^{BENEFITS OF USE BY BUSINESSES}

INTRODUCTION:
In our rapidly advancing technological society, the Internet is playing a huge role in shaping the world as we know it. The Internet is perhaps the most important business tool ever to come about. The benefits of Internet use by businesses far outweigh the problems. Internet use by businesses has increased steadily and rapidly since about 1995 (Ng, Pan, & Wilson, 291). The benefits of business Internet use can be seen from a large-scale perspective (benefits to whole industries), localized perspective (benefits to a specific business), and even an individual perspective (benefits to clients/consumers).

BENEFITS TO INDUSTRIES:
With respect to the real estate industry, Wall Street traders are utilizing the Internet to collect current information on commercial mortgage bonds. In this industry, investors require current loan level information on continual basis. This information allows them to distinguish between the good investments and the bad. The more readily available information that the industry is able to provide, the greater the growth potential is for the industry. In 1998, a company called Midland Loan Services began offering information on 23 commercial bond security transactions (representing 2,333 loans in the total amount of over $7.6 billion) via a dial-in network accessed through the Internet. It is this kind of "real time" easily accessible information that allows companies and industries a greater potential for rapid growth (Anonymous, 1998, 16).

INTERNAL BENEFITS TO BUSINESSES:
Benefits of Internet use are apparent in individual businesses, as well. As with any business tool, the Internet is only as effective as the degree to which it is utilized. Some businesses make "light" use of the Internet, utilizing e-mail for communication and the World Wide Web for research. Other businesses, however, implement new and creative strategies to make the Internet work for them. Utilizing Internet technology, many companies have set up private/internal networks called intranets. A company called SELCO Credit Union uses their intranet to streamline human resources operations. Employees can access the SELCO intranet at home via the Internet and review/make changes to their 401K plan (Loranger, 26). SELCO also uses their intranet for various other interactive applications such as posting marketing promotions, wellness screenings, and training class sign-ups (Loranger, 27). Companies that can afford to set up and maintain intranets stand to save a large amount of time and money if they are used effectively.

BENEFITS TO SMALL BUSINESSES:
In 1998, product sales via the Internet were expected to reach $12 billion per year by the end of the century. Small businesses are able to "cash in" on this boom as the Internet is one of the few places that they can effectively compete with their bigger rivals. All sites on the Internet are essentially equal, and relatively small companies can launch complex sales programs and effective globalization campaigns just like their larger competitors (Hsieh & Lin, 113).

BENEFITS TO CLIENTS/CONSUMERS:
Business use of the Internet can be of great benefit to clients/consumers, as well. An electronics manufacturer, Avex Electronics, Inc., allows their clients to monitor the progress of their jobs through the Internet (Anonymous, 1997, 76). There are many other business websites that function as useful tools for consumers. A popular site, http://www.expedia.com/ , works like an online travel agent and provides other free services to consumers (such as maps and driving directions). Another popular site, http://www.cnet.com/ , is aimed to help consumers comparison-shop for computer related products on the Internet. Websites such as http://www.barnesandnoble.com/ and http://www.officedepot.com/ function essentially as online storefronts. This type of site provides a major convenience to consumers who have busy schedules or live in remote locations. The use of the Internet for these purposes represents a relatively new application, a departure from the traditional communication and information retrieval uses of the Internet (Miles, Howes, & Davies, 131).

ONE THING IS FOR CERTAIN. THE INTERNET IS REVOLUTIONIZING MANY AREAS OF BUSINESS IN AN EXTREMELY POSITIVE WAY.  .  .

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REFERENCES:
     Anonymous (1997). Customers can check job progress online-- CEM Avex's 'extranet' enables direct, close monitoring [Abstract]. Electronic Buyers News, 76.

     Anonymous (1998). Websites satisfy Wall Street's hunger for information [Abstract]. Mortgage Technology, 5, 16.

     Hsieh, C., Lin, B. (1998). Internet commerce for small businesses [Abstract]. IND MANAGE DATA SYS, 98, 113.

     Loranger, C. (1999). Streamlining HR. Credit Union Management, 22, 26-28.

     Miles, G.E., Howes, A., & Davies, A., (2000). A framework for understanding human factors in web-based electronic commerce. International Journal of Human-Computer Studies, 52, 131-163.

     Ng, H.I., Pan, Y.J., & Wilson, T.D. (1998). Business use of the World Wide Web: A report on further investigations. International Journal of Information Management, 18, 291-314.

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