Question

The importance of e-business for decision making

Answer 1

Innovations in technology and communications have allowed businesses to operate globally like never before. In the past, communications could take days if not weeks; now all business transactions can take place in only minutes. E-business, also known as e-commerce, refers to conducting business via the internet. The advantages of such a business are numerous and growing every day. To open an e-business is to pursue a dream of balancing professional goals with personal freedoms at a pace you can live with. Some of the advanges in relation to decision making are given below:

1) E-Business Saves Money

Forgoing the traditional model of a brick-and-mortar location means small-business owners save a tremendous amount of money at startup. You save money when you don't have to pay for a storefront, utilities, building maintenance, and you also save time by not having to manage those things. If you sell products, they no longer have to go from manufacturer to warehouse to store to the customer’s cart, they can go from the manufacturer to the customer’s virtual cart, which saves on shipping costs and makes products cheaper overall.

2) Better Communication and Faster Decision-Making

Business allows for conversations to happen quickly. Faster decision-making saves time, and time is money in business. E-business allows people to communicate in several ways that facilitate understanding.

If someone is not comfortable on the phone or through a video chat, there is always messaging and emailing. People who don't speak the same language can communicate through translation software programs.

3) The Office can be Anywhere

Any device that connects to the internet can be used as an invaluable e-business tool. Your tablet, phone and computer all make 21st-century work tasks available at the click of a few buttons. Social media, email and teleconferencing mean that anywhere can be an office as long as the internet is there. The software that supports e-commerce professional endeavors is vital in all of this and opens up others avenues for creating and sustaining various e-business products and services

4) Cheaper Marketing, More Control

Traditionally, companies had to rely on advertising agencies to promote their brand and educate people about it. Now there are lots of ways to pour money back into your business. When you control how your product is represented, you control your company. E-business allows owners to embrace their power in ways they haven't been able to before.

5) Less Restrictive Hours

No longer do people have to wait for stores to open. They can shop whenever they want and arrange for delivery or pickup. If people want to start planning for an event, they don’t have to wait for venues and caterers to open, because they can go to the suppliers' websites. Information can be accessed at all hours and at everyone’s leisure, which makes for a more pleasant experience overall for both the e-business and the customer.

6) More Avenues for Making Money

Most products and services that were traditionally available can be managed and sold on the internet. The advantages of technology make them readily available. Selling goods or services, virtual retail stores, education, legal services, medical services – there is no end to businesses that can flourish in the modern e-commerce market. Existing businesses can expand into e-businesses, or entrepreneurs can start new e-businesses quickly and less expensively than in the past.

7) The In-Person Experience Still Has a Place

There will always be a place in this world for traditional commerce – stores you can go into and buy things immediately or service shops where you can drop by and speak with an expert directly. The advantages of e-business doesn't take away from the in-person experience.

8) E-Business Means Freedom

Many small businesses thrive due to the options technology has granted. Opening an e-business means freedom – freedom of location, freedom to dictate the hours you work, and the freedom to push your company where you want it to go in ways that best suit your lifestyle, goals and needs.