As we have discussed in the previous sections that information technology is making its mark into a number of field. We can see the impact of information technology in many fields. We will now see how information technology has been effective in a number of sectors and how each sector has benefitted from IT.
1. Financial Sector
Financial sector has evolved rapidly over a period of time and its one of the areas of economy that has benefitted the most from Information Technology. Consider 40-50 years back all the records has been kept in the thick ledger books. These book contained all the records of a particular customer including their financial informations. Each time you withdraw or deposit the amount entries were made in these books to keep track of your transactions. Any type of withdrawal or deposit has to be informed to the banks few days prior so that the credentials or users information can be verified. Thus this simple withdrawing and deposit took lots of time both for the staff as well the customers.
Source- Information Technology and Productivity. The Case of the Financial Sector. By Lawrence R. Klein, Cynthia Saltzman, and Vijaya G. Duggal
The investment in Information technology in finance started in early 80’s as we can see in the above graph. With the introduction of computers and information technology systems in modern day financial services the situation has changed a lot. All the information related to the customers are located in a centralized location. All the details related to the customer are available to the staff on a single click of button.
The withdrawal and deposit procedures takes only minutes to be completed. Today, we don’t even have to go to bank to deposit money. This can be done usi...
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...ptoms. Also there are number of tools available that helps in exercise and training of people. For example Nike+ which is a tracking system for runners and LoseIt which is the app which helps in keeping and tracking the daily workouts and helps in maintaining the food diary.
6. Manufacturing sector
1. Information Technology and Productivity. The Case of the Financial Sector. By Lawrence R. Klein, Cynthia Saltzman, and Vijaya G. Duggal
3. Productivity Growth in U.S. Agriculture Keith O. Fuglie, James M. MacDonald, and Eldon Ball. ECONOMIC BRIEF NUMBER 9 • September 2007
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