Technology has revolutionized the way we do business. From simple tools such as the calculator to more complex systems that allow for global communication, technology has made it easier for companies of all sizes to run. It may be difficult to imagine a time without these technological advances however, they come with many risks. Hacking and other malicious actions can cause disruption to business operations. This is the reason it is so important for businesses to know and utilize these tools with care.
Today, business owners employ various technology tools to simplify internal processes and help employees and customers. Numerous softwares are available to automate everyday tasks like keeping records and data collection. These tools can also be utilized to calculate vacation leave and employee attendance, as well as calculate monthly salaries. Cloud technology lets companies store data on servers of third parties and access it over the internet, rather than buying and maintaining expensive physical infrastructure.
Additionally digital technology is transforming the way international business (IB) is conducted. Digital platforms allow firms to deliver IB services – including production, purchasing marketing, logistics and communications across national borders. This allows companies to disintermediate processes by shifting costs and operations away from their own operations and onto clients, partners and other stakeholders at the home and abroad.
The IB community has long recognized the importance of these advancements and has come up with a variety of strategies to facilitate their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.
