Technology has changed the way businesses operate as we are used to it. IT has enabled businesses of all sizes from simple tools such as the calculator to sophisticated systems that enable global communication. It’s difficult to imagine a world without these technological advancements however, they carry many responsibilities. Hacking and other shady actions can disrupt the business processes. It is imperative that businesses comprehend these tools and use them responsibly.
Business owners today use various tools that technology can use to streamline processes and provide support employees and customers. Numerous softwares automate tasks like recording and data collection. Certain of these tools let businesses track and manage employee attendance, compute vacation leaves, and even calculate monthly salaries. Cloud technology allows businesses to store data on servers of third parties and access it through the internet, rather than purchasing and maintaining costly physical infrastructure.
Additionally digital technologies are changing the way international business (IB) is conducted. Digital platforms allow companies to deliver IB services – such as production, purchasing, logistics, marketing and communications – across national boundaries. This allows businesses disintermediate processes by shifting costs and activities away from their operations and onto clients, complementors, and other stakeholders in the domestic and international markets.
The IB community has long recognized the importance of these advancements and has developed a variety of strategies that will facilitate their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.