Technology has revolutionized the way we conduct business. From simple tools like the calculator to more complex systems that allow for global communication, IT has made it easier for businesses of all sizes to run. It may be difficult to imagine a world without these technological advances however, they come with many risks. Hacking and other malicious actions can cause disruption to the operations of a business. It is essential that businesses comprehend these tools and use them in a responsible manner.
Today, business owners use various tools that technology can use to streamline processes, help employees and customers. Numerous softwares automatize tasks like data collection and record keeping. Certain of these tools allow businesses to track and process employee attendance, calculate vacation time, and even calculate monthly salary. Cloud technology allows businesses to store data on third-party servers and then access it via the internet, rather than buying and maintaining expensive physical infrastructure.
Additionally, digital technologies are transforming the way international business (IB) is conducted. Digital platforms help companies provide IB such as logistics, production, procurement, marketing and communications – across national boundaries. This allows companies to decentralize processes, move costs and operations from the firm’s own operations to complementors, customers and other parties in the US and abroad.
The IB community has long recognized the importance of these innovations and has devised a range of strategies that will facilitate their acceptance. However, IB is still grappling with the challenges that come with these new capabilities.