For the past 40 years or so the landscape of the American business plain had been focused on expending tremendous capital to grow a business, now a paradigm shift has taken place with the emergence of new information technology. Capital is preserved when innovative ways are explored to generate substantial growth.
There have been more billionaires created in the last two decades than in any other time in history. The amazing thing is the wealth was not created with company expenditure, but via investment capital from individuals wanting to be in on the next biggest thing. Information technology has led the way when it comes to wealth creation. The financial strength of a company is not always indicative of company size. Some extremely wealthy companies are located in the proverbial basement.
There aren’t any one- two- three step answers to utilizing IT to grow business. Each application of emerging technology is different. Developing a plan of growth for business involves many avenues of thought. IT is not limited to just the “geeks.” Many seasoned employees as well as new college graduates are exploring innovative ways to expand business.
Radio, newspaper, and TV advertising dollars are being redirected to more profitable Web and email resources. It appears that needless expenditure to promote business is limited to automobile dealerships and insurance companies. The evidence of the redirection of advertising funds is showing up in the closing of many major newspapers. The main revenue source for newspapers is provided by advertisers. Radio and TV also receive the life blood from advertising, but people seem to have become accustom to seeing or hearing ads during their favorite radio or TV entertainment.
Information technology’s role in business growth is extremely important in today’s market. Nowadays, a virtual office is becoming more and more feasible. You would be hard pressed to find a business that does not possess a computer. If a business uses a computer, then they are using IT in one form or another. No one knows the future of business, but one thing is for certain; IT is here and necessary if you want to grow your business in this economy.