Technology has revolutionized business as we have it today. From simple tools such as the calculator to more complex systems that allow global communication, IT has made it easier for companies of all sizes to run. It may be difficult to imagine a time without these technological advancements but they come with a lot of baggage. Hacking and other malicious acts can disrupt the business processes. It is crucial to ensure that companies are aware of these tools and utilize them in a responsible manner.
Nowadays, business owners make use of a variety of technology tools to streamline internal processes and provide support to employees and customers. There are a myriad of software available to automate everyday tasks like keeping records and data collection. These tools can also be used to calculate vacation time and track employee attendance. They also calculate monthly salaries. Cloud technology allows businesses to store data on servers of third parties and access it through the internet, rather than buying and maintaining expensive physical infrastructure.
Additionally digital technologies are changing the way that international business (IB) is conducted. Digital platforms enable companies to provide IB services, including production, purchasing logistics, marketing, and communications across national borders. This lets companies disintermediate processes by shifting costs and activities away from their own business and onto clients, complementors, and other stakeholders in both the home and abroad.
The IB community has long recognized the significance of these developments and has come up with a variety of strategies that will facilitate their adoption. However, IB is still grappling with the challenges associated with these new capabilities.