Stands for "Information Technology," and is pronounced "I.T." It refers to anything related to computing technology, such as networking, hardware, software, the Internet, or the people that work with these technologies.
Many companies now have IT departments for managing the computers, networks, and other technical areas of their businesses. IT jobs include computer programming, network administration, computer engineering, Web development, technical support, and many other related occupations.
Since we live in the "information age," information technology has become a part of our everyday lives. That means the term "IT," already highly overused, is here to stay.
While IT is often used to describe computers and computer networks, it actually includes all layers of all systems within an organization, from the physical hardware to the operating systems, applications, databases, storage, servers and more. Telecommunication technologies, including Internet and business phones are also part of an organization's IT infrastructure.
A bit of history
The words information technology became common use in the late 1970's and over the year became more commonly known as simply "IT". As time has gone on, IT has been simply accepted as technical help on some topic or another and become so loosely used that many people have forgotten that is was intended for Information Technology.