Evolution of e-Business



Evolution of e-Business

Introduction to e-Business

Electronic business, known most commonly as e-business, refers to the application of communication and information technologies that support all business related activities. The widely used term of 'e-business' was formed by the internet and marketing teams of IBM, back in 1996. Commerce constitutes the transfer and the exchange of various services and products between groups, individuals and businesses, and is largely seen as one of the many important activities related to any business. For enabling external relationships and activities of a certain business with groups, other business entities and individuals, electronic commerce focuses more on the effective use of Information Communication Technology (ICT).

Discussion

Companies are able to link their external and internal systems of data processing flexibly and efficiently through the electronic business methods, and are also able to work closely with their suppliers and other stakeholders. Further, the businesses are now able to satisfy their clients and customers by providing them with better options and a prompt response. Internet is a through way for the general public and business firms are using more secure and private networks for an efficient and an effective management of the internal business functions. Speaking practically, e- business is more than e-commerce. E-Commerce happens to be the subset for an entire business strategy, whereas e-business generally pertains to the strategic focus emphasizing on the various functions that make use of their electronic capabilities. E-Commerce tends to add on to the streams of revenues through the use of the internet and World Wide Web (WWW) for enhancing and building relationships with the clients and various other business stakeholders for improving the overall efficiency. Very often, e-Commerce involves the use of a Knowledge Management Systems (KMS).

Evolution of e-commerce

E- Business has evolved over the years, and is still in the process of continuous innovation. Thanks to technology that businesses now can communicate and transfer information at a faster pace and make strategic decisions with their partners across the borders. Of all the core business functions, supply chain management and logistics have been made a lot easier, (Amor, 2000). Logistics is that function of business which involves companies to transfer their goods and products for retailing and distribution. In this regard e- Business has created a new platform and has developed opportunities for the distribution firms to conduct their business operations pertaining to supply chain in a very efficient manner. ...