Answered: Why is it important for business and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Why is it important for business and functional managers to collaborate and form partnerships with IT professionals?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Introduction

Information systems are specialized software used by organizations to collect, store and analyze and process data. Organizations rely on these information systems to analyze and interpret information and manage business operations effectively. These systems play a vital role in decision-making and making business processes faster and simpler. It is an effective tool to organize organizational data.

Component of information systems: