ROLE OF INFORMATION COMMUNICATION TECHNOLOGY IN BUSINESS STABILITY AND GROWTH
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ROLE OF INFORMATION COMMUNICATION TECHNOLOGY IN BUSINESS STABILITY AND GROWTH
Chapter one
INTRODUCTION
1.1 Background of the Study
In any capitalist economy, there are numerous types of business enterprises. Some may be as modest as a one-person intra-city cab service, small-scale retail stores, roadside mechanics, or a merchant who sells his items from home to house.
Others may be relatively substantial, such as Leventis Stores, which has outlets in most major cities in Nigeria, Nigerian Bottling Company, which markets soft beverages throughout the country, or UAC, which has several subsidiaries and extensive international links.
In all capitalist economies, business is critical to the development and determination of living standards. The dynamic operating environment of company (both micro and macro) has a significant impact on growth, stability, and uncertainty.
This has resulted in the closure and weakening of businesses. However, many company forms are increasingly exploring the benefits of Information Communication Technology (ICT) in combating the threat of environmental uncertainty and risk, thereby ensuring growth and sustainability.
This research aims to demonstrate that, despite the unpredictable environment, businesses may prosper if ICT is used as a tool in running the firm. In other words, the research suggests that businesses must be ICT compliant in order to thrive in today’s competitive and dynamic business climate.
Conceptualising ICTS
Information and Communication Technologies (ICT) can be defined as electronic devices and other advanced technologies that enable simple and meaningful communication in the current day.
They are technologies that enable dual communication on the information superhighway. They are also known as New Communication Technologies (NCTs), New Information and Communication Technological (NICTs), or simply ICTs.
Emerging technological growth in the communication world has resulted in the separation of these communication technologies into two groups: old and new communication technologies.
The new communication technologies are updated versions of previous technologies or all forms of modem technology that enable the gathering, processing, storage, and retrieval of communication content or messages in novel ways. They include computers, Direct Broadcast Satellite (DBS), digital radio and television systems, the Internet, Compact Discs, and so on.
This work focuses on information and communication technologies (ICTs) that have a network. The Internet has particularly computerised human interactions through computer-assisted communication (CAC), resulting in transactions such as e-commerce, e-business trade, e-banking, e-mail, and e-fund transfer, among others.
The use of these facilities can improve operational stability and corporate growth, regardless of environmental limits. This is the focus of this research.
1.2 History and Business of Zenith Bank
Zenith Bank was founded as a Private Limited Liability Company on May 30, 1990, by a group of Nigerians that included the Managing Director/Chief Executive. The bank acquired its commercial banking licence on June 29, 1990, and began operations on July 16, 1990.
On April 21, 2003, the bank’s shareholders approved the sub division of its shares from N1 to 50 kobo. This signified the bank’s conversion to a Public Limited Liability Company (Plc) and its listing on the stock exchange through an Initial Public Offering (IPO).
As a result, on May 20, 2009, the Bank became a public limited liability company (Plc) and conducted an IPO, which was 554% subscribed. The bank’s entire stock was eventually listed on the floor of the Nigeria Stock Exchange.
On October 21, 2007, the bank began providing universal banking services to corporate, commercial, and individual customers. The bank offers savings and current accounts, treasury and financial services, investment banking, equipment leasing, trade financing, fund management, import and export finance, and other banking services to the wholesale and retail markets, with a special emphasis on top-tier customers.
Customers can also purchase smart cards (electronic purses), Telelink (telephone banking), Zenith view facilities (internet banking), and Western Union money transfers. The bank has several outstanding strengths, including:
High asset quality and limited credit losses
Continuously rising profitability and high revenue generation.
Strategic repositioning and diverse funding mix
Well-capitalized, with a robust liquidity position and refinancing flexibility.
Strong market share.
A competent management team
Excellent consumer base.
Strong brand.
Despite operating in an industry where most products are quite homogeneous, the bank has continued to outperform expectations because to ICT facilities, despite increased competition in the post-consolidation banking industry.
1.3 Statement of the Problem
The intensity of rivalry among enterprises, combined with the challenges of globalisation and uncertainty in the operating environment, has driven many people out of the business. Businesses that were considered market leaders a decade ago are now either out of business or battling to survive.
Business operations are no longer as normal, as ICT has turned the globe into what is today known as an information society, with high-tech communication pervading practically every element of human existence.
This presents significant hurdles to business operations and survival. enterprises must now understand the technological paradigm shift and connect or risk being one of the numerous diminishing enterprises of today.
1.4 Object of the Study
The researcher’s objectives for this study are as follows.
To determine whether there is a relationship between ICT and the prosperity and stability of Nigeria.
To assess the extent to which corporate Nigerians have used ICT.
To identify the primary modern difficulties that Nigerian company operations face in terms of ICT.
Research Hypothesis
To fulfil the goal of this investigation, various hypotheses were developed. They are displayed in a null state.
HO1: There is no statistically significant association between ICT and corporate development or stability.
HO2: There is no notable increase in the use of ICT by Nigerian business bodies.
HO3: In terms of ICT, finance is not one of the key difficulties that Nigerian businesses face today.
Significance of the Study
This study is noteworthy for several reasons:
It will enlighten company operations on the need for using ICT in business.
It will serve as a wake-up call to business owners that there is a fundamental shift in the way business is conducted today globally.
It will show the risks that await businesses that are not ICT compliant.
It will demonstrate the benefits of global businesses adopting ICT.
It will act as a reference for entrepreneurs and researchers in the field of ICT and business.
Scope and Limitations of the Study
The report conducts a survey of ICT applications to business in Nigeria. The research primarily employed Zenith Bank Plc as a case study. In addition, the study focused primarily on the Bank’s Uyo branch.
The study’s only limitation is money and time to go around the country conducting interviews and observations on the application of ICT to business growth and stability. These limits influenced the scope of the investigation.
Assumptions of the Study
The researchers used the following assumptions:
That people who will be interviewed and given questionnaires to complete must provide the necessary information to support the study.
That the information obtained from a Zenith Bank Plc Uyo branch research will provide an accurate picture of the state of ICT application to business in corporate Nigeria.
Organisation of Study
This research will be organised into five chapters with subheadings.
The first chapter will include the introduction, problem statement, study objectives, hypothesis, study significance, and so on.
The second chapter will provide a review of relevant literature concerning the study.
The third chapter will include the research methodology, while chapters four and five will cover survey data analysis, recommendations, and conclusions.
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