The introduction
Some basic points
While discussing the role of the Internet in business, some fundamentals on computer use must be considered.
First of all, it is necessary to point out that computer technologies have inevitably changed people’s mode of life. In our days the new technological devices provide people with numerous opportunities.
The thesis statement
The role of the Internet in business cannot be neglected, as the World Wide Web can be regarded as one of the most powerful and effective tools for conducting business.
The body
The Internet and its impact on business
Nobody will deny the fact that the Internet facilitates people’s work. For those, who are engaged in various business activities, the Internet seems to be of vital importance, as it allows communication with suppliers, customers, etc.
As far as the Internet saves customers’ time, postage, mailing expenses, etc. its advantages are undisputable. The Internet help employees seek and use information as well as meet a company’s information requirements.
The Internet and strategic decision making
It is not a secret that for business – strategic decision making is of particular importance. For this reason, using information technologies is considered to be the key step employees are to follow.
Thus, gathering external information is one of the most effective ways organizations are to rely on, in order to succeed.
The most common activities, which companies use to collect certain information, are based on the so-called business intelligence.
In other words, taking into account information the Internet provides various organizations with, one can conclude that companies’ demands for business intelligence have been increased (Pawar & Sharda 1997).
The power of the Internet
In our days, the Internet is recognized to be the major tool for a commercial revolution. In business, it can change everything – the way people work, interact, take decisions, etc.
While making direct connections with consumers for the first time, most of organizations use the World Wide Web. “Others are using secure Internet connections to intensify relations with some of their trading partners, and using the Internet’s reach and ubiquity to request quotes or sell off perishable stocks of goods or services by auction” (The Impact of the Internet on Business 1999).
Moreover, it should be pointed out that the World Wide Web gives business people an opportunity to take their consumers into various markets, including new electronic marketplaces.
On the other hand, lowering costs through certain demand chains is also performed due to an international computer network.
The chairman of Intel Andy Grove is of the opinion that various commercial organizations are considered to be Internet organizations; if there are some of them, which are not – they will be annihilated by competitors who are.
The growth of business reporting
A growing percentage of companies use the Internet to place important financial data for consumers. In other words, buyers and sellers support their relations through an international computer network.
Thus, they can exchange information (quarterly statements, reports, etc.) any time they wish. The Internet created a new reporting environment, which helps people cooperate dynamically.
Along with the growth of business reporting, the role of online investing has increased. Some companies conduct their trading thought the Internet and need no help of investment professionals.
Furthermore, “The Internet is enhancing global link and reducing transaction cost in many 130 important national economies.
Indeed, the Internet and the Web can be said to be the most visible example of trends towards globalisation and knowledge economies” (Lymer et al. 1999).
The role of the Internet for retail equities investors
One of the most important factors of trading arrangements establishment is recognized to be online business reporting information. The Internet gives managers access to important statistic pages.
On the other hand, interactive information dissemination is also possible due to an international computer network. The way, how individual investors use online business reporting and communication is considered to be presently unknown; however, the fact that the Internet is the major source of information for them seems to be obvious.
For instance, one can suppose that prospective investors rely on direct contact using conference calls the Internet provides them with (Using Technology and the Internet: Researching Corporate and Strategic and Financial Information 1998).
The process of globalization in relation to business and the Internet as the key facilitating factor
The Internet seems also to speed up the process of creation a single global market for capital (Rahman et al. 1999).
Thus, the principal facilitating variable for globalization in relation to business is considered to be information technology: “The staggering amount of capital flows, production and marketing across borders would not be possible without the improvements in information technology that enable firms to send key information across borders” (Perera 1998).
In other words, the effect of the World Wide Web on global business development is evident: modern communication technologies allow companies to function all over the world.
The fact that global businesses can affect numerous spheres of people’s life needs no proofs. An international computer network allows to distribute performance information in enormous volumes and extremely fast.
The importance of the Internet for business
In our days the Internet can provide people with advanced analytical tools. Of course, for business areas these tools are extremely important, as they give an opportunity to package information in the most convenient ways.
Moreover, one can also analyze important statistical or financial data using a wide range of alternative ways. The World Wide Web is considered to be rather beneficial to businesses.
It allows to expand the limits of information processing as well as to enhance information accessibility in all parts of the world. An international computer network helps not only the business concerns, but also its consumers.
The Internet is the fastest and the most convenient way to share information. People, who are engaged in numerous business activities, use various Internet applications, including JavaScripts, Java, Active/X, etc.
These applications are widely used to implement various business projects. They are able to perform different tasks.
The Internet gives business people an opportunity to work with a variety of programs, which were designed to facilitate information processing. Simply speaking, “The Internet is a natural environment for intelligent agents” (Baldwin & Williams 1999).
The Conclusion
In our days, the Internet is considered to be of vital importance. For numerous business areas the World Wide Web is of special significance, as it provides employees with various alternative ways of communication.
Numerous information technologies have altered the way people think, work and interact. Moreover, long-term relationships establishment is also possible due to an international computer network.
The Internet greatly impacts on business, as it determines the ways of business conducting. It also speeds up the electronic dissemination of important information.
The Internet is changing everything. It can be regarded as a new paradigm of the world’s wealth.
References
Baldwin, A & Williams, S 1999, ‘The Future of Intelligent Internet Agents in European Financial Reporting’, European Accounting Review, Vol. 8 No. 2.
Lymer, A, Debreceny, R, Gray, G & Rahman, A 1999, ‘Business Reporting on the Internet’, Trinity.edu. Web.
Pawar, B & Sharda, R 1997, ‘Obtaining Business Intelligence on the Internet’, Umsl.edu. Web.
Perera, H 1998, Globalisation: Implications for Business and Accounting, Massey University, New Zealand.
Rahman, A, Cahan, S, & Perera, H 1999. Determinants of Disclosure by Global Firms, San Diego: USA.
‘The Impact of the Internet on Business’, 1999, Rutgers.edu. Web.
Using Technology and the Internet: Researching Corporate and Strategic and Financial Information 1998, New York: Association for Investment Management and Research.