Information Technology has revolutionized human life totally. While discovery of Electron was considered as the most important contributor to revolutionary changes in human life in the last millennium, Information Technology has all the attributes of second most important contributor to human race in this millennium.
Economy is such an all-enveloping concept that it cannot be discussed in isolation. There is nothing in this world which does not have an impact on Economy. With the advent of Information Technology and its tremendous impact on Global Economy, the relationship between the two assumes interesting dimensions. As mentioned earlier, the discussion on the topic invariably leads to the impact of Information Technology on various fields, which , in turn, have metamorphosed the nature and ambience of the Global Economy.
There is no facet of human endeavor, which is not impacted by Information Technology in the modern world. Science, technology, business, industry, education, medicine, transportation, communication, cultural interaction and even human relations-name any field- Information Technology has its impact imprinted on the changes and developments in that field. Information Technology has brought in revolutionary changes in these fields and made them all global. Information Technology erased the physical distances between places and converted the world into a global village. One can daresay that Global Economy is in its present position because of singular contribution from Information Technology. “Managing Information Technology in a Global Economy” is nothing but a study of “Managing Information Technology” in contributory fields like Science, technology, business, industry, education, medicine, transportation, communication and many other areas.
To explain in a greater detail, business now is not localised to any particular place or a country. People from one country are comfortably shopping in other countries for their requirements via the internet. Raw materials and machinery required for the industry now need not be looked for only in the nearby places but can be purchased from any place in the world because of rapid changes in transportation and communication through information technology .These facilities have resulted in bringing down the cost of production of goods as a result of which the demand for goods is likely to spurt. Information technology has enabled educational institutions to transcend physical distances and spread their wings far and wide throughout the globe. This development has facilitated free movement of students throughout the world as a result of which there are many economic benefits. Similar is the case with medicine as a result of which pharmaceutical industry is reaping benefits contributing the growth of global economy.
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