Networks and Globalization By Janine Lewis and Dina Dragic

What is Globalization? Globalization is a process of interaction and integration amongst people, companies, governments of different nations, a process driven by international trade and investment aided by information technology.

EFT (Electronic Funds Transfer) Electronic payments and collections. The electronic exchange or transfer of money from one account to another through computer based systems.

Advantages of EFT Fast: no delay connected with paperwork. No need for cheques or cash. Convenient Tax efficient

Disadvantages of EFT Expensive security Hackers Developing is expensive.

EDI (Electronic Data Interchange) The exchange of standardized e- documents between organizations from one computer application in one organization to an application in another.

Advantages of EDI Lowering Operating Cost Reduced Error and Increases Business Information Accuracy. Increase Productivity. Increase Security. Marketing Competitiveness. Better Quality Control. Improve Corporate Trading Relationship.

Disadvantages of EDI Too many standards. Changing standards. Expensive. Limits trading partners. Lack of interaction with people. Marketing Competitiveness.

E-Commerce E-commerce consists of the buying or selling of products or services over electronic systems such as the Internet and other computer networks.

Advantages of E-commerce More variety of cheaper and quality products. Not time consuming. Reviews on product from other customers. Small enterprises can access the global market. People can carry out businesses fast and without the issue of distance.

Disadvantages Less human interaction. Not suitable for some business sectors. Time consuming if you are not satisfied with the product and need to return it to get a refund.

Global Networks A global network is any communication network which spans the entire Earth.

Examples of Global Networks Internet Satellite communication Telecommunications.

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