The technology of today is vastly innovative and beneficial to those who know how to manipulate it. The Internet era is unfolding, anybody can now log on to their computers and take care of their financial business, online in the comfort of their own homes. This is called e-commerce, within the past few years; companies have been excited with the idea of online shopping and connecting with customer’s worldwide. This is mainly because of over exaggerated headlines, outrageous market appraisals and so-called “instant billionaires”.
The hype began in 1994, when the Internet and the World Wide Web gained popularity; companies competed to be the first ones out with convenient online shopping sites, for busy, tech savvy individuals. Online shopping was seen as the future and technology stocks were benefiting from all the positive media that was being reported. Unfortunately, these predictions proved to be incorrect and in the 1999 Christmas season, companies that had invested heavily in creating online shopping sites realized that the everyday consumer still did their shopping in the “real world”.
Although e-commerce centers itself on selling a company’s product, e-biz aids in re-engineering the transactions that run our economy. E-biz helps to bring a business closer together and organize it making it more efficient. E-biz ensures that each business system communicates with one another and shares information; sales data, order entry, billing, shipping and receiving, inventory; and many more all feeding off of one another. It also ensures that if a company’s customers and employees want to access this information from anywhere and anytime, they can do so securely.
The effect of e-commerce and e-biz on the economy, participants of the economy and the accounting field are proving to be both positive and worth anticipating. E-commerce and e-biz definitely influence the economy in a very constructive way. Investors can now put in orders for stocks 24 hours a day, and trade on markets around the world in real time within seconds, individuals now have any information desired, right at their fingertips.
Investors can now work from home and get stats about their stocks off the web and react to the information in a matter of seconds, meaning they can cash in on business opportunities instead of having to wait for their broker to put the transaction through. This means that the investor now has more control over the market and in turn has more effect on the growth in the economy. E-biz helps to organize all the information needed so information can move faster and orders and needs are fulfilled in shorter time frames, eliminating many middle men, resulting in customers getting what they want quicker and at a lower cost.
Organization in e-biz is evident when a customer places an order on a website; since all information is integrated customers know which products are available and the sellers know how much of each product they have on hand and when they need to purchase more; this saves lots of time for the seller since all inventory is monitored on the computer, meaning faster turnovers and more sales.
Increased e-commerce (online shopping) also leads to the production of middle wear’, as companies grow, the need for technological solutions becomes more evident and smaller tech companies are called upon to create e-biz solutions to help industries cope with the new high demands of e-commerce. This produces more jobs for those in the technology industries because they are needed to assist in trouble-shooting and operating of these programs.
E-commerce and e-biz are revolutionizing the way all industries work and are assuring that the futures of these industries are promising. The effects of e-commerce and e-biz on the people working in industries are both accommodating and obstinate. Since companies are transforming their flows of information with new middle wear programs, the employees of these companies have to learn new ways of functioning with and manipulating information.
An example of a company which has created middle wear that aids in the transformation from paper to electronic transactions is Acc Pac, this program aids companies in establishing productive streams of information. Companies then have to hire representatives to train their employees and to help with the transition. Essentially, everything becomes more efficient and employees are more productive. Additionally, people working in these industries can gain useful experience, which can lead to more job opportunities and higher positions in their respected companies.
Individuals in today’s working world are faced with new and challenging opportunities that ensure efficiency. Accountants have the upper hand in e-commerce and e-biz because of their insight into systems and transactions. CA web trust is the accounting professions bid to apply its analytical credibility to e-biz and e-commerce. CA web trust enables CA’s to audit online transactions and to ensure that they are secure and private to their customers. As e-commerce grows, customers are becoming more concerned with their own personal privacy.
This is why sites having the CA web trust mark of approval must be regularly audited by CA’s who certify that the site has high standards for business practices, transaction integrity and information protection. This is because consumers trust the objectivity, independence and integrity of the CICA, and because the site must be re-certified at least every 90 days. The CICA hires other firms to test these sites security so that the most effective security measures are used to ensure the integrity of the transactions taking place within the site.
Accountants with their knowledge of information flow and organization will prosper in the information technologies sector. The economy, the people who work in the economy and the accounting industry confirm that e-commerce and e-biz are here to stay. The economy has only prospered since its introduction, and even though there have been some shortcomings, lessons were learned as companies and individuals acquired knowledge on how to manipulate the availability of information.
Additionally, the people working in industries have come to the realization that electronic information technology is the future, and that they need to learn how to process the information properly so that it can benefit them and the company’s that employ them. Accountants also with their innovative ideas, have capitalized on e-biz and e-commerce evolving with the business world and setting an example of flexibility and pioneering in e-biz solutions. In a world that is drastically changing, only those who are revolutionary can benefit.