By Gladys Mae
Gladys is the Associate Director of Admissions & Student Services with over 10 years of experience at the International Career Institute.
E-business (electronic business) describes how we use technology to improve business processes. The term ‘e-business’ is often used interchangeably with “e-commerce”, but online transactions are only one of the ways that e-business has transformed today’s business processes and improved efficiency.
E-business covers all Internet-based transactions with business partners, suppliers and customers. This includes commercial transactions (e-commerce), but also other online activity, such as the exchange of information and collaborative ventures.
Compared with other information technologies, the influence of the Internet over our everyday lives has been nothing short of phenomenal, so it’s no wonder that it has also influenced how we do business.
Just a decade or two ago, online transactions were merely an extra income stream for forward-thinking businesses. Today, they’re an integral part of the economy. Online sales account for around 7% of traditional retail spending in Australia, though online activity also contributes to offline sales, so the influence of e-business is likely to be substantially greater than that. Sales figures also don’t measure the impact that online collaboration has made on business.
E-business is not constrained by geographic barriers, and has opened up new markets and networks, developing a new way of marketing. Everyday business practices have become more efficient, as processes are streamlined, data is collated, and communication has become instantaneous.
A well-run business these days takes full advantage of e-business efficiency in every part of their business including:
As innovation continues, it adds to the long list of ways that e-business practices can help a business. This will include:
Today’s, customers expect every business to have online channels where they can access information, contact the business and make purchases. Businesses without an online presence, be it via a website, social media account or even something as simple as email address, are missing out on the huge portion of today’s market that do most of their business online.
When building your online presence, it’s usually best to start with a website. From there you can start building social media accounts, where you can share your company message across a network.
E-business has a lot to offer any business, but it still has some pitfalls you’ll want to avoid.
If you are new to the world of e-business and are unsure of the correct path to take, it’s highly valuable to take a course in e-business management with the International Career Institute. You’ll learn new skills that will help you lead your company and team into the online world safely.