Around the world, e-business is thriving and moving so fast, that business players in the market always have to re-invent their system to augment the warp-speed pace. At the same time, “giant corporation” worldwide is always on the look-out for advancement to really capture the biggest slice of revenues that they’re enjoying right now.
In the future, is there really a shake-up? In business, the likes of which has happening around the globe (both in terms of its scope and pace), is now racing their revenues for giant companies and its competitors. What I am saying is about the trending of e-business (electronic/internet business) in the market. This will be a rat race that global companies converted their systems to create shareholders; will have its meaning in the long run. At the risk of oversimplifying a complex system, the following comprise of the most critical processes and components needed to put forward the e-business system for the future events.
1.) E-hubs – Ideally establishing more leading e-hubs or virtual markets because of their incredible scope of products and services offered by almost all manufacturers and service companies in the served market, become the industry’s dominant virtual exchange.
2.) Back office – Establishing global supply-chain alliances and fully integrating them with an extranet, which is an external network that allows suppliers and channel partners, among others, through a company’s firewalls, and provides access to propriety information. The new lingo for this type of activity is Business to Business (B2B).
3.) Electronic backbone – Electronically interconnecting and integrating all virtual constituencies of a company’s served market (suppliers, customers, Web interfaces, and e-hubs) via an “electronic fiber channel backbone” that can exchange massive amounts of data on a real-time basis and enable a company to operate in real-time as an e-business.
4.) Front office – Determining optimal ways to meet customer needs; developing customer Web interfaces that seamlessly link with alliance partners offering related products and services to best meet customer needs. This business practice is called Business to Customer (B2C).
5.) Technology advancement – Some companies are creating another breakthrough in machines and system for another model comprising new way of applications to its corporate operations.
Just for clarification, I want to distinguish between two often discussed e-business strategies: business-to-business (B2B) and business-to-consumers (B2C). B2B refers to the trade of raw materials and/or finished goods and services that are incorporated into products and services resold to an end consumer, for example retailers. B2B e-commerce is trade between a company and what are generally considered its business partners on both; the back-end and front-end, not individual consumers. While B2C e-commerce generally refers to online retailing, including the sale of products and services and provision of information, and focuses on selling finished goods generally to individual consumers, the masses. B2C companies must focus on and understand traditional retailing concepts such as merchandising, store design or web layout, marketing, and advertising to entice the end consumer. The new millennium brings brighter results if the companies are doing everything to convert rapidly possible to an e-business model so they can flourish in the new economy.
In essence, all that was required to succeed was the ability to provide the same goods and services on a global basis while competition exists. Global internet still thriving that has become the defining factor in shifting where value is added. With the Internet forming a reliable, instantaneous global interconnected communication structure, a company’s physical presence has been displaced by virtual presence.
Traditional companies currently are also finding their brands no longer give them the right to raise prices. Instead, valued as measured in terms of enhanced functionally rather than just outstanding quality or the lowest price – is what consumers demand from any product or service they choose. In the future, simplicity and speed will be valued by consumers’ far more than endless features or enhancements. With the advent of wholesale clubs and global buying alliances, the pricing dominance of leading branded product companies is now meeting its match. Consumers, not producers, are enjoying a shift in the balance of power within virtually all market segments, whether consumer or industrial.
Therefore, e-business model must be given a need to deliver maximum potential payback and time to plan ahead for future business endeavor.