Technology has changed the way we conduct business. IT has enabled businesses of all sizes, starting with simple tools like the calculator, to complex systems that enable global communication. It’s not easy to imagine a future without these technological advances, but they come with many risks. Hacking and other malicious actions could cause disruption to the operations of a business. This is the reason it is so important for businesses to understand and utilize these tools with care.
Business owners today use a variety technology tools to streamline processes, help employees and customers. Numerous softwares automatize tasks such as recording and data collection. Certain of these tools allow companies to track and manage employee attendance, calculate vacation leaves, and even calculate monthly salaries. Cloud technology lets businesses store data on servers of third parties and access it through the internet, instead of purchasing and maintaining costly physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms help companies deliver IB which includes procurement, production, logistics, marketing and communications – across national borders. This allows businesses to disintermediate processes, transfer costs and activities from the company’s operations to complementors, customers and other parties in the home and abroad.
The IB community has long recognized the significance of these developments and has developed a variety of strategies that will facilitate their acceptance. IB is still facing issues that arise with these new capabilities.
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