Technology has revolutionized how we do business. Technology has helped companies of all sizes, from simple tools such as the calculator to complex systems that enable global communication. It may be difficult to imagine a future without these technological advances, but they come with a lot of baggage. Hacking and other shady actions can cause disruption to the business processes. It is imperative to ensure that companies are aware of the tools available and use them in a manner that is safe.
Today, business owners utilize various tools and technologies to streamline processes, assist employees and customers. Numerous softwares automatize tasks like recording and data collection. These tools can also be utilized to calculate vacation leave, track employee attendance and calculate monthly salaries. Cloud technology allows companies to store and access data on third-party servers over the internet, instead of buying and maintaining expensive physical infrastructure.
Additionally digital technologies are also changing the ways in which international business (IB) is conducted. Digital platforms enable companies to provide IB services such as purchasing, production, marketing, logistics and communications – across national boundaries. This lets businesses decentralize processes by shifting costs and tasks away from their own business and onto clients, partners, and other stakeholders in the home and abroad.
The IB community has recognized the importance of innovation for a long time, and has developed a range of strategies to assist in their adoption. However, IB is still grappling with the issues that come with these new capabilities.