Technology has revolutionized the way we conduct business. IT has enabled businesses of all sizes, from basic tools such as the calculator to complex systems that enable global communication. While it may be difficult to imagine the world without these innovations but they’ve come with extra baggage, like hacking and other criminal activities that can affect the business processes. It is imperative that businesses are aware of these tools and utilize them in a responsible manner.
Business owners today use various technology tools to streamline processes, help employees and customers. Numerous softwares are available to simplify daily tasks, such as keeping records and data gathering. Some of these softwares let businesses track and process employee attendance, compute vacation leaves, and technical support services for your business 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 technology is transforming the ways that international business (IB) is conducted. Digital platforms help companies provide IB such as logistics, production, procurement marketing and communications across national boundaries. This allows companies to disintermediate processes by shifting costs and operations away from their own operations and onto their clients, complementors and other parties in the home and abroad.
The IB community has long recognized the importance of these developments and has devised a range of strategies to ease their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.