The New Economy
Changing the Face of Business

Discover the wonders of the Internet: how it came to be, how to utilize it to your advantage effectively, and what it can do for your business. Before we get into all that, however, we would like to dispell some of the myths and reveal some of the truths regarding the New Economy.

A HIGH-TECH
HULA HOOP?

First things first; the new economy is not dead - now matter how many people tell you it is. There is no doubt that globalization and information technologies are changing the structure of the economy. Even the detractors of the Internet would have to admit that. One of the biggest obstacles facing the Internet these days is the perception some people have of it – the belief that it was just a trend that will fade into history. But the Internet is not the hula hoop of the fifties.

Regardless of the infamous dot.com disaster of 2000, the Internet still changes everything. Think about it: could a business operate today without phones or fax machines? Not likely, but there was a time that they could - and did. The Internet, like the numerous innovations that came before it, is fundamentally reshaping businesses, the information systems that run them, and the industries in which they compete.

This profound revolution has only just begun and is so vast that it will take years for businesses and industries to learn, adapt, and utilize the most significant information medium of the early 21st century. The Internet opens up so many new possibilities for businesses that the ultimate question any business must ask is, “What can we do today to gain competitive advantage that we could not do before the Internet?” Your business can get a head start with the tips and strategies laid out in the pages ahead.

SURVIVING IN THE AGE
OF THE CONSUMER

This is the age of consumers; they are more demanding, want customization and ease. The Internet allows both businesses and consumers to achieve these goals. Business-to-consumer (B2C) and business-to-business (B2B) e-commerce sites have allowed us these freedoms. B2C web sites offer the convenience of shopping at home, while B2B sites offer companies the tools to get products to the more demanding customer faster and more efficiently. At the same time, businesses are able to reduce expenses and generate more revenue.

MAXIMIZE THE VALUE

The key is to effectively engage your business on the Internet. For an established brick and mortar business, this may be as effortless as setting up a simple web page to complement your regular business. However, it may be as difficult as creating an e-commerce marketplace for your customers. In order for a company to be successful on the Internet (let’s face it, there likely will be no more overnight sensations), it first must determine what it wants to accomplish with a venture online. They should ask themselves, “What do we want to accomplish with our Internet venture?”