiently thus maintaining a competitive nature. Technology is one of the most crucial factors for business success. However, it is not the only factor; it should be an enabler for the organizations strategic plan. As a result, there is a need to find a balance between technology and business strategy, with the aim of addressing the organizations needs and achieving business goals.

References

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