Effects of E-Business on Management in the Global Markets Essay

Effects of E-Business on Management in the Global Markets - Essay Example It uses tools that include online banking solutions, supply chain management software, electronic mail, websites, and web-based customer relationship management. In addition to the outlined e-business foundation, this paper will give a spectrum of the potential performance of electronic business, rang of applications of e-business, as well as innovations and implementations. Evolution of E-business on Management Evolution of globalization and competition brought about new opportunities coupled with challenges. Firms strived to discover valuable and effectual models and applications of electronic business to contribute to their growth, sustainability, innovation, and implementation. Agreeably, this is an imperative moment for successful inclusion of electronic business into global management society. The explosive growth of internet and its functions has led to creation of a network that connects people and businesses globally. It is not possible to ignore the growing importance of el ectronic business in this light of the prevailing dynamism of technological surroundings. Introduction of electronic commerce revolutionized markets as people can purchase goods and services online (Shaw, 2003). Corporate companies that engage in millions of transactions per annum can now interchange data. Today, electronic business has expanded to include other processes of business transactions that require electronic enhancements. Introduction of these entire internet related activities are posing serious challenges on global management. However, before looking at the opportunities electronic business poses on management globally, it is worth putting down its relevance into writing. Managers categorize electronic business as a major trend in stipulations of investment and awareness. Generally, this does not stand for a mega trend or gig trend. Overly, evaluation of relevance of electronic business depends on indicators like performance potential. In this phase, the relevance of e -business determines the benefits of its efficiency whereby this involves shifting from the existing business or traditional channels to internet. The success of electronic business initiative of a company relies heavily on the readiness of suppliers and buyers to engage in electronic interactions. This means that, every component of electronic business must align with enabling technology and strategic initiatives. Importance of E-business in the Global Markets and Its Effects on Management The key managerial system of a business trading globally is participation. Nowadays being an industry manager means being the determinant of tomorrow’s success. Therefore, in order to keep a competitive advantage and achieve the determined industrial success, managers of established companies must take on the challenges that come along with applications of electronic business. Electronic business acts as a leveraging importance of using information technology to its limits and changes the employees and administration’s way of thinking and working to a completely different level. Electronic business tools influence the initiatives taken by managers on a global scenario. Certainly, e-business application tools like intranet, internet, and extranet affect each initiative in the global market (Shaw, 2003). Management integrates these application tools into their overall global initiative to achieve rapid technological strategies that