It was a famous online social networking service just like Facebook and Friendster by then which could allow the users to post unlimited photos and videos online as well as create blog posts and embed YouTube videos and music, but eventually turned its major services into an online marketplace for something like e-shopping.
This is just a sample of how ICT has transformed the way day to day business is executed to capture the opportunities and advancements with emerging technologies as a driver of economics.
Fundamental Role of ICT to Economy
There is no denying that ICT has greatly transformed how businesses do faster transactions thus improving productivity in its day to day customer connectivity. Broader product catalog, increase in choices in the marketplace, access to usually unavailable goods and services in the locality – these are just some of the ways how ICT has greatly helped in the advancement of economy.
In its efforts to acknowledge and advance further the reaping of advantages of the usage of ICT in the country, the Philippine Government has established its own executive department focusing on the management and policies of ICT, the Department of Information and Communications Technology (DICT).
Disadvantages of ICT in the Business Economy
- Implementation Expenses
Start up costs when implementing any type of information technology system is… costly.
- Job Elimination
Information Technology systems can save a great deal of time during the completion of daily tasks, but it can also mean that human resources are no longer required.
- Security Breaches
Misguided individuals may purposely alter, permanently destroy, or access confidential data.
In order to fully benefit from ICT, economic policies should focus on creating friendly businesses to foster sustained growth and stability.