In the coming times, it will require for businesses to adapt faster to the changes and become ingenious, if they are to survive and grow in competitive global business world. The winds of change in business are becoming tornadoes of change, creating a competitive environment characterized by refocusing, re-engineering and redirecting the functions and assets of an organization. Currently, the companies involved in IT related businesses are ruling the world. Be it India, where Wipro has overtaken HLL as the top most Indian company, or, the Fortune 500 where Microsoft rules as the highest wealth generator. The average income at Microsoft, Redmond, Washington is about a quarter of a million dollars per person.
Information is the backbone of every business.
Every business needs to know of its customers, its suppliers, distributors, competitors and various transactions within it and outside it. Till very recently, the information mainly resided and moved on papers only. This made a business hold lot of redundant and slow moving data with it. Even access to such data was difficult and caused a lot of wastage of time. Companies are increasing realizing this and, therefore, moving towards establishing their IT systems.