Doing business in the wired world

Using the Internet for business use, ie., electronic commerce, promises to dramatically alter the structure and processes of commerce. Managers will have to invent new business models that reemphasize scale, differentiation, and brands to effectively compete on a noisy infrastructure with low transaction costs. They will also have to spend substantial time redesigning transaction processes and participating in industry groups to develop new e-commerce conventions. Effectively implementing these strategies and simultaneously reconciling new and existing business models will be key to a firm's success.