Information Technology, Globalization, and International Financial Architecture – Essay Example

The paper "Information Technology, Globalization, and International Financial Architecture" is an outstanding example of an essay on information technology. Modern technology has been increasingly equated with those of computing and information, which in these past years have revolutionized the way people communicate and conduct business. This is more popularly known as information technology (IT), the technology that improves productivity and increases competitiveness, particularly amid the globalization phenomenon. On a broader and economic sense, Haruhiko Kuroda (2000), considers IT as one that stimulates organizational change and industrial restructuring, as well as technological innovation, energizing economies with the advent of greater competition, productivity, and trade. Technological knowledge and innovation play a strategic role in a company’s success particularly in terms of profitability. First and foremost, information technology speeds up the dissemination of information and that it reduces cost in the process. (Kuroda) For instance, a company could implement a technological infrastructure that would allow for an information sharing system that eliminates the maintenance of elaborate corporate structures, in effect promoting an increase in the efficiency of business operations. Then there is also the streamlined business operation that comes with the removal of business intermediaries. In the past, numerous intermediary businesses functioned mainly as go-betweens for information about the supply and demand of goods in a particular region. (Kuroda) With the speed of technology, several variables in business operations were eliminated. These intermediaries include time and distance. Now more than ever, companies have the opportunity of running an efficient business organization that has a direct and immediate access to its market, boosting not just sales and marketing but product design and development due to the availability of information.