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| Why You're Reading This Magazine |
July 1, 2001 |
By: Peter Wolchak
I am happy to be sitting in the editor's chair because I believe this magazine is positioned to do a great job... of serving our readers. We've produced four great issues, and we're only going to get better.
But you didn't open this magazine to read about this magazine. You opened it to dig into the challenges that surround your business as we move forward. You want to know how to find and keep customers, reduce costs, improve efficiency and ultimately boost your profits.
To do that, you need e-business know-how. That's where we come in. And according to some recent numbers, solid information is in great demand. PricewaterhouseCoopers held e-com seminars in Calgary and Toronto recently at which attendees were surveyed on their corporate online endeavours. The responses indicate companies are moving forward with e-com initiatives-but many of those efforts are not well-directed.
Attendees in Calgary were asked how much their business initiatives will rely on Internet connectivity in the next two to three years. Seventy-six per cent answered Completely or Significantly. The Toronto audience gave essentially the same response. (Full survey results are available by searching for "New Economy Forum" at http://www.pwcglobal.com/ca.)
Similarly, asked to what extent their business models are changing as a result of the New Economy, 59 per cent of the Calgarians said Completely or Significantly, with Torontonians coming in at 51 per cent.
Okay so far; these responses acknowledge the reality that all business is becoming e-business. Now for the bad news. Twelve per cent of the Calgary crowd rated their e-business knowledge as Very Limited; 39 per cent characterized themselves as Somewhat Knowledgeable. In Toronto, the numbers were 24 and 57 per cent, respectively.
In addition, when asked "What impact has new, non-traditional competitors with New-Economy business models had on your business over the last 18 months?" 24 per cent of Calgarians selected Significant with 43 per cent choosing Moderate. Toronto went with 16 and 47 per cent, respectively.
Surveys such as these are not considered statistically definitive, yet it can be said that the lack of knowledge these responses indicate is surprising. These business professionals say online commerce is changing economic models, yet many attendees are still ill-informed.
This is a crucial observation, because basic corporate survival is at stake. Let's look at an optimistic scenario. A small manufacturing company has built a good business, averaging revenues of $3 million in each of the last three years.
However, new combatants have just appeared on the horizon, promising to deliver improved service and cut-rate costs through the use of a business-to-business procurement model. Some of your established customers have jumped ship, others are negotiating with the enemy.
If 40 per cent of your business is potentially affected by this new competitive climate, and if these New-Economy predators bite off half of that revenue, you've lost $600,000.
What does this mean to you? Feel free to grab a calculator and sub your own numbers into the above equation.
When you've done that, read on. In these pages we dig into Customer Relationship Management, discuss entrepreneurship and business financing, look at the contentious issue of employee e-mail surveillance, and learn about new developments in areas such as smart cards and Web streaming.
Whether you are an established business fending off agile newcomers or one of the new-breed competitors, we're here to help with the information and context that you need.
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