Dr David Seth Preston, Dean of Academics at Rhaze Institute of Management Sciences, London, UK has identified four distinct phases of electronic commerce (e-commerce) including Communication, Organisation and Process Transformation, One Way-Marketing and Customer Interaction. He was giving an informative lecture on the risks of e-commerce here at NUST Institute of Management Sciences (Nims).
He compared e-commerce with the traditional uses of technology such as accumulation of data simplified (DP act), the technology is now the face of the business, different requirements of the customer/business partner, different requirements of security, different measures of risk, changes made very quickly.
Talking about the e-business characteristics, he said that Internet based e-business could introduce greater reach (interact with anyone; employee, supplier, partner etc; anywhere in the world) and enable transfer of greater richness of information. He said that at the same time he also elaborated that practising the e-business is not an easy option as it is not risk free, not have ready answers to all problems and is not a flash in the pan. But, business rules do apply here too, so it does require careful planning, strategies and RCI.
E-business, he said is changing the way business operates because of reduced costs, emphasis on core competencies, new customer relationships, supply chain management, internet based products and globalisation etc.
However, he said, "we should be aware of the challenges implementing in e-business strategy, such as, convergence, empowerment, integration, disintermediation and innovation and immediacy etc". It must be mentioned that National University of Sciences and Technology (NUST) keeps arranging such lectures and seminars on regular basis.