E- Business

Electronic Business

In the world today electronic business or e-business is becoming the wave of the future. According to dictionary.com e-business can be defined as “electronic business, any business conducted using electronic media; any business that makes some or all of its revenue via Internet technology.” Relatively speaking it also describes businesses run on the Internet, or utilizing Internet technologies to improve the productivity or profitability of a business. By selling products and services online, an e-business is able to reach a much wider consumer base than any traditional brick-and-mortar store could ever hope for. This function of e-business is referred to as ecommerce, and the terms are occasionally used interchangeably. E-business is also useful to enable a company to improve its business processes. This may involve things such as managing internal processes such as human resources, financial and administration systems as well as external processes such as sales and marketing, supply of goods and services and customer relationships.

E-business is more than just putting up a Web site, launching an electronic storefront, or automating transactions via electronic data interchange (E-business: What's it all about?). E-business is a comprehensive and integrated strategy that is already defining the way business will be done in the future. One of the biggest reasons for the emergence of e-business is the customer satisfaction. Obtaining new customers, customer demand for more choices and personalized service, the need for more accurate, timely information and a more frictionless supply chain is imperative. E-business is also a great way to bring together suppliers, dealers and distributors, for the purpose of serving customers faster and better. In the long-term the benefits of making e-business a core strategy include enhanced revenues and profit margins, improved customer service and retention, increased agility to explore new...