Finance and Accounting

Internet technology facilitates access to and integration of financial data from sources inside and outside the firm. Firms that have embarked on ambitious programs to integrate their systems can use corporate intranets to obtain company-wide views of their firm’s financial performance. The Internet has opened up new avenues for businesses to make and receive payments electronically and has provided the financial industry with new products and channels to customers.

Human Resources

Internet technology has led to efficiencies and cost savings in employee communication and training as well as the processing of basic human resources (HR) transactions. Many companies are installing self-service HR systems on intranets to deliver HR-related services, such as enrolling in insurance and medical plans, maintaining employee savings plans, and applying for company jobs. Companies can use Web technology to deliver interactive employee training and HR policy manuals and company directories. Human resources staff members can use intranets to access employee records from the firm’s basic human resources transaction systems. You can find examples of human resources applications on page 132.

Manufacturing and Production

Internet technology creates a common platform for communication and data exchange that can be used to integrate manufacturing and production data from disparate systems inside the firm and to coordinate manufacturing and production processes with those of suppliers and distributors. Internet technology can help companies bring products to market more quickly and, in some cases, outsource most and even all of their production or order fulfillment. Public B2B commerce systems and private industrial networks can help reduce procurement costs and make other supply chain processes more efficient. The Internet can play a role in every step of the manufacturing and production process, from gauging demand and taking orders to scheduling production jobs, managing inventory, and handling shipping and logistics. You can find examples of manufacturing and production applications on pages 113 and 128.

Sales and Marketing

Although the Internet may not have overwhelmed traditional retailing, it has spawned powerful new channels for reaching consumers and providing new digital products and services. A significant percentage of financial products and services, books, computers, music, video, and travel services is now purchased on the Web. Internet technologies can help differentiate products by using personalization, customization techniques, and community marketing techniques.

          The Internet has broadened the scope of marketing communications by making it much easier for firms to reach large numbers of people. The Internet has also increased the richness of marketing communications by combining text, video, and audio content into rich interactive messages. Personalized messages can be delivered at very low cost to individuals and groups. Finally, the Internet provides marketers with unparalleled, fine-grained, detailed real-time information about consumers as they transact on the Web. You can find examples of sales and marketing applications on pages 13 and 143–145.