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E-Business for Effective Corporate Governance

Introduction

The Private Sector Initiative for Corporate Trust through its publication ‘Principles of Corporate Governance in Kenya’ sets out the following objectives of good corporate governance;
  • Efficient, effective and sustainable corporations that contribute to the welfare of society by creating wealth, employment and solutions to emerging challenges.
  • Responsive and accountable corporations.
  • Legitimate corporations that are managed with integrity, probity and transparency.
  • Recognition and protection of stakeholder rights.
  • An inclusive approach based on democratic ideals, legitimate representation and participation.
Governance is concerned with the processes, systems, practices and procedures – the formal and informal rules – that govern institutions, the manner in which these rules and regulations are applied and followed, the relationships that these rules and regulations determine or create, and the nature of those relationships. 
 
In summary, corporate governance hinges of these five basic principles:
  • Accountability.
  • Efficiency and Effectiveness.
  • Integrity and Fairness.
  • Responsibility.
  • Transparency.
Electronic business (e-business) can be defined as the application of information and communication technologies (ICT) in support of all the activities of business. These can vary from buying and selling to customer service and business partners’ collaboration.
 
The growth of e-business can be traced back in the late 1970s when trade facilitation was enhanced through technologies such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT), to send commercial documents such as purchase orders and invoices electronically. The introduction and acceptance of Automated Teller Machines (ATM) and telephone banking in the 1980s further enhanced the growth of e-business.
 
E-business transactions are classified into two i.e the producer and the consumer and cuts across the private and public sector spectrum as follows;
  • business-to-business (B2B) – electronic transaction between two trading partners.
  • business-to-consumer (B2C) – electronic transaction between a trader and a consumer.
  • business-to-employee (B2E) – electronic transaction between an employer and an employee.
  • business-to-government (B2G) – electronic transaction between private sector and the government.
  • government-to-business (G2B) - electronic transaction between the government and the private sector.
  • government-to-government (G2G) – inter / intra governmental electronic transaction.
  • government-to-citizen (G2C) - electronic transaction between the government and the citizen.
  • consumer-to-consumer (C2C) - electronic transaction between two consumers.consumer-to-business (C2B) - electronic transaction between consumer and the trader.
E-business comes in many forms and some of them include;
  • Electronic document management in supply chain and logistics
  • Domestic and international payment systems e.g PayPal
  • Enterprise content management
  • Instant messaging
  • Online shopping and order tracking
  • Online banking
  • E-government services
  • Teleconferencing and Telepresence
  • Airline Booking and Reservation.
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