Information technology (IT) refers to processing, storing, and transferring information using computers, electronic devices, and communication networks. IT has made a major impact on our lives and benefits fields like medicine, engineering, education, and banking by helping them grow and develop. Some key advantages of IT include globalization by allowing quick and efficient sharing of information across geographical boundaries, improved communication through email and chat, increased efficiency through complex calculations and automated repetitive tasks, more job opportunities such as computer programmers and analysts, and utilities across various sectors like businesses, homes, and publishing.