The impact of strategic planning on the management of small and medium enterprises

Introduction

The recent period has witnessed a significant cognitive and informational explosion, resulting in consecutive and rapid developments in various fields, with the technological domain taking precedence. The advent of computers and local area networks marked the beginning of this evolution, leading to the current era where we witness a new revolution known as Information Technology (IT). IT has become the cornerstone of this age, facilitating the exchange of vast amounts of information across long distances. Information is now available at all times and in any location. The introduction of Information Technology into business organizations is considered one of the most significant technological advancements in contemporary history. The goal was to enhance the performance of organizations, as advancements in business computing led to the improvement of the quality of products or services provided to customers.

Moreover, modern technology has become a key influencer in the political, economic, and social environments of business organizations. The pace of technological change has increased in the financial sector and all other economic and social sectors. The challenges facing Information Technology in developing countries include the widening digital gap between them and advanced nations. This necessitates increased investment in the technological field. Continuous spending on technology by financial institutions leads to growing profits. Other institutions must follow suit to remain competitive, adopting Information Technology as a costly process that should yield a reasonable return for the organization to sustain it.

Significance of the Study

This study derives its significance from the importance of clarifying the concept of Information Technology and understanding its impact on the performance of financial institutions. It can be considered a source for researchers and scholars seeking a deeper understanding of the influence of Information Technology on the performance of financial institutions. This study can serve as a starting point for researchers and enthusiasts to conduct further research in this area.

The study may yield results that contribute to providing recommendations and suggestions for financial institution managers to effectively utilize Information Technology to enhance their performance.

Study Objectives

The study aims to:

Define the concept of Information Technology.
Identify the components of Information Technology.
Define performance.
Understand the impact of Information Technology on performance.