THE EFFECTS OF INTERNET ON BUSINESS ORGANIZATIONS(A CASE STUDY OF UNION BANK NIGERIA PLC)

CHAPTER ONE

INTRODUCTION

1.0 BACKGROUND OF THE STUDY

The internet which has created new communication form and other business methods that companies use when processing financial and business information.

Furthermore, because of the speed, flexibility and efficiency that it offers, the internet has become the means for conducting growing numbers of transactions between suppliers and large international corporations. In this way, the internet has opened new market to developing organization and has accelerated the diffusion of knowledge throughout the region. It thus creates unprecedented opportunities for organization because it can remove barriers to their full participation in the new global economy. But the internet can also exacerbate current inequalities access to the internet, is an issue as it is organization dependence on foreign information infrastructure.

Thus internet has only really been part of business for about the last 40 years. Nevertheless, internet is one of the most important resources in today’s manager and to business organization but what exactly is internet.

(Aronu, 1999) defines internet as the combination of two technologies computing and telecommunication the corner stone of information technology and the main purpose of which is to transmit representation of information (signals) between remote locations. The modern technology offers worldwide communication capability a mechanism for information dissemination and a modern for collaboration and interaction between individual without regard or geographical location. Buying and selling electrically is changing the way people think and carry out transaction all over time, distance and competitive product quality is no longer the problem. This has triggered off increased economic activities and is having a considerable impact on the managers of business organizations. The business organization around should not be let out in this trend. In spite of many business hindrances ranging from poor computer appreciation to inadequate communication facilities, the business organization must strive to harness the huge economic potentials inherent in this amazing technology that has revolutionary global economics.

1.2   STATEMENT OF PROBLEMS

Today’s organizational environment is quite different from that of the past. The global competition internet. The quality service revolution and diversity and ethnics have forces managers of all types of organization to totally rethink their approach of both operations and human resources.

The modern business organization is characterized by state of art internet. However, most modern business organizations in spite of the numerous benefits associated with technological advancement are yet to help pace with drastic change and also the cost involved in acquiring the facilities, training and retraining of workforce also important is the general attitude to embracing change.

1.3   OBJECTIVE OF THE STUDY

The main purpose of this study is to examine each of these characteristic of today’s business organization on a more specific term.

1. Examine the role of internet on business organization
2. Examine the effect of internet on performance of the workers
3. Look into effect of internet on communication in the modern business organization
4. To find out the attitude of organization and their workers towards the change bought by internet.

This research work is intended to enhance knowledge and eliminate difficulties encountered in the business world in relation to the use of internet the research work is specially aimed at investigating the result internet has on business organization.

RESEARCH QUESTIONS

1. What role does internet play on the success of business organization?
2. What impacts does internet have on the success of business organization?
3. What effect does internet has on the communication of business organization?
4. What are the perception of business organization towards the change bought by internet?

SCOPE OF THE STUDY

This study was carried out in Union Bank Nig. Plc Aba Road Branch Port Harcourt. The study covers the effects and problems of internet, also the modern equipment used in communication.

SIGNIFICANCE OF THE STUDY

The study is about the effect of internet on business organization (a case study of Union Bank Plc Aba Road Port Harcourt). The findings from the study will be of immense benefit to the Union Bank Plc Aba Road Port Harcourt as it will help them to improve their service to the customers and give satisfaction to the customers.

Also the customers will now be confident and have trust on the Bank as the internet has eliminated time waste due to speed involved. Other benefits to customers is self-reliance, as one can withdraw money through ATM (Automated Teller Machine) that is powered by internet, the Government also with benefits as it will enhance speedy access on information about the Bank activities.

2.3 DEFINITION OF TERMS

Business: It is any activity in which goods are produced or service rendered for the side      purpose of making profit.

Bank: It is a financial institution which provide lending and investment opportunities to their customers.

Effect: A change that somebody or something caused in somebody situations.

Internet:  Wikipedia defines the internet as a global system of interconnected computers networks that interchange data by packet switching using the standardize internet protocol suite.

Organization:  A group of people who come or form a business, club together in order to         achieve a particular aim.