Technology has revolutionized how we conduct business. From simple tools like the calculator to sophisticated systems that facilitate global communication, technology has made it easier for companies of all sizes. It’s difficult to imagine a world without these technological advancements however, they come with lots of risks. Hacking and other malicious actions can disrupt the business processes. It is essential to ensure that companies are aware of these tools and employ them in a responsible manner.
Today, business owners use various technology tools to streamline processes and provide support employees and customers. Numerous softwares automate tasks like recording and data collection. Some of these programs enable businesses to monitor and manage employee attendance, calculate vacation leave, and calculate monthly salaries. In addition, cloud technology lets companies store and access data on third party servers over the internet, rather than purchasing and maintaining expensive physical infrastructure.
In addition digital technologies are changing the ways in which international business (IB) is conducted. Digital platforms allow firms to provide IB services, including production, purchasing logistics, marketing, and communications across national borders. This allows companies to decentralize processes, shift costs and activities from the company’s own operations to customers, complementors, and other stakeholders at home and abroad.
The IB community has long recognized the importance of these developments and has developed a number of strategies that will facilitate their adoption. IB is still struggling with the difficulties that come with these new capabilities.
