The internet makes it easier for companies to expand into new products, new distribution methods, and new customers. It is an easier and more powerful way to reach people than we have ever had before. Redefined business means that the business has changed its focus, and the internet is a good place to focus. Social media and internet advertising are incredibly powerful tools, and any business that does not use them effectively will be left in the dust.
For one thing, the internet allows for a greater audience to be reached (depending on successful search engine results) on a 24-7-365 basis. You have lower overhead, less cost for manpower, and orders can come in at any time of day or night.
Internet has changed drastically people engage in many different activities like buying and selling, entertaining themselves with games, music and movies, learning and teaching, looking for information, and keeping in touch with people.
It has also changed the way organizations work by eliminating the need for people to be present at a common location to work together and collaborate effectively. Internet has also changed the way companies communicate with their customers, suppliers, and other people. Internet has drastically increased the speed of communication and reduced its cost. All this has changed drastically not only the way companies and other organizations work, but also the basic structure and nature of these organisations.
Internet is drastically changing the basic structure of industries. One such change is the trend toward disintermediation, which refers to elimination of middlemen from the channel of distribution between manufacturers and consumers. Because of Internet, many companies are moving towards selling directly to the consumers rather than relying on traditional distribution channel of wholesalers and retailers.
Also a new type of organization called virtual organizations are becoming increasingly common. These virtual corporations do not own any manufacturing facilities or warehouse. They do not buy or stock goods. They also do not engage in any manufacturing activities. They only help the buyer and seller to get interact with each other and facilitate flow of goods between them. eBay is an example of virtual corporation.
Redefine organizations refers to this phenomenon of drastically changing nature of organizations.