"We are changing the world with technology." Bill Clinton
The modern world is endowed with innumerable benefits of science and technology enormously and extraordinarily to the extent that an optimum level of satisfaction and ease may be provided to the individuals. The scientific and technological contents have become an integral and intimate part of today’s total living system. It is as a result of the constant developments in the domain of technology that there has been an unparalleled progress in almost all the fields of human endeavors with a possibility of improvements while substituting to remove many of the everyday technical hitches. So many technological developments have been made in the realm of communication that time and distance almost pale into insignificance as the technology is universally laid and accepted and agreed with all inclusive structure, as Pierre Omidyar, founder of eBay points out, “We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger number of people.” Similarly, there has been much advancement along the lines of trade and commerce and industry being associated with the latest technological aspect that the electronic devices, just to name a few, computers, mobiles, videos and television etc. are to be regarded as some of the feathers in the cap of technology. The whole process of technology is changing and becoming more impressive and successful day by day. It is thus the emerging technological developments have given rise to launch various online and digital businesses making the related activities effortless and keeping the individuals at ease.
The digital businesses and online trading and selling businesses which were ever considered to be too fantastic to think and too difficult to be managed on the basis of a conclusion drawn on only limited evidence or intuitive feelings, have been overpowered and succeeded owing to the latest technological developments. The last two decades have witnessed enormous growth in the use of internet and the world has been revolutionized by the modern technology accordingly. As it goes in the words of Bill Gates, founder of Microsoft, “The Internet is becoming the town square for the global village of tomorrow.” In this way, E-business has not only spread out but also has made scores of opportunities available for various businesses to set up and to grow. The up-to-date technological aspects play a vital role in today’s business life implementing new methodologies, using new software and helping various companies to run effective and efficient businesses. The use of internet and its related technology and applications, have caused a major change in the way the business is managed allowing several business to accomplish their objectives. Having applied the most contemporary techniques to various business processes, the course of action has come to be simple and easygoing for businessmen, shareholders, stakeholders and customers. The objective in perspective of digital business is to promote various products or brands to the individuals via internet, cells phones, digital banners, blogs etc. In this way, modern age aptly deserves to be called as the age of technology as it has made the process of digital businesses and on line business feasible while helping the business organizations to manage the whole process effectively and efficiently.
Obviously, adoption of the narrow view that the digital and online businesses are unfeasible or unattainable, is not in realization of their true aspects when the boon of technology is observed in this day and age, while there are various organizations out there that have come out with and withstood successfully. More to the point, the words of Jeff Bezos, founder of Amazon are worth mentioning, according to him, “It’s hard to find things that won’t sell on line.” In point of fact, what needs to be done is to study various factors influencing success or failure of such businesses. Indeed, that which is in pursuit of online and digital business concept lies in broader sense and scopes and spectrum, but the focus must mainly be on some of the factors influencing success or failure of digital businesses so that the process may be made easier and efficient and effective.
Digital business is all about increasing the value of the business by integrating business goals with the customers' needs. It is a bigger concept which is not confined to the use of internet only. The process of digital business has various mediums, such as, telephones, mobile phones, SMS, MMS, digital banners etc. as constituent elements to manage it in an efficient and effective manner, whereas the internet is useful mainly for videos creations serving digital marketing purposes and maintaining social media marketing. The notion that the process of digital business can be executed powerfully is to be understood on the basis of the fact that individuals of modern age are interested about watching videos and getting benefited with audio visual aids in order to get knowledge of various products. For example, you tube, photo bucket, face book, my space, Bebo, etc. In addition to these, several blogs consisting of numerous products’ descriptions and providing “how to apply or use.” of the related informative articles are a good source of digital marketing methodology. This ideology does not only attract the customers while making effective advertising methods but also brings expected sales of various products. As such, both public and private sector organizations are focusing on digitalization in anticipation of getting a competitive edge. At this juncture, the saying of Andrew Needham is noteworthy, he says, “The arrival of MySpace, Facebook and Bebo has given consumers the confidence and the ability to take more control of the relationship they have with brands.”
Setting up a digital business requires effective planning as planning is to seek where an organization stands and where it wants to be. It leads the organization to a positive direction, while lacking of effective planning process affects the whole organization. The process entails comprehensive range of business plans, business opportunities, annual budgets, increasing sales, profits while it emphasizes upon better coordination and directing a clear way to organizational activities. It is through the effective planning process that the effective communication is established through which delays and obstacles in the process of the organization can be taken away. Further, it involves effective utilization of organizational resources, while seeking to achieve the coordinated structure of activities.
One of the most powerful strategies to be implemented for a digital business to manage in a way as has been intended to attain the business objectives is to establish a sound and effective and efficient way of marketing. Marketing is an essential concomitant of a successful digital business and a radical aspect of it that helps digital businesses to grow and bring substantial benefits. It is linked with performance of business activities that in turn direct the flow of goods and services to the consumers. It is a necessary tool to keep a business in an efficient functioning state. The importance of marketing to a business may be observed with this fact that the business, devoid of this concept, does not prosper and faces the failure finally. With no thought of marketing, even the brilliant ideas about the products or the excellence of products can be declined. It is very necessary for the products to be marketed in the effective and efficient manner. As the importance of marketing is revealed in the words of Lee Iacocca, “You can have brilliant ideas, but if you cannot get them across, your ideas will not get you anywhere.” Thus marketing is bringing the products to the knowledge of the buyers. The products or brands must be in general awareness of the people. In general, Mobile services are good examples of adopting digital marketing methodologies as the users are constantly in touch with their latest offers and services. In this way, the two fold effect is achieved. The users are contented with their efficient and prompt services, whereas the companies are continuing their objectives successfully. Thus, marketing is ongoing process to make the people known about the products and services. The words of an anonymous writer are appealing in this regard, “Advertising is the lifeblood of the digital economy”.
As Peter Drucker points out, “Businesses are not paid to reform customers. They are paid to satisfy customers.” Considering the aforementioned statement as a guideline, an online or digital business needs to provide satisfactory level of performance facilitating the whole process including the process of receiving orders of the brands to the delivery of the products to the customers with all ease.
“Twitter, Facebook, MySpace, LinkedIn, etc. are not successful because their technology is especially clever(although it is), they are successful because they tap directly in the Super-Social collective, and provide easier and more fulfilling ways for people to exhibit group behavior.”
K.A.Fareed (Fareed Siddiqui)
Writer, Trainer, Author, VB/VBA-Developer
BBA; MBA-Finance; M.Phil-Financial Management; (PhD-Management)
Individual Member of Institute of management consultants of India