One-Page Homework: Demonstrate Knowledge Of Fundamentals
One Page Homeworkdemonstrate A Knowledge Of The Fundamentals Of E Bus
One page Homework. Demonstrate a knowledge of the fundamentals of e-Business. Discuss the role of e-Business in practical business applications. Discuss the main dimensions for classification of networked e-business — Parties in a network e-business, Objects of network e-business, and Time scopes of network e-business. Grefen, P. (2016). Beyond E-Business: Towards Networked Structures. Abingdon, Oxon: Routledge.
Paper For Above instruction
E-Business, also known as electronic business, encompasses the use of digital technologies and the internet to conduct business activities. Its fundamentals involve understanding how digital networks facilitate various business processes, from procurement to customer relationship management. E-Business extends traditional commerce by integrating digital platforms into every aspect of business operations, enabling efficiency, scalability, and global reach (Wang et al., 2018).
The role of e-Business in practical applications is vast and transformative. It allows companies to reach broader markets without geographical limitations, improve operational efficiency, and utilize data analytics for strategic decision-making. For example, e-commerce platforms enable online retail, while Supply Chain Management (SCM) systems streamline logistics. E-Business also plays a vital role in customer engagement through personalized marketing, social media interactions, and tailored services, thus enhancing customer experience and loyalty (Turban et al., 2018).
Understanding the main dimensions for classifying networked e-Business is essential for designing effective digital strategies. Grefen (2016) highlights three critical dimensions: Parties involved, Objects exchanged, and Time scopes.
Firstly, the Parties dimension involves different entities participating in the network, such as suppliers, manufacturers, customers, and third-party service providers. Each plays a distinct role within the network, often interconnected through digital platforms to facilitate seamless interactions. For instance, a supply chain network involves manufacturers, logistics providers, and retailers collaborating digitally to optimize delivery schedules and inventory management.
Secondly, the Objects of networked e-Business refer to the digital or physical goods, information, or services exchanged. These could range from data packets, payment transactions, product information, to actual physical products. Proper classification ensures clarity in processes like online transactions or collaborative product development (Grefen, 2016).
Thirdly, the Time scope pertains to the temporal aspects of the networked interactions. This includes continuous, real-time, or scheduled exchanges. For example, real-time inventory updates allow just-in-time manufacturing, while scheduled communications may involve routine order processing or periodic reporting (Chen et al., 2019).
In conclusion, e-Business is fundamental in modern commercial practices, facilitating innovative, efficient, and customer-centered operations. Its classification based on parties, objects, and time scopes helps organizations better understand their digital ecosystems and enhances strategic planning. As digital networks evolve, understanding and leveraging these dimensions will be crucial for organizations aiming to sustain competitive advantage in the digital economy.
References
- Chen, J., Zhou, M., & Zhang, Q. (2019). Real-time supply chain management: Model and implementation. International Journal of Production Economics, 212, 104-116.
- Grefen, P. (2016). Beyond E-Business: Towards Networked Structures. Abingdon, Oxon: Routledge.
- Turban, E., King, D., Lee, J. K., Liang, T. P., & Turban, D. (2018). Electronic Commerce 2018: A Managerial Perspective. Springer.
- Wang, W. Y. C., Ngai, E. W. T., & Chiu, A. S. F. (2018). The impact of information technology on supply chain management: A review and taxonomy. Journal of Business Research, 90, 200-214.