Cost effectiveness is an important element in deciding changes on the operational front. It is crucial for the management to realize the impact of each suggested changes on the overall system performance.
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This kind of application requires high amount of data and information transfer that is facilitated with effective use of high-end technology. It is imperative that the flow of communication and information data exchange process should be spontaneous without any complexity. The effective use of Internet and Intranet aided by efficient networking protocols ensures smooth flow of data and information across global destinations. This business model facilitating the strategic planning of operations have ensured wider scale of operations and increased margins of profitability.
The security and privacy issue plays a significant role in retaining customers. Many customers are paranoid about divulging their private and personal information online for the fear of misuse. Online payment transactions with the use of credit cards and personal bank account information also raise concern with regards to security. Moreover, there are many customers who are paranoid about dealing with a faceless seller. The lack of trust and fear of misuse are some of the biggest limitations facing the successful application of e-commerce business models.
The next focus of the management will be to train the workforce on the new portal. The strategies associated with training and development equips the workforce to bridge the skill gaps and enable the employees with multi-skilling capabilities. The significance of on going training and development in the current business context and operational revamping programs are designed to emphasize the benefits of incorporating knowledge management programs within the organization.
Employees are the key asset to any organization and managers are well aware of the need for specialised and highly skilled personnel who can provide them with the competitive edge in business. Conclusion Managers are customizing changes and improvising new techniques of business management in the growing world of e-commerce. The business models are being re-defined to meet the changing global business landscape and consumer power. The emerging business models are exploiting the power of technology and business innovations that have evolved over time.
The Internet has led to new kinds of business models that are currently being implemented by the entrepreneurs for maximizing gains and capturing a wider market base. Business owners worldwide are applying the E-commerce application across a wide range of products and services. But it needs to be realized that in order to maximize the sales and profit potential of an e-business the marketing and sales processes are streamlined and closely integrated with managerial objectives and technological breakthroughs.
Rapidly changing business dynamics have made it critical for organizations to adapt to the changing market trends in order to survive and retain its competitive edge. Managers are increasingly realising the role training and development can play in pursuing new strategies and enhancing employee productivity. In view of these observations the Gold Coast Savings Bank proposes to revamp its operations to incorporate technology to achieve operational efficiency and ensure prompt customer service. References: 1. Lynda M. Applegate. 2002.
How to fashion your new e-business model - retrieved on 19th May 2009 from - http://hbswk. hbs. edu/item/3007. html 2. Graham Curtis and Cobham. 2003. Business Information Systems – Analysis, Design and Practice 4th Edition 3. Benefits and limitations of E-commerce - retrieved on 19th May 2009 from - http://www. rocw. raifoundation. org/computing/BCA/ecommerce/lecture-notes/lecture-02. pdf 4. Castells M. 2000. The Rise of the Network Society, Blackwell. 5. Holbeche, Linda. 2005. The High Performance Organization. Elsevier Butterworth-Heinemann Publication
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