Information technology is a wide field, and has enabled organizations across the world to work in an efficient manner. It plays a very important role in effective management and running of a business. The use of IT in organizations is inevitable, be it any type of company like manufacturing or medicinal sector. It has contributed largely to the process advancements in organizations. In this write-up, you will understand the impact of information technology on business. Basic Elements Software and Applications Software is an important part of IT, which relates to computer applications that enable a company to generate, store, program, and retrieve data as and when needed. There are many software developed for different purposes. All operations in the business sector are carried out by software that are assigned for executing specific tasks. Without these computer applications, the trade wouldn't have been able to carry out their functions in a proper and efficient manner. Operating systems, ERPs, special purpose applications, and web browsers are some examples of different software. There are some software, which are exclusively built to contribute to the proper collaborative working of all sections of the businesses, which are known as Enterprise Resource Planning (ERP). These are complex applications, which enable people to efficiently manage all functions and operations of all processes. Hardware Devices These are various computer equipment that house the software. Devices like microcomputers, mid-size servers, and huge mainframe systems are some examples of hardware. Businesses have to maintain a huge collection of important data. For this purpose, they employ these devices, which are responsible for storing confidential company data and retrieving it back when required. Other hardware devices include network devices that are used for providing Internet access to work and communicate expeditiously. There are even devices, which enable manufacturing tools and equipment to work accurately in the industrial sector. Influence of IT Small scale ventures need to buy software packages that would cater to their specific management, operational, and functional needs. For this purpose, they need to approach firms and IT manufacturers who deal in such software applications. Other IT services include Internet marketing and email marketing, web hosting and promotions, and maintaining client networks. Larger ventures, on the other hand, have their own operational and functional employees who develop software applications and work on several IT needs. They usually purchase ERP software to coordinate different processes and functions into a single application, which is actually more convenient. The manufacturing sector may make use of servers and databases to store their vast data regarding inventory, B2B, B2C, FMCG (in the retail sector), etc. Automobile manufacturers use computers to guide manufacturing and designing tools to function in a precise manner, ruling out the possibilities of any human error. Businesses all around the globe have to take the aid of IT in some way or the other to keep themselves in sync with the market and the world. There are several departments in organizations, such as HR and recruitment, finance and payroll, administration, and security. All these departments utilize IT to carry out their respective operations in a productive manner and efficient manner. The role of IT in entrepreneurship is certainly of a great importance, which enables businesses to effectively and successfully plan, manage, execute strategies which lead to profit. Moreover, the impact of information technology on business is on the rise, as several advancements are focused on to be implemented in various business processes.