The manner in which business is done has undergone basic changes during the last decade or so. This manner of conducting business is cited as the 'mode of business,' and, the prefix 'emerging' highlights the fact, that these changes are happening and the trend is likely to continue. Here, we take a look at the three strong trends that shape business:
Digitisation - Digitisation can be referred as the conversion of text, sound, images, video, and the other content into a sequence of ones and zeroes that can be transmitted electronically,
Internationalisation and globalisation.
In this chapter, you will be familiar with the first two developments, i.e., digitisation (a term from electronics) of business - also called as electronic business (e-business), and Business Process Outsourcing (BPO). The factors responsible for these two new modes of business can be studied further. All business launched new will not be called new mode. These are simply the new methods of doing business attributable to various factors. You must be aware that business as an activity is intended to create utilities or value in the form of goods and services which the household and industrial buyers procure for meeting their requirements. As an effort to improve the business processes namely, purchase, production, marketing, finance or human resources, business managers and business analysts keep sprouting with newer and better ways of doing things. Business organisations have to reinforce their capabilities of creating utilities and delivering value to productively meet the competitive world and ever-growing demands of consumers who always look for better quality, lower prices, swift deliveries and excellent customer care. Besides, the quest for getting benefited from emerging technologies, business as an activity keeps evolving.
Test Your Skills
Test Your Skills Now!
This is only a practice test, it is designed to help you revise your concepts
The test contains questions, only 1 option is correct for each question
This is a timed test.
After you have finished the test, press on the 'Finish Test' button to know your score and get the correct answers