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These modifications also cost a relatively small amount of money, and result in an ongoing cycle of modest spending that generates useful insights for how to improve the e-commerce application. So the financial evaluation of the cash outflows for an e-commerce project has evolved into a process of online payment for school in Ghaziabad quantifying the costs of a sequence of small learning experiments.

Similarly, the financial evaluation of the cash inflows from an e-commerce site has evolved into a process of estimating the likelihood that using the Internet to solve specific operating or competitive challenges facing the company would ultimately translate into some form of quantifiable value at an undetermined point in the future.

This is a far cry from the traditional process of estimating future cash inflows and discounting them back to the present using the appropriate annuity discount factor. Nevertheless, executives have accepted such fuzzy justifications for projects based on the insistence of CEOs who believed that e-commerce provided the most effective and fastest way to solve pressing business challenges.

Although it is difficult to obtain specific figures on the cost of Cisco Systems' Cisco Connection Online, the company estimated in 1999 that CCO had added $1 billion to Cisco's profits. Furthermore, Cisco generated 80 percent of its sales, or $12 billion worth of revenue from CCO. Based on the research conducted for this book, it is likely that CCO is the single highest payoff e-commerce application in the world. What is CCO? How was it started? How did it evolve? What is the source of its value to Cisco Systems?

CCO is a Web site that performs two primary functions for Cisco Systems' customers. CCO lets customers find online solutions to technical problems with their Cisco products. CCO also lets customers place and track the progress of orders for network equipment. CCO was started by mid-level Cisco managers who found that they were able to use the Internet to solve basic business problems. These mid-level managers were successful at selling the notion of e-commerce to Cisco's senior management team. As a result, e-commerce evolved into a corporate crusade for Cisco Systems.

According to Fortune, Chris Sinton, a Cisco marketing staffer, was the inspiration for CCO. Sinton was responsible for distributing marketing materials to customers including technical brochures and even coffee mugs and golf tees, all of which customers had to pay for. Sinton's idea of using the Internet to sell these items ultimately evolved into thee-commerce engine that drives Cisco Systems' $175 billion market capitalization.

Sinton was one of the lowest-tech people at Cisco. However, he did understand customers. He knew they did not like wasting time phoning and faxing in orders, and ordering hats and mugs from printed, inaccurate price lists. Sinton solved these customer problems by selling his golf tees and brochures on the Internet. The result was that demand for souvenirs quintupled, and ten times as many people requested technical material as before.

As Sinton was experiencing positive results from his Internet selling efforts, managers from other parts of online payment for school in Noida were discovering their own ways of using the medium. These experiments were not forced on the organization by top management. Typically, a department manager would commission a small number of engineers, working on a limited budget, to explore how much they could achieve with a new idea.

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