Maximizing Business Value Through Internet-Based Technologies

The internet provides a synthesis of computing and communication capabilities that adds value to every part of the business cycle. Companies derive significant business value from their internet-based applications, leveraging the web to enhance their operations and reach.

Internet-based technologies, such as intranets and extranets, often result in substantial cost savings. These technologies are typically less expensive to develop, operate, and maintain than traditional systems. This cost efficiency is crucial in today’s competitive business environment, where operational savings can significantly impact the bottom line.

Moreover, the internet enables companies to attract new customers through innovative marketing and product offerings. Online platforms provide an expansive reach, allowing businesses to connect with a global audience. Enhanced customer service and support capabilities, facilitated through the internet, help retain existing customers by offering convenience and improved user experiences.

Generating revenue through electronic commerce applications stands out as a primary source of business value. E-commerce websites allow companies to sell products and services directly to consumers worldwide, breaking geographical barriers and expanding market presence.

To summarize, most companies build e-commerce websites to achieve six major business values:

1. Generate new revenue from online sales by tapping into a global market.
2. Reduce costs through online sales and customer support, eliminating the need for physical storefronts and extensive customer service teams.
3. Attract new customers via web marketing, advertising, and online sales, utilizing data analytics to target specific demographics effectively.
4. Increase the loyalty of existing customers via improved web customer service and support, offering personalized experiences and quick resolution of issues.
5. Develop new web-based markets and distribution channels for existing products, reaching customers through various online platforms.
6. Develop new information-based products accessible on the web, such as digital content and subscription services, providing additional revenue streams.

In essence, the strategic use of the internet in business not only enhances operational efficiency but also opens up new avenues for growth and customer engagement.
Maximizing Business Value Through Internet-Based Technologies