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Electronic Contracting in Business

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1. What will be the long-term impact of electronic contracting on the nation's business?

2. What are the potential pitfalls you see with electronic contracting?

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This solution explains the long-term impact of electronic contracting on the nation's business, as well as the potential pitfalls in electronic contracting.

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1. What will be the long-term impact of electronic contracting on the nation's business?

-It is estimated that the long-term benefits of EC will outweigh the costs by a margin of 10 to 1. The short-term start-up costs associated with new hardware and software are estimated to start at approximately $ 2,000 (Source: http://sbm.sbmin.com/asp/DisplayArticles.asp?ArticleId=470&CatId=74).
-Web information systems hold great potential to streamline and improve business-to-business-transactions. However, not all Web technologies are equally suited to support the different business processes throughout their distinct phases. (Source http://www.ascusc.org/jcmc/vol5/issue2/gebauer.html).
- Instead of regarding the Internet as a mere sales channel, the companies' utilization of emerging technologies has the potential to cut costs out of the supply-chain by streamlining procurement processes and improving collaboration. In times of intense competition and increasingly open markets, the ability to achieve efficiency improvements can become key to commercial success. (Source http://www.ascusc.org/jcmc/vol5/issue2/gebauer.html).
-Greater Flexibility and Automation of business-to-business interactions (see http://www.ascusc.org/jcmc/vol5/issue2/gebauer.html).
- The ease of making contractual deals through automation may lead prevailing commercial structures back toward market economic models. Extensive networks such as the Internet and NASDAQ have demonstrated the vitality of markets when highly customized products are not the object. Markets, rather than chains, are the natural and more efficient economic model in the large ...

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