|
|
| Building Web solutions for Business |
March 9, 2004 |
By Albert E. Wahbe
Canadian consumers have embraced web solutions more quickly and in greater numbers than canadian businesses, which have been considerably slower to keep pace with demand and adopt technology.
The reasons are varied, but basically businesses were not ready to implement online services into their organizations a few years ago. Today, businesses are looking for ways to improve productivity and reduce costs in order to remain competitive.
The benefits of the Web and its ability to help improve business processes and efficiency are being realized, a situation consumers have known about for years. The gap between consumer and business demand for online services is beginning to close, however. We have seen phenomenal participation rates in our online personal banking service Scotia Online, which was recently ranked the top online banking service by Gomez Canada. In recent meetings held with business customers from across Canada to talk about their financial services and electronic banking needs, we have noticed an increased demand for online business services that emulate consumer-based Web solutions. This is a common request amongst businesses of all sizes.This trend is also being seen in the United States. Recent research predicts that adoption of online banking in 2004 by small business will far outpace personal consumer adoption, and that 60 per cent of small businesses intend to conduct financial activity online by the end of the year. This finding is extremely relevant because businesses classified as small in the U.S. are comparable in size to what we commonly describe as independent and commercial business in Canada.Canadian businesses need to continue modernizing to remain competitive, which is especially urgent in the face of our rising dollar, and to ensure our ability to compete in a global marketplace. More and more businesses around the world are connected with Internet-based solutions and are benefiting from improved productivity, reduced costs and the convenience of the Web. In fact, productivity gains and the benefits associated with these new solutions are actually much more significant for businesses than consumers. As a consumer, the Internet offers convenience and time-savings, but for an organization these benefits can drive cost-savings. Increased efficiency can directly correlate to revenues and profits, impacting a company’s bottom line. As businesses “Web-atize” the functionality of their services, they are also looking at opportunities to re-engineer their internal processes. By integrating processes, both internally and externally with providers and customers, businesses can form deeper, more profitable relationships and improve productivity. Recently a major U.S. manufacturer consolidated its treasury management operations allowing it to view and manage its cash positions in accounts at more than 60 banks across North America and Europe, in a standard format. As a provider of financial services and information, Scotiabank, along with the other financial institutions, was able to deliver data that met the company’s need to integrate its operations and processes. In the end, this two-year initiative enabled the company to achieve its vision of significant operational improvements and controls and redirect resources to maximize its use of funds.
Financial institutions are also shifting resources to find electronic solutions for their business customers, and ways to link their trading partners along their supply chains. Many providers are introducing Web-enabled cash management services that combine trade finance and foreign exchange trading services that greatly enhance efficiency and enable business customers to conduct their banking from their desktops. Providers are also investing heavily in systems and a technology infrastructure to offer secure services and convenience. With the addition of Web-based interfaces, more customers can now efficiently and directly log on to these systems and receive better service from their providers. Access to real-time information and the ability to share data with multiple users in several locations means businesses and providers benefit from improved workflows and efficiency. The Web is the ideal vehicle for businesses to remain competitive in a global market where efficiency, cost control and on-time delivery of goods and services are key to business prosperity. In the next five years, business Internet use and Web solution development will increase dramatically, ensuring Canada and Canadian businesses remain competitive in an inter-connected world.
|
|
|
| Top 300 Issue |
 
|
| Gadget of the Week (Canadian) |
|
Boost your cell
ARC Wireless Freedom Blade
Mobile data and voice are great, as long as the signal is strong. And while mobile networks are pretty good these days, road warriors quickly discover that dead zones still exist.
more>>
|
| Gadget of the Week (Japanese) |
Sounds of Japan
Why record just the visual when you can capture the sounds as well.
more>> |
| Backblog RSS feed |
Click to subscribe  |
|
sponsored by 
