Poverty is not just lack of money (financial poverty), It is ignorance also (Lack of knowledge), It is emotional also (Lack of security), and physical also (Lack of resources)
Hence in order to achieve the ultimate objective of poverty reduction in the underdeveloped and developing countries, world bank rightly decided to make shift from a merely balance of Payment correction and money lending organization to a knowledge sharing organization because ultimately knowledge is money. Lack of knowledge is poverty. The CEO of the world bank Mr. Wolfenson found the merger of Computers with Telecommunication which we call ICT as the means to achieve this goal of poverty reduction from all angels in a most speedy, effective, efficient and confident way.
With global connectivity via three satellites and improvement and standardization of the business processes all across the world through the adoption of best business practices offered by Enterprise Resource planning systems like SAP and People soft , the bank was able to produce a highly sophisticated universal Customer Relationship Management system( Client Connections) offering a 24x7x365 support to all its business partners such as customers, donors, suppliers, employees, stake holders etc.
The bank was not only able to provide a seamlessly integrated knowledge base of global data from activities such a past experiences from other countries, “tacit knowledge: through video tapes, in real time through techniques like Business Warehousing, IW etc. for all its interest groups but was also able to significantly reduce the costs in virtually all departments like HR, through a standardized recruitment procedure, Finance, through off shoring the core business operations to Chennai(India) where cheap highly skilled labor was easily available, Administration( Through non duplication of activities) and speedy decision making through the video conferencing facilities across the world.
This is also went a long way in providing overall security and confidence to the clients in every walk of business and motivated the own teams of the world bank albeit after a bit of hesitation and doupt.
Such a kind of dramatic improvement was possible only through IT. World bank had the best IT infrastructure in the world and therefore became a precept for the others to follow especially in the host countries. In fact the advancements within the world bank were so fast and unimaginable that they could not even be quantified and thus were very difficult to analyze in terms of mere numbers. The developments within the world bank were limiter only to imagination by the top management and therefore were more easy to fulfill than plan.
Although with huge investments on IT amounting to millions of dollars over a five year period the bank was able to achieve great milestones like decentralized global organization, lower project preparation, approval time an risk, and exponential increase in knowledge sharing , more delighted customers etc, but the real dream of world free from poverty still remains elusive. Billions of people still live on less than $2 per day, thousands of children still die daily, large income disparities still exist and the HIV/Aids in developing countries is just beginning to be looked into.
The problems in the world are in fact so huge that that IT in isolation is not just the only solution but it is definitely one of the major solutions powerful enough to at least bring about noticeable changes at the speed of light if properly utilize but in order to do so a basic knowledge base and enthusiasm on the part of those implementing it and those using it is really required which has really been a cause of concern within the confines of the world bank. A more afficient framework to utilize the existing resources is definitiely required in order to achieve the mission critical goals.