Question

Illustrate how information technology helps organizations to cut costs by reducing switching costs and increasing competitiveness, so they can lock in their buyers and suppliers. Support your answers with business examples

Answer 1

Information technology is the method of choosing the best technology for working with data.

With this definition, it can be said that information technology has existed since man began to store data. Today, however, it mainly refers to electronic communication and storage of data, for which computers and other electronic equipment are used.

Information technologies are of vital importance in the functioning of business operations today, as they allow a better and more optimal organization of resources and information of companies.

Thus, companies organize their information via digital methods, make online sales, etc.

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