together and organize it making it more efficient. E-biz ensures that each
business system communicates with one another and shares information;
sales data, order entry, billing, shipping and receiving, inventory; and
many more all feeding off of one another. It also ensures that if a
company’s customers and employees want to access this information from
anywhere and anytime, they can do so securely. The effect of e-commerce
and e-biz on the economy, participants of the economy and the accounting
field are proving to be both positive and worth anticipating.
E-commerce and e-biz definitely influence the economy in a very
constructive way. Investors can now put in orders for stocks 24 hours a
day, and trade on markets around the world in real time within seconds,
individuals now have any information desired, right at their fingertips.
Investors can now work from home and get stats about their stocks off the
web and react to the information in a matter of seconds, meaning they can
cash in on business opportunities instead of having to wait for their
broker to put the transaction through. This means that the investor now
has more control over the market and in turn has more effect on the growth
in the economy. E-biz helps to organize all the information needed so
information can move faster and orders and needs are fulfilled in shorter
time frames, eliminating many middle men, resulting in customers getting
what they want quicker and at a lower cost. Organization in e-biz is
evident when a customer places an order on a website; since all
information is integrated customers know which products are available and
the sellers know how much of each product they have on hand and when they
need to purchase more; this saves lots of time for the seller since all
inventory is monitored on the computer, meaning faster turnovers and more
sales. Increased e-commerce (online shopping) also leads to the production
of ‘middle wear’, as companies grow, the need for technological solutions
becomes more evident and smaller tech companies are called upon to create
e-biz solutions to help industries cope with the new high demands of
e-commerce. This produces more jobs for those in the technology industries
because they are needed to assist in trouble-shooting and operating of
these programs. E-commerce and e-biz are revolutionizing the way all
industries work and are assuring that the futures of these industries are
promising.
The effects of e-commerce and e-biz on the people working in industries
are both accommodating and obstinate. Since companies are transforming
their flows of information with new middle wear programs, the employees of
these companies have to learn new ways of functioning with and
manipulating information. An example of a company which has created middle
wear that aids in the transformation from paper to electronic transactions
is Acc Pac, this program aids companies in establishing productive streams
of information. Companies then have to hire representatives to train their
employees and to help with the transition. Essentially, everything becomes
more efficient and employees are more productive. Additionally, people
working in these industries can gain useful experience, which can lead to
more job opportunities and higher positions in their respected companies.
Individuals in today’s working world are faced with new and challenging
opportunities that ensure efficiency.
Accountants have the upper hand in e-commerce and e-biz because of their
insight into systems and transactions. CA web trust is the accounting
professions bid to apply its analytical credibility to e-biz and
e-commerce. CA web trust enables CA’s to audit online transactions and to
ensure that they are secure and private to their customers. As e-commerce
grows, customers are becoming more concerned with their own personal
privacy. This is why sites having the CA web trust mark of approval must
be regularly audited by CA’s who certify that the site has high standards
for business practices, transaction integrity and information protection.
This is because consumers trust the objectivity, independence and
integrity of the CICA, and because the site must be re-certified at least
every 90 days. The CICA hires other firms to test these sites security so
that the most effective security measures are used to ensure the integrity
of the transactions taking place within the site. Accountants with their
knowledge of information flow and organization will prosper in the
information technologies sector.
The economy, the people who work in the economy and the accounting
industry confirm that e-commerce and e-biz are here to stay. The economy
has only prospered since its introduction, and even though there have been
some shortcomings, lessons were learned as companies and individuals
acquired knowledge on how to manipulate the availability of information.
Additionally, the people working in industries have come to the
realization that electronic information technology is the future, and that
they need to learn how to process the information properly so that it can
benefit them and the company’s that employ them. Accountants also with
their innovative ideas, have capitalized on e-biz and e-commerce evolving
with the business world and setting an example of flexibility and
pioneering in e-biz solutions. In a world that is drastically changing,
only those who are revolutionary can benefit.
