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| Info
Center |
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The e-business
explosion. |
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E-business is
revolutionizing the way we do business. But what exactly does that
mean?
In the narrowest sense, e-business is the use of
information and Internet technology to conduct business among
buyers, sellers and other trading partners.
In a broader
sense, e-business goes beyond the technology that enables it. Think
of it as any other business practice that improves performance,
creates value and establishes customer relationships, only it is
done electronically over the Internet.
Basically, everything
you do in business has, or could have, an electronic component.
That's why we hear about things like e-commerce, e-procurement and
e-tailing. These all fall under the larger classification of
e-business.
Statistics say that about 80 percent to 90
percent of e-business hype focuses on business-to-consumer
relationships but 80 percent to 90 percent of e-business will soon
involve business-to-business relationships instead
E-business
can boost revenues, cut production cycle times, improve customer
service and broaden market share. It creates interactive
relationships with customers and suppliers. New products and
services can be delivered faster and better. It makes inter-company
communications and transactions more efficient. It helps companies
outsource functions and processes that could be carried out more
efficiently by others.
How does e-business allow you to do
this? Through the seamless transfer of data and information over
open and closed networks. It is this rapid movement of information
combined with an ability to bring separate groups together-both
inside and outside the organization-that make e-business so
powerful.
Perhaps the biggest selling feature of e-business
is the ease with which it can be deployed throughout the entire
supply chain. It effortlessly links manufacturers, assemblers,
distributors, marketers and customers.
In the end, all these
advantages converge to form one overriding and convincing argument:
e-business improves business.
Primeau points out that it's
not just product-oriented companies that can take advantage of
e-business--service--oriented businesses stand to benefit greatly,
too. This is because Internet technologies save money even when
purchasing goods.
However, e-business is not just about
buying and selling goods electronically. Service-oriented companies
can also use e-business effectively in customer service
management.
For example, a company could set up a private
area on the Internet containing all documents relating to a
particular client engagement. This allows the client to log in and
view the project schedule, track progress and ask
questions.
For either product or service oriented companies,
e-business opportunities are truly limitless, which means one can't
afford to wait until e-business comes into fuller development. The
time to act is now.
Traditional business practices will be
unsustainable in a world where 'electronic' is rapidly becoming a
redundant prefix to business."
In fact, a new study released
by Giga Information Group indicates that by 2002, corporations
around the world will save up to $1.25 trillion-a figure roughly
equal to the GDP of France-by doing business over the
Internet.
Here's what e-business can do for your
business:
- Build customer
loyalty
- Optimize business
processes
- Reach new
markets
- Create new products and
services
- Manage risk
- Enhance human
capital
- Harness
technology
- Achieve market
leadership
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The bottom line?
Get online. And soon. But don't do it without being prepared for the
challenges that lie ahead. |
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