“Information Technology (IT) has become a strategic necessity.” What do you understand by the term information technology? Also, explain the various types of information systems. 

Information technology (IT) is the use of computers, software, and telecommunications equipment to process, store, retrieve, and transmit information. It involves the use of computers and other electronic devices to process and manage data, enabling organizations to make better decisions, improve efficiency, and increase productivity. IT has become a strategic necessity in today's business world, with companies relying heavily on technology to support their operations and gain a competitive advantage.

Types of Information Systems:

1. Transaction Processing Systems (TPS): TPS are computerized systems that process and record day-to-day transactions such as sales, payments, and inventory updates. These systems typically support operational activities such as order processing, inventory management, and billing.

2. Management Information Systems (MIS): MIS provide managers with the information they need to make decisions about the organization. These systems typically provide summarized reports and data analysis that enable managers to monitor performance, identify trends, and make informed ___ ______ ________ __________ _______ ______.
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