ICT AND GLOBALECONOMY 1

IMPACTS OF ICT ON GLOBAL ECONOMY

 INTRODUCTION

 This is a broad based technology that supports the creation, storage, manipulation and communication of information.

A significant milestone in the dovelopmont of the ICT industry in the country is the formulation of a National Information Technology Policy (NITP) which was approved in March, 2001 by the Federal Executive Council. With the enactment of this policy came the establishment of an implementing agency —the National Information Technology development Agency (NITDA) in April 2001. This agency is charged with the responsibility of implementing Nigeria's IT policy "as well as promotes the healthy growth and development of the IT industry in Nigeria. Information Technology means the technical knowhow and the infrastructure to run the information system. It deals with computer data and application system and where resources are deployed. Rapid changes in information technologies have brought about changes in all areas of human life.

CURRENT TRENDS IN INFORMATION TECHNOLOGY 

1. Improvement in development ot computer hardware: The traditional hartware system has been replaced by network of powerful desktop, laptop and palm top computers. These devices ate very powerful and have exceptional capabilities. 

2. Development of new software: There is a rapid development of software in term of design and sophistication. Object oriented programming tools and languages have been introduced.

3. Improvement in computer network: Networking has undergone tremendous changes. It aims at improving and enhancirg the flow of information. We have networks like extranet and intranet.

4. Development of database: There is grot.vth of distributed data base, data warehousing and business intelligence.

5. WWW: This is an internet based resources. It is a graphical, easy to use way to organize and present information, texts, images, movies, sound, etc. It is highly interactive media. Individuals or organizations can visit websites to look for products, information and other things. So many organizations have website. Some browsers used to access sites on the WWW are firefox, Internet explorer, Navigator, etc. WWW can be accessed and downloaded to personal computers.

6. The Internet: This is a global network of computers that communicate with each other. It shares information among individuals and organizations worldwide. It started in the 1960s when the American Defence Department created a network of computers.

7. E-mail: This is a message sent from one person to another through a computer network. It helps exchange of Information between clients, customers, friends and businesses. It is good because it reduces the cost of sending information. Simply put, it is theorbcess of sending and receiving information through electronic devices.

USES OF INFORMATION TECHNOLOGY

1. Manufacturing industry

a. Processing of orders

b. Scheduling of production

c. Using computer to design and manufacture

d. Marketing analysis

2. Financial industry

a. Electronic transfer of funds

b. Provision of home banking services

c. Usage of Automatic teller machine

3. Education industry

a. Computer assisted 'instructions

b. Record Keeping 

c. For instructional materials

d. Access to learning software

4. Transport industry

a. Airline reservations

b. Satellite monitoring

c. Fleet maintenance system

5. Publishing industry

a. Graphics design

b. Typosetting

c. Word processing

d. Formatting of pages

6. Government

a. For tax returns

b. Military purpose

c. For census

d. Utility billing

e. License procuroment

BASIC CONCEPTS

1. E-commerce: This is the process of buying, selling and marketing of products over the internet. it is the application of various communication technologies to provide the automated exchange of information with customers, suppliers and financial institution. For example, e-retailing.

2. E-banking: This is the use of computers and electronic technologies as substitutes for cheques and other paper transactions. It ensures twenty four hours access to cash through the ATM.

3. E-government: This is a way for government to use the new information technology to provide its citizens with access to government activities: This will improve the standard of living of the people and the ability to be part of governance.

4.E- learning:This is defined as instructional learning experience delivered by electronic technique it involves the use of computer for distance learning.

IMPACTS OF ICT ON THE ECONOMY

✓Globalization:It has mint the word into a global village meaning that we can now share information quickly and efficiently.

✓Bridging cultural gap: it allows people to exchange ideas views and bridging cultural gap.

✓Health care delivery:It has also helped to reduce cost and improve efficiency in health care delivery, telemedicine health has been brought to the door step of both rural and urban people e.g telesurgery cardiac monitoring.

✓Enployment generation: just generated a lot of employment opportunities to both skilled and unskilled labourers many people are gainfully employed in the ICT sector for instance programmer vendors salesman it is it has attracted big companies like Microsoft and Dell.

✓Improvement in the quality of education:

✓increase in organisations profitability

✓which facilitate international trade transaction as it reduces the effect of distance among Nations and also ensure quick payment for goods and services

✓increases the level of investment in the economy of the Nation since the advent of ICT many companies have been set up e.g telecommunication and some other organisation that use ICT to deliver their services



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