INFORMATION TECHNOLOGY AND BUSINESS MANAGEMENT: A CASE STUDY OF SELECTED BANKS IN THE UNIVERSITY OF BENIN

ABSTRACT

This study focused primarily on information technology and its significance and effect on the management process of the business with a case study centered on selected banks in Edo State. The study adopted the descriptive survey research in collecting data from the bonafide students of the university of Benin. The research was able to analyses the limitations and challenges of It, its benefits on the various department in an organization as well customer’s reaction and perception of information technology adoption. Information technology enable a firm to boost productivity by increasing work done and reducing opportunity cost incurred during project optimization. The level of IT in an organization can serve as a competitive advantage as well as a means a business can use to survive in its ever changing environment, which most changes comes as a result of technological breakthrough. Banks in the world, Edo state to be specific have implemented IT on their services which saw the launching of mobile banking applications and bank website. Despite its advantages, Banks are faced with certain limitations and challenges during information technology adoption process. The challenges can come in the form of the level of economic development in the bank country of operation, in which under develop and developing countries are unable to properly manufactured their own technology which leads us to our other limitation; cost. The cost of procuring and implementing or integrating IT on the bank strategy is expensive for most banks to incur. The study also showed that customers of the selected banks react positively to information technology implementation for various reasons not excluding its ability to reduce time and fatigue during banking operations. Managers must therefore find the means possible to integrate information technology on the day to day management of the business.