Business Activity || New Opportunities for Business Expansion by @weasell

Hello entrepreneur from all around the world, in this article I will be discussing how to expand our business by identifying new opportunities. I will focus more on E-Business and E-commerce.

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Science and technology has always have the power to control or manipulate practices and procedure of business as well as trading in general. Has science and technology advances, more discovery are been made which can change the whole perception of businesses such as when the internet was discovered. The fast changing information technology and the invention of various communication technologies has virtually taken business practices by storm. The internet has made the world look smaller through effortless commination between two business parties more faster and reliable.

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Computers and internet are increasingly widely used for more and more function which is playing a huge part of doing business. Transactions done through the internet have enormous effect on the international competitiveness of very nation. This has the potential to give rise to new and exciting opportunities in the national and also international industries, for individual and the governments.

What is E-Business?

E-Business is the short form for electronic business and it refer to the broadly use of technologies, more specifically the Information and Communication Technologies (ICTs), to conduct online business or to facilitate and improve business activities and processes, which usually include procurement, manufacturing, operation, marketing and sales, research and development, logistics, finance, and human resource management.

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Originally, the term E-Business mostly refer to the digitally enabled transaction and processes in an organization, which involves information systems under the control of the organization. A commercial transaction that involves an exchange of value across organizational boundaries cannot be classify as an E-Business. E-Business aimed at improving the online interactions or transforming business processes and efficiency. From evolutionary perspective, E-Business has been associated with covering online transactions, which include all internet-based interactions within business partners, suppliers and customers which may include selling directly to consumers, manufacturers and suppliers, auctioning supply inventory, monitoring and exchanging information, and collaborative product design.

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Therefore, we can say E-Business relates to any commercial activity which is conducted in an electronic format which include commercial transactions done via the internet, fax telephone, electronic purchasing and restocking, electronic banking and payment system and many more. A better explanation is that these tools telephone, fax are to enable increased productivities, reduce cost of production and improve customer service.

E-Business covers a wide range of online business transaction and it not limited to certain type of technology and business, but it includes networking, education, design and engineering to take place, production, purchasing and logistics, and allowing sales and marketing activities. The best way to effectively use E-Business is when an entrepreneur combines several of these activities with the aim of allowing information to flow for sales, and purchasing for production. It facilitate in creating more effective external interactions with clients, customers, collaborations and suppliers, and also helps in improving internal business efficiency as well as helping emergence of new products and services to a good start.

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We can describe E-Business as generally any ICT that is in place to improve business interaction between suppliers, distributors or customers’ use, for the basis of conducting their business operations. Examples are given below:

• Communicate with clients or suppliers via email.
• Use the Internet for online banking and paying bills.
• Send email to other organizations to order supplies.
• Publish a web site to provide public information about the business.
• Sell or promote products or services via a web site and/or email.
• Manage and distribute internal organization documents via an intranet.
• Research information about customers and competitors using web sites.
• Provide technical or customer service by email or web site.

Cryptocurrency is a digital money which is very secure. Cryptocurrency also aimed in improving our day to day transactions by putting us in control of our asset where we do not need to rely on third party (bank) before we can perform any transaction. Cryptocurrency can be seen as an example of E-Business which can open up a lot of opportunities for business who adopt crypto as one of its payment method.

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Conclusions

E-Business is a good way a business can improve its online presence to facilitate business transactions which will open up many business opportunities through easy customer reach, and reduce production cost.

Due to length of this article I will be making another post which will cover E-Commerce and the difference between E-Business and E-Commerce.

Thank you all for reading.

Business name:	Ai'nu Farm
Owner's name:	@weasell
Business address:	Zaria, Kaduna State, Nigeria.
About us:	Click Link.

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