The Internet of Things (IoT) has the ability to interconnect the world in unprecedented way and is considered by many to be the next step in the evolution of the internet. The creation of the internet had a significant impact on the way in which society accesses and uses information. For the first time in history there was virtually unlimited access to information from all over the world at any time of the day. Information that used to take weeks or months to gather and analyze was now just a click away enabling people from all over the world to interact and collaborate at unprecedented speeds and significantly reduced costs. People were more connected to each other than ever before sharing knowledge and experiences faster than any time in history. Soon, businesses started leveraging the power of the internet to connect to devices or, things, as well as other people Continue reading
Information Technology
Artificial Intelligence (AI) and Accounting
The term artificial intelligence was first coined by John McCarthy, in 1956, during an interdisciplinary workshop of researchers at Dartmouth. This team of researchers developed the concept of “thinking machines”, which included automata theory, complex information processing and cybernetics. In the mid-to late 50s, General Electric became the first company to purchase a computer to process its payroll system, the UNIVersal Automatic Computer(UNIVAC). UNIVAC ran payroll in all of GE’s factories and stored data on magnetic tape instead of punch cards. The UNIVAC took 40 hours to complete the entire payroll process. During the 60s the U.S. transportation industry developed an electronic data interchanges to standardize transactions between vendors and customers. This was followed by the introduction of the first computer-based software, LANguage for Programming Arrays at Random (LANPAR), began to offer electronic spreadsheets. After LANPAR, VisiCalac and SuperCalc were released in 1970 and 1978 respectively. With each iteration, more functionality Continue reading
Impact of Digitalization on Business Models
Digitalization has revolutionized the way businesses operate across various industries. With the advent of new technologies, businesses have been able to innovate, improve efficiency, and create new revenue streams. The impact of digitalization on business models has been significant, and in this article, we will explore the different ways in which it has impacted businesses. New Revenue Streams Digitalization has enabled businesses to create new revenue streams by opening up new markets and business models. E-commerce, for example, has allowed businesses to sell their products and services online, reaching a broader customer base than ever before. This has enabled businesses to expand their reach, increase their customer base, and generate more revenue. In addition, businesses can now offer subscription-based services, where customers pay a monthly or annual fee to access a service. This business model has been successful for companies such as Netflix and Spotify, which offer subscription-based streaming services. Continue reading
Augmented Reality (AR) – Meaning, Operation and Benefits
Augmented reality refers to the utilization of computers to modify reality, usually in order to provide additional assistance when a human user is interacting with the real environment. The real world around humans provides a wealth of information which the human user must absorb and process through their senses. The most useful and informative of all human senses is the sense of vision and a huge amount of information about the ambiance is required to be sensed as well as processed by the human visual system. Computers are useful because they can provide an overlay of information to assist with the human processing of the information which they perceive through their senses, mostly the visual sense. As an example, a human who is walking around an urban area can be provided additional information through a head mounted display which superimposes textual information about identification of buildings and other important landmarks Continue reading
Different Categories of E-Business
Introduction to E-business: E-business is an all-encompassing concept that refers to the numerous ways in which companies are taking advantage of the universal connectivity offered by the Internet and other computer networks. Traditional Information Systems courses also discuss how businesses use computers, but focus in addition on technical issues of hardware, software, databases, networks, and management of all of these components. This course focuses on the ideas and processes involved in starting an e-business or in adding e-business functions to an existing business. E-business enables a customer to conduct business anytime, anywhere and from any place via a distribution channel. It helps to get a continuous dialogue between you and your customer, just as if you both were talking face to face. E- business is more than having a web site for your business. Accessing internet to provide information about the company, products, supplies, using appropriate project management software etc. Continue reading
Internet of Things (IoT) – Meaning, Opportunities, Security Threats and Solutions
Today technology has gotten to a level where the Internet of Things (IoT) is an unavoidable reality. Now, an average person has at least three devices connected to the internet, including a smartphone and a personal computer. These already collect significant information about individuals which are used by different systems to make their lives better. As such, with more devices, it will be possible to improve the quality of life for different people, especially when these devices are interconnected. However, what is supposed to be beneficial has the challenges that make it a risky venture. Although the Internet of Things is expected to change things for the better, it is marred with many challenges which might eventually make it disadvantageous. About the Internet of Things (IoT) The Internet of Things (IoT) refers to a network of physical objects with the ability to identify each other and interact with other devices Continue reading