Technology has transformed business as we are used to it. IT has facilitated businesses of all sizes, from basic tools like the calculator to complex systems that enable global communication. It’s hard to imagine a time without these technological advances but they come with many risks. Hacking and other shady actions can cause disruption to business operations. This is the reason it is so important for companies to comprehend and utilize these tools with care.
Businesses today employ various technology tools to streamline processes, assist employees and customers. Numerous softwares are available to simplify daily tasks, such as recording and data collection. Some of these softwares let businesses track and process employee attendance, compute vacation time, and even calculate monthly salaries. Cloud technology allows businesses to store data on third-party servers and connect to 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 let companies deliver IB services – including production, purchasing, marketing, logistics, and communications – across borders. This allows businesses disintermediate processes by shifting costs and activities away from their own operations and onto their clients, complementors and other stakeholders at the domestic and international markets.
The IB community has long recognized the significance of these new technologies and has developed a variety of strategies to help facilitate their acceptance. However, IB is still grappling with the issues that come with these new capabilities.