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INFORMATION TECHNOLOGY AND INTERNATIONAL BUSINESS

By

Miss. P. PIRAKATHEESWARI, Lecturer in Commerce,

Sri Sarada College for Women (Autonomous), Salem ? 16.

Introduction

?????????? Computerization has changed the way business is conducted the world over. No aspect of business has remained untouched by the information technology (IT) revolution. This is especially true of international business where people located in different parts of the world conduct transactions with each other. The activities of international business include manufacturing, in-land transportation, customs and excise matters, port operation, shipping, clearing and forwarding, etc.? During the course of these transactions, a large number of documents are created and exchanged, many of these documents or the information contained therein is repeated, while creating and mailing these documents before the advent of IT., hundreds of man-hours would be lost in repetitive operation, innovations in IT have revolutionized international business; the use of technology in managing and processing information. Especially in large organizations helps save time, bring down costs, and reduce manpower, manual data input and transfer has now become not only obsolete, but also irrational.?

Areas???????????? ?

In international business today, IT finds maximum utility in the following areas:

1. Electronic procurement

2. Electronic marketing

3. Electronic logistics?

??????? ?????A modern competitive enterprise seeks to hold an edge over the market. IT helps provide this competitive advantage through its various applications tools. By adapting these tools in various new era cincinnati reds caps areas of business, the organization can gain many advantages in terms of accessibility to a customer or supplier in any part of the world, speed of operations, reduction in man power, etc. due to the reach of the internet it is possible to conduct buying and selling transactions irrespective of geographical location. Internet banking helps in the speedy execution of payments and settlement of accounts. A website can be a virtual showroom, where products can be displayed, demonstrated, and sold. Such a website can also provide various after- sales service tips and suggestions, launch discussions forums, ask for customer feedback, and educate the customer. IT application such as electronic data interchange (EDI) has also enabled logistics operations to be paperless.?

1. Electronic Procurement???????????

E-procurement essentially comprises a number of inter-related methods for improving the procurement process through the use of electronic systems and processes.? The need for e-procurement stems from the fact that in today's globalized world, a manufacturer can source inputs such as raw materials, components, machinery and consumables from any part of the world.? The manufacturer is constantly looking for suppliers who can offer quality materials at the most competitive rates.? The internet has become a favourite hunting ground for the best bargains. Small companies can purchase their inputs through various websites, which sell a variety of items. However, for the larger organizations, electronic procurement is a systematically outlined process. Here, enterprises use automated applications to streamline buying both production and non-production goods and services.

??????????? The entire electronic procurement process can be divided into three major components: pre-purchase, purchase, and payment activities. Pre-purchase activity can begin with a Request For Purchase (RFP) generated by the user department and sent to the purchase department. The electronic platform helps to plan pre-purchase activities starting with the vendor pre-qualification process. Vendors are invited to register their interest in a prescribed application form. They are asked to provide information about their organization, availability of resources, such as manpower, machinery, and monetary resources. Reference letters from their bankers help establish their standing in the market. A list of their present customers is also sought to gauge their market base. The short-listed vendors are registered and whenever new era cincinnati reds caps there is a requirement of their services, a Request For Quote (RFQ) is sent to them. In case of very large purchase orders, venders are invited to bid in a competitive bidding process. Tender evaluations tools help identify the most suitable bid. A number of companies resort to reverse auctions, whereby, they announce the auction process on their website and ask the new era cincinnati reds caps vendors to make their bids before the deadline. The bids are then opened and evaluated, before the contract is awarded to the selected vendor with the most suitable offer. This process is called a reverse auction because in this case the auction is for procurement instead of a sale.???????????