Why are e-business and outsourcing referred to as the emerging modes of business? Discuss the factors responsible for the growing importance of these trends.
E-Business and Outsourcing are described as emerging modes of business as they knows the new ways of doing business. Business as an activity foccused at creating utilities or value in the form of goods and services which the household and industrial buyers purchase for meeting their requirements and wants. In an effort to improve the business processes such as production, marketing, finance or human resources business managers and business thinkers have evolved new and better ideas such as outsourcing. Factors that are Responsible for the growth of new trends are: e-Business and Outsourcing, have emerged as the new modes of business because they offer following benefits to us :
(a) Easy formation and low investment: e-business is not so complex to start. Legal requirements are very low. The benefits of Internet technology accrue to big or small business alike. Also, E- business requires very least investment.
(b) Convenience : Internet offers the convenience of 24 hours, 7-days a week and 365 days a year. It allows the personnel to work whereby they can form wherever they are and wherever or whatever they want to do.
(c) Speed : It is very speedy. The buying or selling involves the exchange of information that Internet allows at the click of a Mouse. This benefit becomes more attractive in the case of information intensive products like softwares, movies, music etc. It has also reduced cycle time.
(d) Global Reach/Access : Internet is truly without boundaries. It not only allows the seller an access to the global market but also it affords the buyer a freedom to choose products from almost any part of the world.
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- NCERT Chapter