Why are e-business and outsourcing referred to as the emerging modes of business? Discuss the factors responsible for the growing importance of these trends. - Business Studies

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Why are e-business and outsourcing referred to as the emerging modes of business? Discuss the factors responsible for the growing importance of these trends.

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Solution

Numerous factors, such as rapid globalisation and continuous innovations of products, have triggered a sea change in the modes of business. E-business and outsourcing are two emerging ways of doing business. E-business refers to the trading done online, through computer systems. It enables consumers and sellers to trade goods round the clock, saving time, cost and effort.

Outsourcing refers to the process of contracting out non-core business activities to external agencies. It enables companies to focus on important activities such as research and development for the innovation of sophisticated products.

The following are the factors that are responsible for the growing importance of e-business and outsourcing.

(a) Theyspeed up the business process: The demands of consumers are growing, and it has become necessary to facilitate trade from anywhere and also round the clock. E-business and outsourcing help speed up the process of buying and selling around the clock.

(b) They facilitateinnovation and technology development: To sustain in the market, every business needs to innovate and develop new ideas and products. In this scenario, e-business and outsourcing have emerged as a boon for producers as they facilitate continuous development of business strategies and new technologies.

(c) They help make available quality products at lower costs: The demand for high quality and customized products has increased, and e-business and outsourcing play a major role in providing consumers with the required products at a reasonable cost. By facilitating the production and supply of quality products, e-business and outsourcing help attain the objective of excellence.

(d) They pave the way for effective post-sale services: It is important for any business to cater to the needs of its customers. E-business and outsourcing play an important role here by providing quick and effective post-sale services to customers.

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Chapter 5: Emerging Modes of Business - Long Answer Questions [Page 141]

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NCERT Class 11 Business Studies
Chapter 5 Emerging Modes of Business
Long Answer Questions | Q 1 | Page 141

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