The Prospect of Electronic Tender Is Promising
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An important development is occurring in the working outward arena. An electronic tender is an electronic communication capability in a product or service that allows that product or service to be tended; that is, cared for, attended to, or kept track of by another computer. Electronic tenders open a seemingly unlimited set of possibilities for using IT in the working outward arena.
Initially, IT was embedded in products and services because of its computational capabilities. Due to the Internet and wireless networks, the communication capabilities of computers are being extended and emphasized, often in these same products and services. For example, cars and elevators have computers that make them operate more efficiently. Now, due to the Internet and wireless networks, the communication capabilities of computers are being extended and emphasized, often in these same products and services.
These additions are literally transforming these goods. In essence, we would characterize these additions as adding electronic tenders. A growing number of enterprises keep track of their customer interactions, culling them to understand clusters of customers and their buying patterns. Again, the options are endless. The goal is to get closer to the customer.
Electronic Tender is promising
Electronic Tender is promising considering below advantages it presents. Global accessibility: The Internet reduces the constraints related to geographic boundaries. Reduced order processing: Automated order processing improves efficiency. Greater availability: The company is available online 24 hours a day, 7 days a week.
Closer customer relationships: With a direct link to customers, the company can quickly address concerns and customize responses. Increased customer loyalty: With improved customer service and personalized attention comes greater customer loyalty. New products and services: With direct links to customers, the company can provide information- based products and services. Direct marketing: Manufacturers can bypass retailers and distributors, selling directly to customers.
Electronic tender is frightening
At the same time, electronic tender comes up with its own challenges like technical, and legal. The prospect of electronic tender is frightening due to below reasons.
Technical: Information systems are not always reliable or may be poorly designed. Logistics: Getting physical products to customers around the world in a timely manner brings physical barriers to the virtual business. Personnel: Few people have expertise in dealing with the new environment, both in technical and business arenas. Legal: Doing business across geographic boundaries means dealing with multiple legal systems.
Competitive response: The ease of creating a Web presence brings low barriers to entry for competitors. Transparent prices: Customers can compare prices across Web sites, reducing profit margins. Greater competition: The elimination of geographic boundaries means a firm must compete with competitors from around the world. Instant gratification: Customers demand immediate satisfaction.