Gift Basket Analysis
Nowadays, the term informational era is becoming more and more in use among both scientists and practitioners. It means that information has become one of the most valuable resources any entrepreneur has. Thus, being in charge of own gift basket business, it is necessary to consider the latest trends in business environment, i.e. the growing importance of information as a key component of company’s success.
The importance of information is caused by several reasons:
Relevant information provides a competitive advantage, cause it enables either to prevent not desirable changes or to implement desired ones;
Information gives an access to the latest advancements.
The advancements mentioned above nowadays are represented in such technologies as Internet and telecommunications, which in turn, facilitate major business processes. Internet is valuable for business, since it enlarges the possibilities of traditional business patterns. First of all, it is the fastest way to get information desired due to different search systems. For instance, if it is necessary to check the official statistics on average income level of citizens of certain region, it is needed to either check the relevant web-site, which provide this kind of statistics or search for other relevant resources. Thus, Internet not only provides information quickly, but also saves much time that could be spent more productively in other fields of activity. Secondly, Internet enables to diversify the ways business is conducted.
With regard to this, it is crucial to mention that the majority of operations can be held on-line from the office. For instance, the contract for supply of certain number of product (certain component of gift basket) can be signed on-line simultaneously. Moreover, Internet can present a n effective marketing tool. For example, the web-site of Gift Basket store can provide valuable information for customers about the store, its offers, its sales, products etc. Customers will have an opportunity to thoroughly study this information and take their time to make their mind what kind of purchase they desire to do. To the third, on-line conferences enable to gather participants from different corners of the country and even world. If it is necessary to talk with a partner of business from another city, on-line conference is of great help. Yet, what is even more important is that Internet is a convenient way t hold new business trade, namely E-commerce. E-commerce has numerous advantages for Gift Basket business:
Expand geographic area;
Save costs on sales personnel and rent for sales space;
Gives customers a chance to make a purchase in a convenient atmosphere at their own house or office;
Enables the business owner to see how his target audience is (specific characteristics, such as sex, age, profession etc.)
Thus, as we can see Internet and telecommunications are inherent in contemporary business environment and provide necessary competitive advantages.
Moreover, informational technology can improve business productivity and performance in different ways. It was already mentioned that IT saves time and makes business operations more optimized. However, it is also crucial to say that IT presents endless opportunities for businessmen to both enhance the work performance of employees and thoroughly and competently analyze the business operations of the company. This opportunity is provided by different Informational systems. Such informational system includes workflow/ groupware (office systems) and OLAP/Data Mining (decision support systems). Office information system is important for the organization as a whole, as it enables to facilitate the process of document translation, document flow etc. Decision support systems help to handle very complicated inquiries and data analysis using different criteria – date, location, brand, product, price etc. For instance, for gift basket store, DSS will help to find out what product was in demand at what period by what type of customers etc.
In conclusion, it is necessary to say that information and telecommunication systems are inherent part of contemporary business, as they provide substantial advantage for companies, enhancing productivity of business operations, providing access to necessary information, enabling the existence of new patterns of business conduct.
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