Connect with us

Others

ICT and the Economy: Blessing or Curse?

Published

on

ICT and the Economy: Blessing or Curse?

Information and Communication Technology (ICT) which is largely seen as technology that aids access to information through telecommunications has become an aspect of the economy which has attracted investors in all parts of the world especially with its links with managing and processing information- an important factor within a small and large organization or company. 

Africa is not left out of this advancement of the ICT world as evidence the continent over, shows a flood of IT materials like the Internet, wireless networks, cell phones and other communication mediums, in large quantity. In fact, the numbers of mobile phones have more than tripled in that last years.

ICT has provided us with an array of communication capabilities as people can now communicate in real-time with others in different countries via instant messaging, voice over IP (VOIP), social networking sites and video conferencing.

It has also helped the whole idea of globalization as the world has suddenly become come closer and people can effectively stay connected in ways they never dreamed. Although these facts are thrilling and come with its outstanding benefits, this situation has several economic implications on society.

Effective communication links and computerized systems are essential for high quality service delivery. Identified shortage in world markets are quickly spread throughout a global network, thereby ensuring customer satisfaction, competitiveness, efficiency and strengthening of domestic services quality. This is all possible because of instantaneous access to information, a key benefit of ICT.

In 1991, a World Bank paper centered on the information technical revolution and economic development stated that ICT enhances access to global knowledge, markets and capital. It further noted that it is a critical tool for competition in an information intensive economy since it increases the amount of information available to economic agents hence transforming the way people do things, while increasing information intensity of processes, occupations, institutions, products and economics as well as reducing transaction and coordination costs within and across institutions.

ICT has experienced the most rapid development and taken the field of micro-electronics, informatics, data processing and communications into areas of life which were an exclusive preserve of space and advanced manufacturing systems.

It has also influenced information transmission between and within organisations in many ways. Utilization of ICT in the business world has rapidly increased the ease of transactions and inadvertently the rate and volume of transactions as well with banks, industry participants and policy makers having to stay up to date with cutting edge technology in order to be in step with the rapid and significant growth in electronic commerce as electronic banking and payments will also increase in tandem with increased volume of electronic commerce.

Without a doubt industry analysis outlining the impact of ICT on savings, expenditure, revenue growth and increased customer service has also generated considerable interest and speculation about the impact of ICT on the economy as a whole.

These have resulted in the coining of the term ‘Information Technology Productivity Paradox’ which is concerned with appraising the impact of information technology on operational efficiency and the productivity of organisations.

Several studies have portrayed that in many instances a positive correlation is posited between increased investment in information technology and productivity but on the contrary additional investments in information technology does not necessarily contribute positively to productivity, so the jury is still out on increased investment in IT being absolutely necessary.

One thing is certain, ICT has certainly coloured the world and changed it considerably from what it used to be, bringing global economies and people’s closer together by way of rapid communication. Now whether this has helped to increase or improve human social skills and love for one another, is still a topic that graces debate tables all around the world.

Ikuesan Oluwaseun (CEO OFOFONOBS) is a Nigerian news carrier blogger, writer, entrepreneur and a web developer. We bring you the Nigerian News, Music and All Informative Messages On This Medium. Connect With Me Via: IG/Twitter: @ofofonobs Call/Whatsapp: +2348114313795

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Latest News

{34976773-9815-4E72-B89F-7005CB4071F5}.png {34976773-9815-4E72-B89F-7005CB4071F5}.png
Breaking News1 week ago

How to Enable Notification For Kash By Zuwapay?

If you completely block the site notification or chrome notifications, then you may not receive any site notification. Hence, here...

Zuwa Logo Design Zuwa Logo Design
Breaking News1 week ago

Best websites to make money clicking ads!

Have you ever thought about starting to make money online but, instead of doing so with the most usual means...

Plateau political bigwigs drum support for Lalong presidency Plateau political bigwigs drum support for Lalong presidency
Breaking News2 months ago

Plateau political bigwigs drum support for Lalong presidency

With less than two years to the next general elections, some political bigwigs, as well as chieftains of the ruling...

Why security agencies prefer DSS facility to Kuje Prison Why security agencies prefer DSS facility to Kuje Prison
Breaking News2 months ago

Why security agencies prefer DSS facility to Kuje Prison

Nigeria’s intelligence community are against the demand by Nnamdi Kanu and his legal team to have him moved to the...

How To Start Data Reselling Business In Nigeria 2021 How To Start Data Reselling Business In Nigeria 2021
Breaking News3 months ago

How To Start Data Reselling Business In Nigeria 2021

Now today we will be looking at: Guide On How To Start Data Reselling Business In Nigeria 2021. Well Data reselling...

How Haiti President Moise was killed days after gangs declared revolution How Haiti President Moise was killed days after gangs declared revolution
Breaking News3 months ago

How Haiti President Moise was killed days after gangs declared revolution

The news of the murder of the President of Haiti Jovenel Moise shocked countries across the globe, world powers inclusive....

Fresh xenophobic protests hits South Africa as groups threaten Nigerians Fresh xenophobic protests hits South Africa as groups threaten Nigerians
Breaking News3 months ago

Fresh xenophobic protests hits South Africa as groups threaten Nigerians

Some groups led a protest in Soweto, South Africa, calling for the expulsion of foreigners and non-nationals which led to...

Zuwa Logo Design Zuwa Logo Design
Breaking News4 months ago

ZuwaPay Quick and Easy Data, Airtime, Bills Solution at Wholesale Price!

ZuwaPay The all-in-one platform for everyday purchases. People in Nigeria and other 10 African countries can now buy airtime, internet...

Buhari’s aides still tweet despite suspension by FG Buhari’s aides still tweet despite suspension by FG
Breaking News4 months ago

Buhari’s aides still tweet despite suspension by FG

Despite the ban on Twitter by the Nigerian government, some of President Muhammadu Buhari’s aides are still active on the...

FG suspends Twitter operations in Nigeria FG suspends Twitter operations in Nigeria
Breaking News4 months ago

FG suspends Twitter operations in Nigeria

The federal government has suspended the operations of Twitter, the microblogging and social networking service, in Nigeria. Lai Mohammed, minister...

close
  • Ofofonobs Ft. Harrokie x Hrflekside – Adara Music of the week Ofofonobs Ft. Harrokie x Hrflekside – Adara