An Information System (IS) is a set of interrelated components (hardware and software) to collect, process, store, and distribute useful data to support and control an organization’s information. This article discusses Information Systems (IS) with applications, history, categories, and market value.
What is Information System?
Information systems technically combine hardware, software, and telecommunications networks. Information Systems are used for a wide range of applications, including Automates documentation, Email, Word processing, knowledge creation techniques, Business performance tracking and analysis, and making business plans and decisions.
The French physicist Nicolas Léonard Sadi Carnot [1] pioneered the concept of a system in the natural sciences in 1824, known as Carnot’s subsequent activities in steam engines. In its modern sense, the term information technology first appeared in 1958 [2] in an article published in the Harvard Business Review by Harold J. Leavitt and Thomas L. Whisler, “the new technology does not yet have a single established name. We shall call it information technology (IT).”
“Information technology departments must spend enormous amounts of time and money worrying about integrating big computer systems with billions of pieces of customer data.” — Alex Berenson
“Sometime in the future, science will be able to create realities that we can’t even begin to imagine. As we evolve, we’ll be able to construct other information systems that correspond to other realities, universes based on logic completely different from ours and not based on space and time.” — Robert Lanza
Why are Information Systems Important?
There is no replacement for the right knowledge at the proper time in the business world. Running a successful business requires good financial and organizational data and statistics management through quality information systems.
Constantly changing customer preferences and requirements make use of information systems essential to survive in the market and to keep up with customer demand. Information systems help a business in its decision-making process, and providing all the important information makes it easier to make better decisions. The development and use of information systems guide an organization to better planning, decision-making, and, ultimately, better results.
“We should work toward a universal linked information system, in which generality and portability are more important than fancy graphics techniques and complex extra facilities.” — Tim Berners-Lee
How are growing global Information Systems markets?
According to Business Research Company, the global information technology market value grew from USD 8,384.32 billion in 2021 to USD 9,358.51 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. It is expected to reach USD 13,092.49 billion by 2026, registering a compound annual growth rate of 8.8% from 2022 to 2026 [3].
“Information technology departments must spend enormous amounts of time and money worrying about integrating big computer systems with billions of pieces of customer data.” — Alex Berenson
