Information technology is one area that advances quite often. The IT realm has many upcoming trends with most of them contributing to the effective management of an organization. Some of these entities use the developments in information technology to manage data, employee, and customer information. Additionally, these advancements have enhanced their level of interaction with customers and other stakeholders. For example, the presence of social media platforms has allowed organizational management to convey product or service information to their customers online. Another upcoming trend is data privacy. Organizations now strive to ensure that their data and those of employees, customers, and other parties are safe from hacking or unauthorized access by other individuals. Also, some governments have increased their regulations concerning data privacy and it is upon the organizational management to adjust towards this course. Therefore, many trends including social media, artificial intelligence, cloud computing, and data privacy are upcoming in the IT sector and such organizations as the Bank of America are integrating them into their operations.
Different types of social media are upcoming in the IT realm. An example is the Facebook that gives organizations the opportunity to interact with the target customers. In fact, the organizational management can create a Facebook page where they display their products to customers or communicate with them via messages. Another upcoming trend is Twitter that also allows many entities to interact with their target audience through twits. A real-time communication is what many organizations value. Through Twitter, the management can handle different concerns of their clients by responding to their twits or sending them messages about a given product or service. Other social media trends include Instagram and YouTube among others. Therefore, the wide range of available social media tools provides more opportunities for a fruitful business communication.
The use of social media for different purposes is also evident among many organizations. According to Vladlena, Ronald and George (2016), some of these entities use social media for their initial price offer concerning their stock. It implies that such platforms as Facebook and Twitter provide these companies with the required opportunity to showcase their products or services to customers. Consequently, they can transact business by selling their stock to them at given IPOs. Moreover, advertisement is another use that many companies attach to social media. Currently, there exist many adverts in YouTubes that showcase what different organizations do or what product they have. The management of these entities also uses Twitter and Instagram for the advertising their goods and services. Therefore, using social media for ads and communicating other information has become a common trend among organizations.
One of the upcoming trends in the IT is an artificial intelligence (AI). Currently, it is a common practice to design machines with the same cognitive ability or intelligence level, as the human beings possess. This phenomenon is evident in computers and robots that can perform tasks in a manner that is close to that of a person. Therefore, artificial intelligence is important to organizations in many ways (Benferhat, Tabia, & Ali, 2017). First, it helps in driving customers engagement since they can support natural language interaction products. This scenario is common in the marketing sector where clients need information about the product or service they intend to acquire. With the artificial intelligence, organizational managers can pass information to their customers without a physical interaction. Still, on customer engagement, entities use AI for information gathering. Consequently, they use such details to understand the desires of their customers and predict their needs. This approach is essential for ensuring that a business remains successful. Second, artificial intelligence also helps in bridging the gap that exists as a result of skill shortage. The design of these machines helps in meeting the skills requirement for dealing with customers and handle the organizational needs. Therefore, as an upcoming trend in IT, AI is of significant importance to organizations.
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Moreover, artificial intelligence has become effective in most organizations that use it. According to Benferhat et al. (2017) most entities that handle sensitive business processes are likely to require the use of AI. Thus, the identification of models that can aid the preservation of knowledge in large amounts is of a paramount inportance. These organizations value the use of machines or computers that perform certain tasks due to some advantage they may have over human beings. For example, once computers are programmed to perform a certain task, they do it with the same quality and intense, awhile the human beings are not that reliable as they can get tired before the task is over. The need for efficiency has made most companies adopt the use of artificial intelligence. Therefore, it is evident that AI has become effective in many entities that use it for different purposes.
Data privacy is an upcoming trend in the IT sector since it affects customers and other stakeholders in different ways. Currently, organizations collect and store customer and employee related data for their references (Brkan, 2017). However, it is the obligation of their managers to ensure that this data remains safe and allow access to the authorized individuals only. However, due to such issues as hacking, many organizations have become vulnerable to the exposure of private data making them earn a bad reputation and even face legal charges. As such, data privacy should be a key priority for an organization.
Most governments have enhanced their regulation concerning the private data that the entities possess. It means that the people who manage these organization must ensure that they shield the data they obtain from the unauthorized access (Brkan, 2017). The process involves using private data for any financial gain. Therefore, private data protection is among the top areas of concern in the IT sphere.
One of the sectors that handle private data is the banking. In most banking institutions, customers, suppliers, employees and other stakeholders issue their private data to the organizations. However, it is essential that the companies keep this data in safe custody to avoid any unauthorized access by third parties (Brkan, 2017). Some of the information that the banking organizations handle are sensitive and as a result, they need to ensure high-level of privacy. For example, leaking suppliers details or a customer’s financial worth can cause them many problems. Therefore, most baking institutions, like the American Bank, apply different measures to ensure data privacy.
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Cloud computing, as an IT paradigm, has many implications in different organizations. For example, it enables entities make information ubiquitous thereby reasoning management. Through the integration of cloud computing into organizational management, entities experience has increased the operational efficiency. As sush, employees and other stakeholders can access information from their department at their convenience (Ruparelia, 2016). As a result, the use of cloud computing to enhance communication and info flow between different departments of an organization has become of value to most companies.
A banking institution consists of several departments that depend on each other on terms of data or other information. For example, an accountant can access client information from the customer care desk without necessarily moving to that point. As a result, the use of cloud computing assists many organizations operating in this realm to improve their efficiency by minimizing physical movements in search of data (Ruparelia, 2016). Therefore, the banking sector is one of the areas that has significantly benefited from the cloud computing technology.
Bank of America operates as a multinational company that provides financial services., Through its management, the bank has integrated technology into its services by automating its operations. For instance, the use of ERMA and MICR mark some of its journey towards embracing technology (“Technology & innovations”, n.d.). Moreover, cloud computing is an approach that the institution uses for effective management. In fact, this technology assists in connecting its different departments to the Internet allowing a constant flow of and a timely access to information by various parties. In addition, the company pays attention to the use of artificial intelligence to attract customers and handle data. This institution has various computers programmed to deal with large volumes of data, while some of the available software helps in handling customers (“Technology & innovations”, n.d.). Therefore, modern technologies assist the company’s growth and development.
Apart for the benefits, upcoming technological trends may bring new threats. Data privacy is an important area of concern for the Bank of America. Since this institution is multinational, it handles huge data that belong to its employees and customers among other stakeholders. As a result, the company has internal control systems and security measures that boost data privacy. For example, the use of passwords and assigning responsibility to various people promotes the safety of private data. As such, the company values the privacy of the information.
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Moreover, the Bank of America also uses Facebook and other social media platforms to connect with its clients. These interactive interfaces help the Bank of America to inform its customers of its products and services and other forms of information they deem relevant. Summing up, the in this financial institution effectively applies the upcoming trends in modern technologies. They assist in handling and engaging customers who are vital to any organization. Data management in the Bank of America has increased due to the adoption of such technology as cloud computing, social networks, artificial intelligence and security systems.
Many trends are upcoming in the information and technology sector including data privacy, cloud computing, artificial intelligence, and social media. All of them have contributed to the management of the Bank of America. These technologies assist in handling customers and employees in organizations. They also ensure that private data remains safe and only authorized parties can access it. In terms of data privacy, even governments have increased their regulations to avert any attempts to use them for mercenary ends. Additionally, the Bank of America has found social media useful in conveying information to their clients. The company actively uses Twitter to engage with the customers in many ways including the display of available products. The Bank of America enjoys automation of operations and the integration of other forms of technology into its operation.