BCOC-132 BUSINESS ORGANISATION AND MANAGEMENT CHAPTER-4 EMERGING OPPERTUNITIES IN BUSINESS

 

BCOC-132 BUSINESS ORGANISATION AND MANAGEMENT CHAPTER-4 EMERGING OPPERTUNITIES IN BUSINESS

EMERGING TRENDS IN BUSINESS

Some current emerging trends in business include increased focus on sustainability, the rise of remote and hybrid work models, adoption of artificial intelligence and automation ,emphasis on digital transformation and the growth of e-commerce

1. Automation:- it involves using technology to perform task with minimal human intervention. It aims to streamline process, increase efficiency and reduce the need for manual labor. This can range from basic repetitive task to more complex work8lows, often utilizing technologies like robotics, machine learning, AI

2. Blockchain :- blockchain is a secure and decentralised digital ledger that record the various transactions across a network of computer

3. Artificial intelligence:- it is computer technology that mimics the human intelligence , allowing machine to learn, reason and solve problem

4. Machine learning:- machine learning is a type of technology that enables computers to learn from data and improve their performance on task over time

5. Social shopping:-social shopping combines online shopping with social media, allowing users to discover and discuss products through social platforms

6. Robotics:- robotics is the field of creating operating and designing robots- programmable machine that can performs task either autonomously or with human guidance

7. E- tailing:- it’s a electronic retailing , refers to the online selling goods and services by business directly to consumers over internet

8. Retail entrepreneurship:- it is starting and managing business in retail sector, involving activities such as selecting merchandise, managing inventory and creating marketing strategies for successful retail business.

IMPACT OF TECHNOLOGY ON BUSINESS

Technology in business improves efficiency, innovation and global connectivity. It enhance customer experiencing through e-commerce and digital communication, shaping modern business practices
BENEFITS OF TECHNOLOGY IN BUSINESS

1. Reduce business cost:-
2. Harmonizing communication 3. Potential enlarge the business 4. Consideration

E-COMMERCE

It’s a short form of electronic commerce, refers to buying and selling goods or services over the internet .it involves online transaction between business and consumers (B2C) or between business(B2B). E-commerce platforms facilitate the exchange of product or services ,allowing customers to brows select and purchase items from the convenience of their device.

TRADITIONAL COMMERCE V/S E-COMMERCE

Aspects location

Operation hours Customer interaction

Inventory management

Traditional commerce Physical store or face to face interaction

Limited by physical store hours
In-person assistance and interaction

Manual inventory management

E-commerce
Conducted electronically over internet

24/7 availability, customer can shop anytime
Virtual interaction, often through online support

Automized system for efficient inventory tracking

Accessibility

Localized, serving a specific geographic area

Global reach , accessible from anywhere with internet

Overheads	Higher overhead costs for physical infrastructure	Lower overhead costs, no need for extensive physical presence
Transaction speed	Transaction may take longer due to physical process	Generally faster transactions with online payment system

Customer experience

Tangible shopping experiencing with the ability to see and touch products

Emphasizes convenience, quick transactions and personalized online experience

FEATURES OF E-COMMERCE

1. Online transaction:- conducting buying and selling activities electronically over

   internet

2. Online catalog:- virtual display of product or services , allowing customers to

   brows and choose item

3. Electronic payment:- facilitating online payment methods, including credit cards,

   digital wallets, and other electronic transaction options

4. Security measures:- implementing secure protocols and encryption to protect

   customer information during transaction

5. Mobile responsiveness:- ensuring the platform is optimized for mobile devices to

   accommodate the growing tender of mobile commerce

6. User accounts:- allowing customers to create accounts, mange preference and

   track order history

7. Review and rating:- provide platform customers to leave review and rating for

   product or services

8. Personalization:- offering personalized recommendations and content based on

   customer preference and behavior

9. Shipping and logistics integration :- integrating system for ef8icient order

   fulfillment , shipping and tracking

10. Customer support:- implementing online customer support through chat,

email or other digital channel

BENEFIT OF E- COMMERCE

• It helps to reach global:- it enables business now have access to people all around the world

• Cost effective:- it cut off expenses of showcasing ,producing, marketing, stock

administration client care etc.

DISADVANTAGES OF E-COMMERCE • Lack of personal touch
• System and data integrity
• Delays goods

M-COMMERCE

Mobile commerce or m- commerce , refers to the buying and selling goods and services through mobile devices , such as smartphone tablets. M-commerce leverages wireless technology, mobile applications and mobile- optimized websites to facilitate transactions. It enable users to shop, make payments and conduct various commercial activities using their mobile devices

APP BASED BUSINESS USING SMARTPHONE

An app based business utilizing smartphone involving providing goods and services through a mobile application. This model capitalizes on the widespread use of smartphone and their capabilities

WALLET AND PLASTIC MONEY IN BUSINESS

A digital wallet is an electronic system that securely stores user’s payment information, allowing them to make transactions through smartphones other digital devices

Plastic money (credit card/ debit card) these physical cards enable users to make purchases or withdraw funds. Widely accepted they eliminate need for cash and provide a convenient means for in-store and online transactions

FRANCHISING

Franchising is a business arrangement where an individual( franchisee) operates a business using the brand and systems of another( franchisor) in exchange for fees and royalties
BENEFITS OF FRANCHISING

• Capital:- the franchisor capital requirements will be lesser because franchisee provides capital for opening each franchised channel

• Better management

• Less employees

• Speed of expansion

• Reduce attachment in day-to -day operation

• Risk and accountability

• Increasing brand fairness

• Publicity and support

• Consumer faithfulness

• Worldwide growth

  •

  LOGISTICS AND SUPPLY CHAIN BUSINESS

  A logistic and supply chain business involves the management of the movement, storage and distribution of goods from the point of origin to final destination. This includes coordinating various activities such as transportation , warehousing, inventory management, and order fulfillment, the goal is to optimize efficiency, reduce costs and ensure timely delivery of products throughout the supply chain.

OUTSOURCING AND OFFSHORING

OUTSOURCING:-outsourcing is a hiring external companies to handle speci8ic business task or process
OFFSHORING:- offshoring relocating business activities to another country , often for cost saving or accessing speci8ic skill

DIFFERNCE BETWEEN OUTSOURCING AND OFFSHORING

OUTSOURCING OFFSHORING

Can be local or Typically international international

ASPECTS

Location of service providers

Definition

Hiring external companies for specific tasks or process

Relocating business activities to another country, often for cost saving or access specific skill

Focus	Focus on specific task or functions regardless of location	Focus on relocating task or functions to another country for various reasons , including cost saving
Motivation	Cost efficiency, access to specialized skill, and focusing on core competencies	Primarily driven by cost saving, skill access and strategic advances
Examples	Hiring an external customer support services	Relocating software development to a country with lower labor costs.