Technology has revolutionized how we do business. IT has empowered companies of all sizes, from basic tools such as the calculator, to complex systems that facilitate global communication. It’s difficult to imagine a future without these technological advances however, they carry a lot of baggage. Hacking and other malicious actions can disrupt the business processes. It is imperative that businesses comprehend these tools and utilize them in a manner that is safe.
Today, business owners use a variety technology tools to streamline processes, assist employees and customers. Numerous software tools automate tasks such as recording and data collection. Some of these softwares allow companies to track and manage employee attendance, calculate vacation leaves, and even calculate monthly salary. Cloud technology lets businesses store data on third-party servers and access it through the internet, rather than purchasing and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms enable firms to provide IB such as logistics, production, procurement, marketing and communications – across national boundaries. This enables businesses to eliminate intermediaries in processes, shifting expenses and activities from the company’s operations to customers, complementors and other stakeholders in the US and abroad.
The IB community has long recognized the significance of these advancements and has developed a variety of strategies to ease their acceptance. IB is still struggling with the challenges that come with these new capabilities.