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Defining the Virtual Business and its Benefits

Article Description

Virtual business (VB) and virtual business processes (VBP) are terms that are seeing increasingly more press. Before the media and sensational journalists take control of the terms sending them through the usual over-hype, heightened expectations versus reality, then practical implementation cycle, Martha Young and Michael Jude suggest we short circuit the cycle and jump right into the definitions, benefits, and practical implementation examples. Net out the business benefits, so to speak.

What are the benefits?

The benefits identified in the examples above only begin to define why a company should seriously consider moving along the path of virtualization. The bottom line, or the top line contributions, is the litmus test for any company when evaluating virtual businesses or business process virtualization. Through extensive case studies and market research conducted by Nova Amber, LLC, a virtual research firm, additional benefits include:

  • A measurable reduction in capital and operational expenditures

  • Improved customer satisfaction

  • Faster time to market

  • Improved focus on the company's core business

4. Where do I begin? | Next Section Previous Section