Posted: August 5th, 2013
Strategic Information Management
The internet, which is an interconnection of networks, has been a key driver of business operations within the various sector s around the world. Sectors such as manufacturing, banking retail, service sectors and hospitality heavily depend on the internet for operations because the internet is efficient and effective. In essence, in the past decade since the global use of the internet, it has revolutionised how business is conducted from many aspects. In addition, it has brought about competition between the various in the sectors that make up the business world.
The most evident changes have been in the retail and banking sectors all of which have assumed an internet role in terms of conducting their basic operations with specific reference to making sales to their customers. In addition, such services have provided consumers with the chance to also integrate the use of the internet as a means of making purchases and for making sales. Hence, in essence the internet could be described as the new way of doing things within the business world.
In essence, the internet has been a driver of change or revolutionised the conduct of business. Business agreements can be sealed via the internet without the need for organisational executives to travel to further venues to conduct business meetings. This is provided by video conferencing, which is conducted via the internet propagating the images of those within the meeting over the internet despite the distance between the individuals (Gkoutzinis, 2006).
In addition, the internet has enabled the banks and retail outlets to grow by seeking avenues to reach potential customers within foreign markets. Entities such as Wal-Mart and Deacons, are considered multinational entities because of their incorporation of consumer’s products for people from different regions enabling them to gain worldwide recognition. International growth by banks has also been facilitated by the need allowing people in different regions to access their bank accounts from the internet hence reducing costs of operation while increasing revenues from such transactions. From the results of the numbers of internet users indicated above it is evident that the number of internet users is bound for significant and rapid increase due to technological advancements coupled by the reduced costs of accessing the internet. In addition, this growth is essential for business as they are able to compete and maintain their competitive advantage.
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