Information Technology in Global Business:
Many organizations are in the process of transformation into internetworked global companies. They are making a foray into the international markets for:
- Utilizing global manufacturing facilities for producing and/or assembling their products
- Raising money in the global capital markets
- Marketing or selling their goods and services
- Entering into alliances with global partners
Transformation into a global company would be practically possible and feasible only if the company has robust intranets, extranets, the Internet, and other telecommunication networks. These networks form the nucleus of the global companies in the present business environment. Globalization and IT are important drivers of change. Together, they affect the competitive environment in the global markets. To face the competition, organizations should develop IT strategies and integrate them with their business strategies. This would transform the organizations into internetworking global companies who can carry out their global business operations.
The internetworked system has enabled the creation of a virtual market globally. Business transactions in this market take place instantaneously and are processed economically. Companies that have a presence in global markets face this kind of competition. It is now possible for organizations to enter into alliances with other global companies, suppliers, customers, consultants, government agencies, and even former competitors. The Internet has also enabled companies to utilize the services of skilled human resources from around the world. These developments, both internal and global, have enhanced the productivity and quality of products and services.
Globalization has brought in more complexities and uncertainties in the organizational and business environments. The business models have undergone transformations due to the increase in the global competition and the rapid growth of IT. Alexander Osterwalder, Yves Pigneur, and Christopher L. Tucci have defined a business model as, "a conceptual tool that contains a set of elements and their relationships and allows expressing the business logic of a specific firm. It is a description of the value a company offers to one or several segments of customers and of the architecture of the firm and its network of partners for creating, marketing, and delivering this value and relationship capital, to generate profitable and sustainable revenue streams."
A business model describes the value proposition, target customer segments, distribution channels, customer relationships, value configurations, core capabilities, partner network, cost structure, revenue model, etc., of a business. It determines the way business should be conducted to generate revenues in the market. These models play a crucial role especially when new products/business segments are being designed and when an organization is functioning in a declining market.
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