Technology has revolutionized the way we do business. IT has empowered businesses of all sizes starting with simple tools like the calculator, to complex systems that allow global communication. While it may seem impossible to imagine a world without these advancements but they’re also accompanied by extra baggage, like hacking and other malicious actions that could cause disruption to the business processes. It is crucial that businesses comprehend the tools available and use them in a manner that is safe.
Businesses today employ various technology tools to streamline processes, help employees and customers. Numerous softwares are available to automate daily tasks such as keeping records and data collection. Some of these tools also let businesses track and process employee attendance, compute vacation time, and even calculate monthly salary. In addition, cloud technology enables companies to store and access data stored on third party servers via the internet instead of purchasing and maintaining expensive physical infrastructure.
Additionally digital technologies are also changing the way international business (IB) is conducted. Digital platforms help companies provide IB such as procurement, production, logistics marketing and communications across national borders. This enables businesses to eliminate intermediaries in processes, shift costs and operations from the firm’s own operations to customers, complementors and other stakeholders both in the home and abroad.
The IB community has been aware of the importance of innovation for a long time and has come up with a variety of strategies to facilitate their adoption. However, IB is still grappling with the issues that come with these new capabilities.