Emerging Modes of Business
Class 11 Business Studies · Business Studies · Chapter 5
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Summary
Three of the strongest trends shaping modern business are digitisation, outsourcing and internationalisation, of which this chapter focuses on e-business and business process outsourcing. e-Business is the conduct of industry, trade and commerce using computer networks; it is broader than e-commerce because, besides buying and selling, it includes electronically conducted functions such as production, inventory management, product development, finance and human resource management. Its scope covers B2B commerce (between business firms, historically through EDI), B2C commerce (between firm and customers), intra-B commerce (within a firm using the intranet) and C2C commerce (between consumers). The benefits of e-business include ease of formation and lower investment, convenience round the clock, speed, global reach and movement towards a paperless society aided by the Information Technology Act 2000. Its limitations include low personal touch, mismatch between order taking and order fulfilment, need for technological competence, increased risk due to the anonymity of parties, people resistance and ethical issues. Online transactions involve registration, placing an order and a payment mechanism such as cash-on-delivery, cheque, net-banking, credit or debit cards, and digital cash. The security and safety of e-transactions face transaction risks, data storage and transmission risks (viruses, addressed by cryptography) and threats to intellectual property and privacy. Successful e-business needs money, men, machines and a website. Business process outsourcing contracts out non-core processes, including knowledge process outsourcing, to specialised providers to gain cost and quality advantages.
Trends shaping business — digitisation and outsourcingConcept and scope of e-businessB2B, B2C, intra-B and C2C commerceBenefits and limitations of e-businessOnline transactions and payment mechanismsSecurity and safety of e-transactionsResources for e-business implementationBusiness process outsourcing (BPO)
Key terms
e-Business
The conduct of industry, trade and commerce using computer networks, broader than e-commerce as it includes electronically performed internal functions.
B2B commerce
Electronic transactions where both parties are business firms, such as suppliers and vendors, historically conducted through EDI.
B2C commerce
Electronic transactions between a business firm and its customers, including online shopping and marketing.
Outsourcing
Contracting out of non-core, repetitive business processes to external specialised agencies to reduce cost and improve quality.
Digital cash
A form of electronic currency that exists only in cyberspace and has no real physical properties.
Cryptography
The protection of information by encrypting it into unreadable cyphertext that can be decrypted to plaintext only with a secret key.
Extra questions & answers
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e-Business refers to: