Lecture 8 - The Impact Of Technology And E-Business On The Business Environment Flashcards
What is E-business
Refers to the use of digital technologies, especially internet technologies, to conduct various business activities such as buying and selling goods, managing supply chains, and enhancing customer service.
a subset of e-business, focusing on the transaction of goods and services online, while e-business includes broader applications such as digital marketing, online inventory management, and CRM systems.
Technology’s Transformation of the Business Environment
Automation and Efficiency:
Automation enhances business processes by reducing human intervention in repetitive tasks, cutting costs, and increasing productivity.
Communication and Collaboration:
Advances in communication technologies have streamlined how teams collaborate. Digital tools like video conferencing, project management platforms, and cloud collaboration software have made remote work feasible.
Data and Analytics:
Big data enables businesses to analyse vast amounts of information to make informed decisions. Data analytics is used for customer profiling, trend forecasting, and optimising business operations.
Contemporary Issues Shaping Internal Business Environment
Business Models and Digital Transformation:
E-business has enabled the development of new business models like freemium, subscription-based services, and platform businesses.
Customer Experience and Engagement:
E-business has reshaped customer interactions, making them more personalised and interactive, often through the use of AI-powered chatbots and personalised product recommendations.
Globalisation and Market Reach:
E-business enables companies to reach international markets with minimal investment, breaking down barriers to entry for smaller businesses.
Challenges of Technology and E-business
Security and Privacy:
The increasing reliance on digital technologies raises concerns about cybersecurity and data privacy. Companies must safeguard against data breaches and comply with regulations such as the General Data Protection Regulation (GDPR).
Digital Divide and Access:
The digital divide refers to unequal access to technology, which can disadvantage businesses and individuals in certain regions.
Contemporary Trends and Future Directions
Emerging Technologies:
New technologies such as AI, blockchain, the Internet of Things (IoT), and 5G are poised to further transform business operations, enabling smarter, more connected, and more efficient business environments.
