Module 0-Introduction-Conducting business in the 4th industr

In brief, traditional business relies on various people doing certain functions to keep it successful. Smaller organisations may not need all these functions, however, they do still have a place. These roles or departments (in larger organisations) include: finance, human resources, IT, marketing, sales, operations, etc.

1.2Digital (e-commerce) business model

E-commerce or a digital model is the way of the future and part of the 4 th Industrial Revolution. It is very different from a traditional business. This model uses technology to create value and gives a totally different experience for customers. In some cases, traditional businesses also have a digital component to maximise selling products and/or services to customers. Pandemics have highlighted the need to go online and still continue running a business. An excellent example of digital businesses are Uber and Bolt, video streaming services like Netflix and other online streaming platforms.

Below is a diagram of a digital business model so you can identify all the parts involved.

Finance: Accounting

packages e.g. Sage / Quick books are cloud based

Sales: Online selling through payment gateways. Using sites like Facbook, Markeplact & Spotify make things simple

HR: Cloud based payroll can link directory to your bank account.

My small business

IT: Networking makes SMART (automated) office. Google tools makes an an online office possible

Marketing: Digital marketing using social media to drive traffic to your webiste and tracking the traffic

Operations: Policies and procedures are automated

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