Technology Revolutionizing Business: Cost, Speed, and Innovation - Essay Sample

Introduction

According to the article, rapidly advancing technology within the workplace has made the cost, the speed, and the innovative way of transmitting information more fundamental for organizations (Duica et al., 2017). The use of the internet has played a significant role in ensuring that organizations quickly share information through e-skilled workers and computers. It has also enabled small businesses to have international ambitions; thereby, discouraging many countries from tightening their restrictions and reducing taxes that make the environment unpleasant for businesses’ competition (Lim et al., 2018). The internet has been the embodiment within the operation of many businesses, for example, it has reduced face-to-face contact with consumers; hence, creating special and psychological distance (Duica et al., 2017). Additionally, the internet has established an e-commerce system that has triggered digital evolution within the economy.

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The advancement of technology has also allowed organizations to have advanced methods of responding to different challenges that come from the external business environment through the use of the diverse complex system that incorporates the application of mathematical modeling (Duica et al., 2017). It has allowed access to new markets at a reduced cost, developed customer-centric programs, a proper understanding of customer needs, and perfect customer information management. The paper seeks to explore the role of mathematical modeling and its significance in the analysis of the impact of internet on the commercial activities within the organizations.

Effect of the Internet on Commercial Activities

The advancement of technology has enhanced global communication and collaborations through the use of intranet, internet, e-mail, fax, and mobile phones, which foster international communication (Lim et al., 2018). Currently, small businesses have the opportunity to collaborate with large ones and customers from different geographical regions. The effect of advanced technology is how it has made e-communication an important factor in the organizational process around the world. The rate of internet penetration ranged from 6.8% in 2000 to 49.6% in 2017 (Duica et al., 2017). The internet has shown several benefits in diverse aspects of human life, including e-banking, e-gambling, e-learning, e-supply, e-marketing, e-trading, and e-recruitment, among other digital activities.

The use of the internet and technology advancement has enhanced development, information, and education and improved the standard of living among people worldwide. It also developed new virtual markets and some valuable institutions (Hiwarekar, 2014). Also, the delivery agents and commerce are usually e-commerce (virtual) and digital. The article has utilized the approximation theory of modeling to estimate the number of customers in the market, including their reactions. The computational theory has also been applied for calculating the number of customers who are served through e-commerce (Duica et al., 2017). Again, the coding theory of mathematical modeling has been used for graphical presentation.

Steps

For the improvement of e-commerce activities, some organizations utilize indicators that help experts improve activities as they capture more customers. The steps include the following:

• summarizing all the activities from the account and finding the interest of the customers
• observing the reactions of the customers on the product, the site used and the reaction on the organization
• finding out the questions of the customers
• identifying their profile of all the customers, and collecting data underpinning the customers and organizing a database

In achieving a successful e-commerce activity, the organization undertakes the following steps:

• creating a social media plan that helps in defining where, when and how to interact with the clients
• conducting efficient and effective networking
• making a decision of the site to be used that can attract a good number of clients, retain them, and decide on the approach to take

The organization also establishes an online strategy such as social marketing and monitor online activity through calculating the efficiency and effectiveness of the indicators; thus, through calculating the number of subscribers, the rate of social interaction, number of comments, and the number of tweets or retweets among other things (Duica et al., 2017). Finally, the organization forms an attractive platform that can challenge online customers to use e-commerce.

Reflection

I think the article has applied mathematical modeling for observing the relationship between e-commerce activities and the use of internet. Enterprises using the internet for e-commerce activities have been considered the dependent variable using data from the EU-28 (Duica et al., 2017). In contrast, the independent variables are enterprises that get orders online, the share of enterprises turnover on e-commerce, and those that purchase online. The regression function has played a critical role in analyzing the effect of the enterprise’s independent variables, which apply the internet for commercial activities. Graphical presentation is also appropriate for analyzing the relationship between different variables, which uses mathematical modeling (Hiwarekar, 2014). Understandably, the collection of data the product and customers’ reactions as well as analyzing, often requires mathematical modeling.

Based on my knowledge of mathematical modeling, the situation has been appropriately handled. It can be demonstrated when the ordinary least square (OLS) equation indicates the presence of a positive and direct relationship between the variables within the regression model (Hiwarekar, 2014). Mathematical modeling has been used to identify the popularity of individual e-commerce among the customers who are purchasing at a distance; thus, 55% of customers between the ages of 16 to 74 have purchased online (Duica et al., 2017). In the analysis, mathematical modeling has been utilized in identifying the proportion of customers who did not encounter problems with online purchases and those who encountered problems, in which approximately 70% did not face any problem (Duica et al., 2017). Mathematical modeling has helped identify the causes of problems as customers receiving damaged goods online and the technical failure of the websites used by the enterprises to sell online, among other causes.

Conclusion

It is worth noting that mathematical modeling plays a significant role in analyzing the effect of internet on e-commerce activities. Such modeling has helped in data collection and analysis to identify the problems faced by customers who purchase their products on the online platform. The graphical presentation has always been used to analyze the relationship between different variables, and many organizations can calculate customers’ reactions towards their products and the use of internet via mathematical modeling. Also internet has enabled online purchases and sales; thereby, enhancing digitalization within organizations. Notably, the use of a simulation model has helped predict situations that may benefit the business, including determination of the long-term risks, cost reduction, increased performance, and monitoring situations that lead to proper organizational decision-making processes. Also, such models help managers make an accurate and faster decision, as it solves complex organizational problems.

References

Lim, S. F. W., Jin, X., & Srai, J. S. (2018). Consumer-driven e-commerce. International Journal of Physical Distribution & Logistics Management.

https://www.emerald.com/insight/content/doi/10.1108/IJPDLM-02-2017-0081

Duica, M. C., Florea, N. V., Duica, A., & Toplicianu, V. (2017). The role of mathematical modeling in analysing the impact of the internet on commercial activities. Journal of Science and Arts, 17(3), 503-522.

https://www.icstm.ro/DOCS/josa/josa_2017_3/a_13_Duica_503.pdfHiwarekar, A. P. (2014). New Mathematical Modeling for Cryptography. Journal of Information Assurance and Security, MIR Lab USA, 9, 027-033.

https://www.researchgate.net/profile/Anil_Hiwarekar/publication/301585534