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ECONOMIC ISSUES FOR THE 21ST CENTURY
Key elements of the 21 Century Economy are:
- technological progress
- intellectual property protection
- green economics
- organization of work places
- providing high quality care (health services, child care, education, and services for the elderly)
- productive investments, mainly in the innovative sector
- free trade
- open immigration.
Intellectual property - an intangible asset, such as a copyright or patent.
Green economics - a methodology of economics that supports the harmonious interaction between humans and nature and attempts to meet the needs of both simultaneously.
Open immigration or free migration - the position that people should be able to migrate to whatever country they choose, free of substantial barriers.
Economic Challenges:
- loss in fiscal revenues (In advanced countries)
- large capital inflows (for emerging and developing countries)
- concerned with international commerce (encompass logistics, communications, coping with security concerns and coping with different regulations in other economies).
Fiscal consolidation - a policy aimed at reducing government deficits and debt accumulation.
Electronic exchange of data - the electronic communication of business transactions, such as orders, confirmations and invoices, between organizations.
ECONOMICS AND ECOLOGY
Eco-efficiency is management philosophy that aims at minimizing ecological damage while maximizing efficiency of the firm's production processes, such as through the lesser use of energy, material, and water, more recycling, and elimination of hazardous emissions of toxic substances.
Eco-efficiency is achieved through the pursuit of three core objectives:
- Increasing product or service value;
- Optimizing the use of resources;
- Reducing environmental impact.
The chief goals of eco-efficiency are:
- to reduce wasting resources
- to minimize overhead costs
- to lower energy uses and production waste.
INFORMATION TECHNOLOGY
Changes that take place due to informational technology:
- Changes in production structure (the world is now in paradigm shift from the industrial age to the information age);
- Changes in investment structure (investment is made more in the area of information and communications that promotes productivity and expedites decision-making process);
- Changes in employment structure (employment in information and knowledge-intensive service sector is increasing with automation and investment in information technology);
- Development of goods and technology, procurement, production, sales, distribution, and post-sale services;
- Modification of production system from mass production under economy of scale into production on demand.
Advantages that businesses enjoy after having introduced computers:
- Collaboration
- Communication Capabilities
- Centralization
- Productivity
- Bottom-line Impact
E-commerce - is the use of electronic communications and digital information processing technology in business transactions to create, transform, and redefine relationships for value creation between or among organizations, and between organizations and individuals.
E-business - is the transformation of an organization’s processes to deliver additional customer value through the application of technologies, philosophies and computing paradigm of the new economy.
B2B e-commerce is simply defined as e-commerce between companies. This is the type of e-commerce that deals with relationships between and among businesses. The B2B market has two primary components: e-infrastructure and e-markets.
Cloud computing is IT-as-a-Service. Instead of building your own IT infrastructure to host databases or software, a third party hosts them in its large server farms. Your company has access to its data and software over the internet (which in most IT diagrams is shown as a cloud).
Key benefits of cloud computing:
- Cheap: your IT provider will host services for multiple companies; sharing complex infrastructure is cost-efficient and you pay only for what you actually use.
- Quick: The most basic cloud services work for more complex software and database solutions, cloud computing allows you to skip the hardware procurement and capital expenditure phase - it's perfect for start-ups.
- Up-to-date: Most providers constantly update their software offering, adding new features as they become available.
- Scaleable: If your business is growing fast or has seasonal spikes, you can go large quickly because cloud systems are built to cope with sharp increases in workload.
- Mobile: Cloud services are designed to be used from a distance, so if you have a mobile workforce, your staff will have access to most of your systems on the go.
Three primary processes are enhanced in e-business:
1. Production processes, which include procurement, ordering and replenishment of stocks; processing of payments; electronic links with suppliers; and production control processes;
2. Customer-focused processes, which include promotional and marketing efforts, selling over the Internet, processing of customers’ purchase orders and payments, and customer support;
3. Internal management processes, which include employee services, training, internal information-sharing, video-conferencing, and recruiting. Electronic applications enhance information flow between production and sales forces to improve sales force productivity.
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