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E-COMMERCE.
Term Paper ID:26864
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Essay Subject:
Examines development of Internet-based business & finance, planning, innovation, diffusion, security, impact on economies & corporations, regulation, future.... More...
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7 Pages / 1575 Words
7 sources, 8 Citations,
APA Format
$28.00
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Paper Abstract:
Examines development of Internet-based business & finance, planning, innovation, diffusion, security, impact on economies & corporations, regulation, future.
Paper Introduction:
HOW THE INTERNET AND ELECTRONIC COMMERCE
WILL FUNDAMENTALLY CHANGE THE NATURE
OF GLOBAL BUSINESS AND FINANCE
This paper will discuss how the internet and electronic commerce will fundamentally change the nature of global business and finance. There is a trend for the global business and financial world to continually embrace the Internet and electronic commerce, or e-commerce. It is imperative, since this trend shows no sign of cessation, that a strategy based on E-commerce will be essential for survival and success in any industry or profession.
More and more consumers are giving e-commerce a chance. The Boston Consulting Group predicts that U.S. shoppers will spend over $61 billion online in 2000 and that the business to consumer (B2E)
Text of the Paper:
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Resistance from society may prevent diffusion of atechnology despite its inherent qualities. The management challenge is to continuallyadapt the organizational and technological capabilities to be in dynamicalignment with the chosen business vision" (Barford, 1997, 54). A more competitive business environment also appears have developedover the last five years, based, in part, on the growing awareness of theimplications of increased competition are beginning to be understood. The FTC recommends that governmentsshould design consumer protection laws, which could be enforced acrossborders. This suggests that there is required both a critical and aphilosophical understanding of the implications of E-commerce beforemeaningful business strategies can be implemented. It is imperative,since this trend shows no sign of cessation, that a strategy based on E-commerce will be essential for survival and success in any industry orprofession. Building future corecompetencies, in the past, has often run contrary to good businessdecisions for current operations. References Barford, J.A. Currently, companies who wish to be present on the internet andtherefore become a part of E-Commerce must take into account the plethoraof national/international regulations of the disparate markets serviced bytheir sites. The move from innovation to diffusion requires adaptation andacceptance from society. HOW THE INTERNET AND ELECTRONIC COMMERCE WILL FUNDAMENTALLY CHANGE THE NATURE OF GLOBAL BUSINESS AND FINANCE This paper will discuss how the internet and electronic commerce willfundamentally change the nature of global business and finance. The Internet is a system that is moving very rapidly from invention toinnovation. Parzinger, M. The BostonConsulting Group predicts that U.S. The goal, then, of top management is to inspire a desirefor security in every employee. One area of great discussion surrounds the implications of SecureElectronics Transactions (SET) and the effect that has had on the E-Commerce. Lange, L., (1995, June 19), Internet starting to grow up. Internet Research. The challenge, then, that faces business leadership around the worldis how to effectively plan for the extraordinary changes taking place inthe future society and economy. Enos, L., (September, 7 2 ). Balance or bias? These communities would offer a user-friendly environment,granting direct access to commercial services to an identifiable subscribercustomer base, who have contractually agreed to adhere to the rules of thecontrolling company. Nov.). Likewise, businesspeople must help their members make effectiveuse of constantly emerging technologies, implementing these technologiesinto their competitive strategies. Italso seems that increased global competition has contributed to a widergeographic spread of economic activity, reduced inflationary pressure, anda transferrence of economic value from producers to consumers and thusslower income growth (Parzinger, 1997). A company's capacity to build and manage coalitions;2. Using message encryption, digital signatures and cryptographicsignatures SET is designed to keep network credit card transactions detailssecret, to prevent payments being altered and to confirm the identity ofthe seller and the validity of the buyer's card. Available online at:www.ecommercetimes.com/news/articles/2 / 711-1.shtml. The Internet technologybegan being used for classified and encrypted communications between banksand particular clients, just as phone lines had been used and dedicated inthe past. However, the direction of security transactions and E-commerce mustgrow within a company or an organization, and it must come as a commitmentfrom the top. Businesses must learn touse information technology, and E-commerce to manage their operations, aswell as learning how to compete and survive in the emerging digitaleconomy. Together, the successfulgraduation from invention to innovation to diffusion represents thepotential impact of technology (Schell & Marmer-Solomon, 1997) Global Electronic Commerce, and, indeed, the World Wide Web, didn'treally begin until 1994, when Netscape Corporation introduced its mosaicbrowser, which enabled computer users to link into "computer gateways"around the world, and from those gateways gain access to thousands ofdatabases around the world (Rheingold, 1994). A company's global share of mind and distribution capacity E-Commerce is creating world of new markets that are indicative of thespeed of globalization. Schell, M.S.; Marmer-Solomon, C. There arechallenges that accompany this sales increase. While the increased production and use of IT solutionshave undoubtedly contributed to the changed nature of global macroeconomicperformance, there are other interrelated factors as well.1. Available online at:www.ecommercetimes.com/news/articles/2 / 711-1.shtm1. A starts was made in December 1999 when the 29 countries in theOrganization for Economic Development (OECD) adopted a set of guidelinesaimed to protect consumers using e-commerce (Enos, L, "TC Seeks E-CommerceLaws," E-Commerce Times, 2 ). A company's success in building core competencies central to theprovision of customer value in the new opportunity arena;3. The Federal Trade Commission (FTC) believes that the potential ofinternational e-commerce may not be realized until standards are adopted toregulate cross-border transactions. For if these packets of data had not been secured, the incrediblegrowth of E-commerce would not have been possible. This will lead to businesses developing core competencies thatrepresent future potential investments are not predicated on business casesdriven by broad future opportunity areas. (1997. economy. Information Selection for theresearcher. Inaddition, the manner in which manufactured products have been designed,built, and delivered to customers has also been fundamentally redesigned. Brady, M. "...the trajectory oftransformation is a moving target shaped by the fundamental changes in thecompetitive business world. The future profits of E-Commerce, it appears, will be determined byfour factors:1. Successful innovation is an ongoing process, however even thebest products must successfully complete the next stage. Workforce, 767:11. These processes are often referred to as supply-chain management. 53-58. There is no way to force an employee to turn outquality product. This data was sent in encrypted packets (little envelopes ofelectrons) and it is at this juncture that the concept of E-Commercebegins. "FTC Seeks Global E-Commerce Laws," E-Commerce Times. shoppers will spend over $61 billiononline in 2 and that the business to consumer (B2E) e-commerce marketwill grow 85 percent (Brady, M., E-Commerce Times, 2 ). In spite of the multiple constituencies a manager must please(subordinates, superiors, fellow managers, stockholders and other financialstakeholders, and the local and global community) there is a common threadlinking these constituency obligations - that of managing the informationneeded by these diverse constituencies in achieving the new market. However, this remains fairly improbable so long as the marketlacks a truly effective means of enforcing national regulationsinternationally, and internet as a whole has no controlling body. Barford (1997) made this observation. Global culture: Who'sthe gatekeeper? The average growth rate has been lower over this period. Federal Reserve policymakersseem to believe that seeking to achieve a more modest growth path willcontribute to prolonged expansions and recessions that can correctimbalances in a briefer period.2. Perhaps the answer to providing the necessary secure commercialenvironment, lies in `communities' created and `policed' by privatecompanies (similar to America Online), providing regulated access to theInternet. "Reality Check: the state of e-commerce," E-Commerce Times. There is atrend for the global business and financial world to continually embracethe Internet and electronic commerce, or e-commerce. ElectronicEngineering Times, 1 3. (1997, March) A stage-wise application of total qualitymanagement through the product life cycle, Industrial Management & DataSystems, 125-13 . A side effect of global presence may therefore be the homogenisationof consumer protection, as internet traders are forced to comply with themost stringent regulations of nations who have access to their retailsites. Monetary policy has been applied with greater skill, knowledge andsuccess, at least over the past five years. The applicationmost frequently cited as contributingtoward stability is a fundamental redesign in the way in which materialsare purchased, ordered, delivered, stored, and incorporated into themanufacturing production process. This is perhaps adangerous strategy since the market share that is lost might not be easy toregain. New markets can appear instantly and crates achallenge for managers to adopt multi-functional roles (Lange, 1995). The macroeconomic implications of these changes can be seen in theinventory data and, in particular from the more stable behavior of theinventory/shipment ratios, especially over the most recent fifteen years.The better and more precise control of materials and finished productinventories is a direct result of the development of solutions by ITvendors to meet the needs of manufacturers who are seeking to reduce costat the microeconomic level. More and more consumers are giving e-commerce a chance. There is still some hesitation by companies to enter the E-Commerceworld, waiting for the "bugs" to be ironed out. Independent ofthe reasons for the slowdown, slower long-term growth could also contributeto more stable short-term fluctuations as expansionary pressures arediminished.3. 35. 7:1. A company's ability to rapidly accumulate market learning; and4. (1997). The increased production and application of E-commerce solutions alsoappear to have contributed to a more stable U.S. Given the technological change that has occurred in the global economyduring the past twenty years, it is reasonable to suggest that the dynamicsof both the production and application of information technology havefundamentally altered the nature of the business cycle in the GlobalEconomy. The difficult part of this is that while security can bemandated, control cannot. (July 11, 2 ). This growth in E-commerce is the logical outcome of three convergent economic and socialfactors: a) A traceable and dynamic exponential increase in computer power,b) Global improvements in data communication capacities, and, c) Geometricincreases in both the number of people worldwide who are using the WorldWide Web, and, the number of people buying products from the increasingnumbers of businesses that are "going online. The implementation of new technology may changethe distribution of power and redefine work skills, making this stage farmore challenging. Rheingold, H., (1994), The virtual community: Homesteading on theElectronic Frontier, New York: Harper Collins.
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