Electronic Business (E-Business) is the administration of conducting any business using the internet, extranet, web, and intranet. This would include buying and selling of goods or services using commercial transactions conducted electronically along with providing customer or technical support with the help of the internet. E-business is similar to E-commerce but it is more than just a simple act of buying and selling services or goods online. In fact, it is the method of utilizing digital information and advanced communication technologies to streamline different business processes – from the initial to the implementation phase. E-business includes a lot of business processes including online order processing, CRM (Customer Relationship Management), supply chain management, and many more. E-commerce is a part of e-business, so let me give you a comprehensive detail about what is e-business.
Components of E-Business
E-business has several components including BI (Business Intelligence), CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), SCM (Supply Chain Management), Collaboration, online activities, and electronic transactions within the firm. But following three areas have great importance for e-business:
1. E-Procurement
It is also known as supplier exchange in which business to business, business to government, business to consumer, and sales of services are made with the help of the internet. Basically, e-procurement is a way adopted by companies to reduce costs and efforts by sourcing products or services electronically.
2. Online Stores
It is electronic sourcing (website or application) for products or services, such as online shopping stores. Online stores are also known as e-shops, internet shops, web-store, virtual stores, web-shop, m-commerce, and online storefront. The main purpose of these online stores is to save precious time and money.
