By: Ritika Jain
BizTech: The term ‘BizTech’ stands for Business Technology. It is also known as BT in different parts of the world. The essence of ‘BizTech’ is the integration of technological solutions to solve business problems.
Technology: Oxford dictionary defines technology as; a. The application of scientific knowledge for practical purposes, especially in industry, b. Machinery and equipment developed from the application of scientific knowledge.
Information Technology: IT uses computers including hardware and software, networks and internet to store, collect and create data. Generally, organizations have an IT department as part of the enterprise operation to handle computer related issues.
IT vs. BT
There is no clear-cut difference between Information Technology and Business Technology. In fact, the distinction is very subtle and just a matter of naming the right departments. In the recent years, there has been a steady movement to change IT departments to BT departments due to the growing belief that technology is not just used as an accessory to do clerical tasks, it has become an essential part of the survival of business itself. More organizations have been encouraged to start incorporating more technology into their daily business activities. The key to increasing productivity, efficiency, supply chain management, and other common recurring problems is now being looked towards automation, which is another name for the technology.
Importance of BT
It is not unjust to say that companies with the latest technology have a significant edge over their competitors. Hence, the management often shifts more resources toward the Research and Development departments within the organization to create competitive advantages. A common misconception of BT is that ‘technology’ is always the shiniest, fanciest, new equipment or computer. In contrast, Business Technology could be as simple as making a small change in the way of doing business using the existing technology to achieve the companies’ goals.