Technology has changed the way businesses operate as we are used to it. From basic tools like the calculator, to complex systems that allow for global communication, technology has made it easier for businesses of all sizes to function. It’s difficult to imagine a world without these technological advances however, they come with a lot of baggage. Hacking and other malicious actions could disrupt business operations. This is why it is crucial for companies to comprehend and make use of these tools in a responsible way.
Today, business owners use various technology tools to simplify internal processes and help customers and employees. Numerous softwares are available to simplify daily tasks, such as keeping records and data gathering. Some of these softwares allow businesses to track and process employee attendance, compute vacation time, and even calculate monthly salaries. Cloud technology lets companies store and access data stored on third party servers on the internet, rather than purchasing and maintaining expensive physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms let companies provide IB services – including purchasing, production logistics, marketing, and communications across national borders. This allows companies to decentralize processes, transfer costs and operations from the company’s own operations to complementors, customers and other stakeholders at home and abroad.
The IB community has long recognized the significance of these innovations and has developed a variety of strategies to help facilitate their adoption. However, IB is still grappling with the challenges that come with these new capabilities.