Information technology is all-pervasive as it affects all, activities that contain some form of logical function. The source of the activity could be mechanical, electrical, pneumatic, hydraulic or even intellectual. Information technology cuts horizontally across clerical, supervisory, managerial and communication activities, which are common to all sectors of industry and also affects the design of products and services, processes and organisations producing the same. We shall now discuss some of the major changes brought about by developments in information technology.
Remarks by Chairman Alan Greenspan The revolution in information technology Before the Boston College Conference on the New Economy, Boston, Massachusetts March 6, In the last few years it has become increasingly clear that this business cycle differs in a very profound way from the many other cycles that have characterized post-World War II America.
Not only has the expansion achieved record length, but it has done so with economic growth far stronger than expected. Most remarkably, inflation has remained largely subdued in the face of labor markets tighter than any we have experienced in a generation.
A key factor behind this extremely favorable performance has been the resurgence in productivity growth. Indeed, the rate of growth appears to have been rising throughout the period.
My remarks today will focus both on what is evidently the source of this spectacular performance--the revolution in information technology--and on its implications for key government policies.
When historians look back at the latter half of the s a decade or two hence, I suspect that they will conclude we are now living through a pivotal period in American economic history.
New technologies that evolved from the cumulative innovations of the past half-century have now begun to bring about dramatic changes in the way goods and services are produced and in the way they are distributed to final users. And participants in capital markets, not comfortable dealing with discontinuous shifts in economic structure, are groping for the appropriate valuations of these companies.
The exceptional stock price volatility of these newer firms and, in the view of some, their outsized valuations indicate the difficulty of divining the particular technologies and business models that will prevail in the decades ahead.
How did we arrive at such a fascinating and, to some, unsettling point in history? While the process of innovation, of course, is never-ending, the development of the transistor after World War II appears in retrospect to have initiated a special wave of innovative synergies.
It brought us the microprocessor, the computer, satellites, and the joining of laser and fiber-optic technologies.
By the s, these and a number of lesser but critical innovations had, in turn, fostered an enormous new capacity to capture, analyze, and disseminate information. It is the growing use of information technology throughout the economy that makes the current period unique. However, until the mids, the billions of dollars that businesses had poured into information technology seemed to leave little imprint on the overall economy.
The investment in new technology arguably had not yet cumulated to be a sizable part of the U. The full value of computing power could be realized only after ways had been devised to link computers into large-scale networks. As we all know, that day has arrived.
At a fundamental level, the essential contribution of information technology is the expansion of knowledge and its obverse, the reduction in uncertainty.
Before this quantum jump in information availability, most business decisions were hampered by a fog of uncertainty.
In that environment, doubling up on materials and people was essential as a backup to the inevitable misjudgments of the real-time state of play in a company.A revolution in business process automation More CIOs are turning to an emerging technology practice called robotic process automation (RPA) to streamline enterprise operations and reduce.
Mar 06, · The revolution in information technology Before the Boston College Conference on the New Economy, Boston, Massachusetts March 6, In the last few years it has become increasingly clear that this business cycle differs in a very profound way from the many other cycles that have characterized post-World War II America.
. Information Technology (IT) is a general term that describes any technology that helps to produce, manipulate, store, communicate, and/or disseminate information. There are mixed consequences of . Information Technology refers to `a very wide range of elements which are utilised to create, transfer, transform and convey information through means, irrespective of whether these elements are in the form of equipment, services or know-how'.
Jan 31, · One example is Carolinas HealthCare System in Charlotte, N.C., which is taking advantage of one of Verisk Health’s population management solutions in Premier’s PopulationAdvisor suite, which manages and analyzes both claims and clinical information to help providers make better financial, operational and clinical decisions.
Beyond the Information Revolution. At the same time, it is nearly certain that few of them will come out of information technology, the computer, data processing, or the Internet. This is.