Electronic business (or E-business, as it is often known) describes the facet of modern businesses that utilizes diverse technologies to support and run a business. Almost every business in the world today uses some form of e-business, whether for information and promotion (such as through internet sites), finances (such as electronic purchasing or accounting) or communication (such as email or site communication for business deals, product exchanges and more).
Gulf & Western is a large company that has experienced hard times in the past, and could benefit from extensive e-business. It has a hand in several different industries, including entertainment and communication. At one time they even owned Madison Square Gardens. However, the company has suffered extensive losses throughout its existence, losing millions in stock trading, poor purchases and investments, incorrect accounting and illegal employment activities. The company has also experiences repetitive, decreased popularity and poor publicity. With uncertain regulation on their finances and poor use of possible e-business, Gulf and Western’s once shining future has become unhappily dim.
If Gulf & Western employed better e-business tactics, they would not only help improve their finances, they could help improve their visibility to potential clients. Currently, Gulf & Western does not have a clear-cut, informative company website. By establishing an internet site that outlines the company’s history, services, strengths and other crucial information, they can expose their company to the world. The internet is the primary source of information acquisition these days; publishing in magazines and newspapers (as Gulf & Western has done before) is not nearly as effective. Gulf & Western can also ensure more financial stability by using an electronic database for their financial records – one that can be examined or audited by both company and non-company personnel. Making their products available online and using technology to implement exchanges can also benefit the company. Without proper e-business practices, Gulf & Western risks being left behind and forgotten in the wake of newer, more technologically savvy companies.