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Old versus new economy
The Web has transformed the way business is conducted. The old economy: Business, Commerce, and Processes consisted of slow, manual, paper based tasks. In the new economy, E-business, E-commerce, and E-processes dominate with an emphasis on convenience, efficiency, ease-of-use, and fast, accurate results.

Old Economy
Business
Commerce
Processes
Paper
Mail
Slow
Inefficient
Not secure
Expensive
New Economy
E-business
E-commerce
E-processes
Paper + electronic
Web + email
Fast
Efficient
Secure
Cost-effective

Old processes
Consider business processes in the old economy. Applying for a bank service like a new account required a person to visit a branch and to fill in paper forms (often providing the same information multiple times). The bank then processed the application by routing the paperwork through manual processes. Approximately a week later, the process was completed - databases had been updated, cheques ordered, and the new account was fully functional.

New processes
Contrast this with the new Internet economy. At the bank's website end consumers apply for a new account online. They secure their application with a digital signature and submit the information in a matter of minutes. A workflow engine follows business rules and directs the application around the organization to those that add value, and to the bank's core systems for near real-time validation and approval. The workflow engine then generates database updates, and creates an email to notify the applicant that their new account has been approved, cheques ordered, and the account is fully active - within a matter of minutes. This is an e-process.


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