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Importance of ict in banking sector in india
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IT industry in India
During the past decade, the Indian IT industry has been experiencing a dramatic growth. It grew from Rs.4.7 billion in 1991 to Rs.755.47 billion in 2003, accounting for nearly 3% of the GDP. The revenues generated from software exports reached $10.4 billion for the financial year 2003 with a 30% growth over the previous year. The main factors which contributed to the success story of the Indian IT industry are:
-Support from the government in the form of industrial parks, which enjoy various incentives and tax benefits.
-Liberal export import policy.
-Strict quality policies adopted by the IT industry in terms of reliability, stability and maintainability by adhering to the standards laid down by the ISO 9001 or SEI/CMM or both. (Nearly 80% of the software companies in the world that have SEI/CMM level 5 are from India.)
-NASSCOM acting as the platform for all IT companies to make representations to the government on industry problems and integrating the domestic industry with the global industry.
-Infrastructure provided by DOT and VSNL.
-Conferring priority sector status on the IT industry.
-Financial banking in the form of enhanced working capital limits from financial institutions and support from venture capitalists in India and abroad.
-Keeping abreast of the latest developments in technology.
-Well-qualified, dedicated and enthusiastic professionals.
In a developing country like India, where earlier it was feared that information technology would mean men being made redundant in favour of machines, the explosion of IT created new avenues of employment in the form of exporting professional services, vending internet services, training and education, IT enabled services ...
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... of business with a focus on developing domain consulting carving niche markets etc. Until date, the Indian it industry has concentrated only on 2 service lines, namely, application development and application outsourcing. So, it needs to increase IT consulting, network infrastructure management, systems integration, IS outsourcing, IT training and education. Hardware support and installation and network consulting and integration, etc.
In addition, Indian companies have focussed primarily on 3 key verticals-financial services, telecom and manufacturing. They account for nearly 45% of the industry’s revenues. They need to penetrate the under-exploited verticals like retail, telecom service providers and healthcare, which are believed to be the future of IT services. The successful implementation of these strategies would determine the future of Indian IT industry.
Decisions on investments in IT are controversial and crucial in an organization. With a thorough understanding of a company’s strategic context, managers can identify business and IT maxims that can help determine the IT infrastructure capabilities necessary to achieve their business goals.
The competitive advantage that can be gained by the companies through IS/IT outsourcing is Improved business processes. IT outsourcing an identification method and rigor of IT resources that can help the business run smoothly. It can control the development of the project budget and expenditures. It also can promote information technology investment proposals from outside and provide skilled individuals in managing IT resources available in the company. Through these companies are able to provide appropriate information and report to the company. This can give competitive advantage to the company. For example, expenditures, progress, and issues the company can be viewed and controlled.
Information technology (IT) strategy is long term overall plan of the company to achieve the set goal against constantly changing IT requirements (Rouse, 2012). Information strategy should align with overall company’s business strategy for the success. It strategy covers all the factors for IT infrastructure management which includes cost of software and hardware, IT resource management, vendor management and other aspects associated to IT environment. IT strategy plan should be flexible enough to accommodate the business strategy changes, new technology or technology changes, customer requirement changes and budget constraints,. Many companies opt for formalizing the IT strategy plan in a written document long with milestones and critical success factors. IT strategy is a comprehensive plan that information technology management professionals use to guide their organizations (Rouse, 2012).
[6] Kripalani, Majeet & Egnardio, Pete. The Rise Of India. Business Week Online. December 8, 2003. http://www.businessweek.com/magazine/content/03_49/b3861001_mz001.htm
In his 2003 article ‘IT Doesn’t Matter’, Nicholas Carr charts the evolution of Information Technology from the invention of the microprocessor in 1968 to present day omnipresence of IT solutions. His bone of contention with IT is not concerned with its widespread presence, but the magnified costs involved in the upkeep of IT infrastructure. He wants to bulldoze the myth that increased IT spending will culminate in higher returns and better profits. Acknowledging that though “Information technology has become the backbone of commerce” (Carr, 2003), he notes that its omnipresence works against its strategic advantage.
The fourth largest sector in the Indian economy is all set for 16% growth during 2008-09, from a base of Rs. 85470 crores, as predicted by FICCI. Going forward, as anticipated by CRISIL, FMCG sector will touch around Rs. 140000 crores by 2015 (33.4B$).
I completed my Bachelors of Engineering in Information Technology at Prabhu Dayal Memorial College of Engineering in 2008.My bachelor’s degree has provided me with a strong foundation of theoretical concepts in Computer Science and since then I have been working in the Information Technology industry. I have six years of experience in the IT field in severa...
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Advanced information technology management contain some of the basic functions of management, for instance organizing, staffing, budgeting and control, but it also has functions that are exclusive to IT, such as network planning, software development, change management and tech support. Usually, Information technology management is used by organizations to support and complete their business operations. Having an Information technology management department in organization or company will brought many advantages and convenience to employees. It’s also help the employees in the company done their stuff or work by much more efficient and effectiveness. Some organizations use information technology management as the core or center of their business.
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Advances in technology have changed businesses dramatically, in particular the communication and information technology that are conducted in firms, which changed the appearance and pace of businesses over the past few decades. ICT in particular, has evolved a lot over the past 30 years; important information can be stored in computers rather than being in drawers enabling information to be transferred at a greater volume and speed (Guy, 2009). ICT has also expanded various forms of telecommunications and workload conducted in businesses, internet examples of this include: e-mails can be used to communicate with others...