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New Business Strategies have become dependent on ICT

Introduction

The fact that ICT or information and communication technology has become the backbone of new business strategies cannot be emphasized enough. To begin with, there is no single business venture that can run without proper dissemination of information to its clients. The firm needs to employ succinct and informative means that will undoubtedly capture the audience. Since the world is a global village, the internet is the best place to post adverts. Not only can clients view what a firm has to offer, they can also make their orders online. Secondly, businesses need to outsource for resources in order to remain competitive; hence, they must embrace ICT. Thirdly, in order to ensure that a business runs on a sustainable basis, there is need to forecast market models by analyzing current and past economic patterns. This can done be staff who may not necessarily be located within a firm’s precincts, but are able to communicate using e-mail. Additionally, firms need to monitor the performance of their employees. This is done by employing monitoring systems through ICT. The list of ICT applications in new business ideas is therefore endless.

Online marketing has become a common avenue for business managers. Currently, it is possible

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for customers to book goods online and even place them in their own online shopping carts. An online shopping cart is software that mimics the function of a real shopping cart that is used in shopping areas like supermarkets. It enables people to choose items from a seller’s website and holds them until they are ready to complete the whole buying process. This means that business has been made easy for customers particularly given that they are too busy to visit shopping malls in person (Vasilecas & Zupancic 2005).

Aside from online marketing, business firms are currently moving away from the conventional use of large premises as offices and show rooms. With just a small room for essential office services and few staff, the other members can work away from the office using laptops or notebooks and submit their works through wireless networks. This is not only economical but also time saving since there is no time spent in travelling. By employing this tact, many multinational corporations are now able to transact business from different regions in the world without having to move.

The advantages of doing online transactions include the point that these services are available 24 hours a day provided there is a reliable internet service provider, commonly referred to as ISP. In addition, it is easier and cheaper for a firm to reach millions of customers than it would be, by using other advertising means. Moreover, it is cheaper in the long term to operate virtual offices than to be burdened by colossal expenses in form of rent, stationery and others expenses. But on the contrary, firms have to incur exorbitant costs at the initial stages of investing in internet and communication infrastructures (Vasilecas & Zupancic 2005).

Banks and other financial institutions have invested heavily in e-services in order to cut on the cost of recruiting and hiring more staff. This is evident in the use of automated teller machines or ATMs in cash transfers. These institutions have also invested intensely in mobile banking services whereby customers can shop using their ATM cards in supermarkets, buy airtime for their phones from their bank accounts, and so forth. The drawback of using these services is that they rely on the functionality of other support systems at all times (Vasilecas & Zupancic 2005).

It is also common for business firms to monitor the performance of their staff using computerized systems. Additionally, new ICT ideas are used in surveillance systems such as wireless closed-circuit television which is employed to enhance business security. While computer-monitoring services promote staff performance, they may be a drawback if the staff are not comfortable with them (Vasilecas & Zupancic 2005).

In conclusion, the current trend in business is that almost all operations require some form of ICT input. In a competitive business world, the dynamism of the market is augmented by changes in technology. New business strategies must be innovative and well planned in order to attract and maintain a reliable client base, and they are all dependent on ICT.

Reference

Vasilecas, O. & Zupancic, J. (2005) Information systems development: Advances in theory, practice, and education. New York: Springer

 

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