Technology has changed the way we conduct business. Technology has helped companies of all sizes, from basic tools like the calculator to more complex systems that enable global communication. It’s difficult to imagine a time without these technological advances, but they come with many risks. Hacking and other shady actions can cause disruption to the operations of a business. This is why it is essential for businesses to know and make use of these tools in a responsible way.
Business owners today use various technology tools to streamline processes, help employees and customers. Numerous softwares automate tasks like recording and data collection. Some of these programs let businesses track and process employee attendance, calculate vacation time, and even calculate monthly salaries. In addition, cloud technology allows companies to store and access data stored on third-party servers over the internet, rather than purchasing and maintaining expensive physical infrastructure.
Additionally digital technology is transforming the ways that international business (IB) is conducted. Digital platforms enable companies to provide IB such as procurement, production, logistics marketing and communications across national boundaries. This allows businesses to disintermediate processes, shift costs and activities from the company’s operations to customers, complementors and other parties at home and abroad.
The IB community has long recognized the importance of these innovations and has developed a variety of strategies to facilitate their acceptance. IB still struggles with the difficulties that come with these new capabilities.