Business means the process of exchange of goods and services for consideration. It involves either monetary compensation or payment in kind. Organizations that facilitate business comprises of enterprises, firms, and companies. Many organizations are privately owned while some are publicly owned. Additionally, some companies are not-for-profit making. It means that their motive is to improve social welfare through the provision of quality services without considering the value that they get back. Business is the backbone of economic activities. Business organizations provide goods and services to customers via a platform called the market, in exchange for money or other goods and services (Storey, 2016). For a business to make the profit, it needs investment to sustain its operations and customers who will purchase the output.
Corporate ethics is concerned about morals and principals which govern code of conduct in business operations. They govern the conduct of organizations and individuals. Corporate ethics involves standards and a bunch of values which administer the way of behavior within the organization. It is good for the philosophy of the business to be reflected in organization’s criteria. Also, code of ethics dictates achievement of the company’s objectives. Every business has its outlined policies regarding ethical conduct. The procedures must be simple enough to be understood and comprehensive sufficiently to cover all relevant contents. They specifically provide guidance in daily business operations and in solving ethical problems. Ethics are mostly taught in periodic seminars.
Current Trends in Business
Many business persons and entrepreneurs have increased confidence in their companies, concerning economy. Currently, the economy has strengthened, hence contributing much towards optimism. Most enterprises that are now prospering usually focus on smaller and specific customers. Prolonged close relationship with particular audience leads to developed loyalty in them. This has become a new trend in marketing, and it has been recorded to be working out well. In the sector of financing, crowd-funding has gained popularity over time, and it is mostly applicable to businesses seeking capital. Many assets including real estates and bonds have gone in bubbles. There is an urge to manage the property for efficient performance. Businesses are shifting capital from classes of excess valued assets to categories of less valuable assets. Home flipping has been on the rise, and banks have skewed to offering more credit to organizations which have majored in home flipping.
Information Technology Business Model
Technology has gained popularity in business models. Many business activities are computerized, and many web apps are developed to make work easier. They have drastically expanded leading to the growth of the economy. A good example of a business app that has trended includes Uber, which is used even in remote areas. Another trending software is 3 D printing, which is faster in operation and cost saving. Additionally, it has led to increased quality in performance. Currently, there is stiff competition in business. Therefore, it is essential for one to upgrade operations for survival in the market, lest they are forced out by superior enterprises.
It is wise to embrace technology in the current dynamic business environment to gain a competitive advantage and remain connected to customers. Additionally, online payment options like Google payment options are much trending. However, with many people chasing technology, e-commerce market has become more saturated than before. The market is developed. Vast information can be safely stored and easily retrieved at the time of need. The faster flow of information simplifies work thus improving the quality of output. Furthermore, there is computer software that enables analysis of business information with accuracy. The management’s tasks have been streamlined and judgmental errors reduced. On the other hand, marketing has also been digitalized for faster and smooth flow of information. Various web applications support marketing. They can be accessed at low costs, and many customers opt for these sites for access to information concerning products or any information regarding the organization.
There has emerged smart data discovery in the field of customer relationship management. CRM vendors have strategically positioned themselves regarding development through the acquisition of Beyond Core. They can now examine patterns in data and simplify into a language that is easily understood by humans. They are abreast in smart data discovery. The issue of manually analyzing data has now changed, and the task is left to machines which are more accurate than a human being. Another emerging issue is hybrid cloud and other various data storage platforms. It means that the information of an organization is safe in the manner that if one platform is hacked or tampered with, the organization can still retrieve information from other storage platforms (Li, Qiao,& Wang, 2017).
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Hacking of business database has been on the rise giving access to confidential information. There are computer experts who can manipulate computer applications to get what they want. Hackers could be competitors or agents who sell information to competitors. It is very dangerous when competitors learn your strong points and weak points. It is very easy to identify and monitor crimes using the computerized program like CCTVs. On the other hand, online payment system could be a threat to customers. For example, use of credit cards paves the way for retailers to access private data of their clients. The information could be purchasing habits, financial status, or location. Therefore, retailers should protect the information as much as possible to enhance confidentiality.
Ranking of web pages in product promotion has changed with time. The shift towards user experience has brought variations in web design. It is time to use information technology experts in gaining momentum to differentiate one business from the other. The enterprise needs to deeply study business environment, adapt to it, and try to improve sections that prove to be weak. Lastly, another emerging trend is use of social medias like Twitter, Instagram, and Facebook for advertisement. It is ideal for beginners, specifically those who don’t have enough capital to invest in other methods of advertisement. It is, therefore, easy to operate businesses with few employees due to computer assistance. Entrepreneurs who are not technically fit can now venture into industrial markets due to the ready availability of support. They can boost their knowledge with available tools like bubble and zapier. Sale skills and business knowledge are preferable to coding ability (Li, Qiao, & Wang, 2017).
Storey, D. (2016). Understanding the small business sector. Routledge.
Li, X., Qiao, H., & Wang, S. (2017). Exploring evolution and emerging trends in business model study: a co-citation analysis. Scientometrics, 111(2), 869-887. http://dx.doi.org/10.1007/s11192-017-2266-5