Technology has changed the way we do business. IT has empowered businesses of all sizes, from basic tools such as the calculator to complex systems that facilitate global communication. It may be difficult to imagine a time without these technological advances however, they come with lots of risks. Hacking and other malicious acts can cause disruption to the business processes. It is essential that businesses understand these tools and utilize them in a responsible manner.
Today, business owners employ numerous tools in the field of technology to improve internal processes and assist customers and employees. Numerous software tools automate tasks such as data collection and record keeping. These tools can also be used to calculate vacation time and employee attendance, as well as calculate monthly salary. Cloud technology lets businesses store data on servers of third parties and access it over the internet, rather than buying and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms enable companies to provide IB including procurement, production, logistics marketing and communications across national boundaries. This lets businesses decentralize processes by shifting costs and activities away from their own operations and onto clients, complementors and other stakeholders at the home and abroad.
The IB community has long recognized the importance of these innovations and has developed a number of strategies that will facilitate their acceptance. IB is still facing challenges that come with these new capabilities.