With the advent of the Internet and plenty of web development technologies around the world, e-business is the new mantra of businesses in today’s world. The Internet has in many ways facilitated the development of businesses worldwide that can reach out to a wider consumer base and advertises their products more effectively and efficiently. Corporate communications, interface designs, cutting edge applications are also found on the Internet. E business has been added as the latest domain in business and has become a must-have in the highly competitive technology driven open market. E Business Strategy can be summarized as the strategies governing E Businesses through calculated information dissemination.
Information dissemination has been widely regarded as the forte of ebusiness, which uses information technology in a most efficient manner. Not only has e-business has come to play an important role in the world trade scenario; there is no business without an accompanying e-business in today’s world. E business gives a business the opportunity to open its portal to the global market and become a part of the global business community. The most important feature of e-business is that the helps businesses move on to the international scene at minimal cost but with maximum efficiency. E-business has achieved unprecedented levels of success as business models, which have not been enjoyed by any other business models. Some of the examples would be MRP (Material Requirements Planning), EDI (Electronic Data Interchange) or ERP (Enterprise Resource Planning). The essential features of e-business strategies are supply chain management and email marketing.
A state-of-the-art E Business Strategy would generally include:
Supply chain management: effective management of the supply chain can be handled with the help of e-business strategies, which will ensure better coordination between the wholesalers and the retailers of various products. Better integration of the supply chain right from the source till the final delivery of the product can be effectively implemented using e-business strategy. This also brings us to the point of e- commerce where a parallel network of buying and selling can be observed using dissemination of information over the Internet. Everything ranging from automobiles to electronic gizmos can be bought over the Internet in a hassle free manner under the aegis of sound supply chain management.
Customer service and customer relationship management: effective e-business strategies would involve better customer service and customer relationship management ensuring the highest level of consumer satisfaction. E business is targeted at providing the customer-friendly services, which would include the timely delivery of goods right at the doorstep of the consumer.
Inventory and service management integration: e business strategies can also help in better inventory and service management integration through formulating specific plans for inventory accumulation and purchasing machinery and equipment which will avoid unnecessary purchases which can lead to higher expenditures entailing different tax implications.
Tactical operations alignment: tactical operations directed towards short-term goals as opposed to strategic planning aimed at long term goals can be better coordinated implementing the e-business strategies.
E-business diverges from the traditional sphere of business by speeding up the business activities and giving a totally new dimension and definition to businesses worldwide be it whether partnerships, joint ventures or large corporations. The internet, intranet, cellular networks and other forms of digital technology have created a niche value chain among clients, employees, suppliers, stakeholders and traders coordinated in the world of web marketing. The tools and pillars of e-business strategies include acceptance of payments over the Internet, online advertising, on-line trading and auction deals over the Internet. E-business strategies will also differ for small and medium-sized businesses. Apart from regular sources, e-business strategies can generate revenue from maintenance of current channel integrity, revenue made from paid marketing alliances, revenues derived from franchisees and subscriptions.
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Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
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