Technology has revolutionized how we conduct business. From basic tools like the calculator to complex systems that enable global communication, IT has made it easier for businesses of all sizes to function. It’s difficult to imagine a time without these technological advancements however, they come with many risks. Hacking and other shady actions can cause disruption to business operations. This is why it is vital for businesses to know and use these tools responsibly.
Today, business owners utilize numerous tools in the field of technology to simplify internal processes and help customers and employees. Numerous softwares automate tasks like recording and data collection. Some of these tools also allow companies to track and process employee attendance, calculate vacation time, and even calculate monthly salaries. In addition, cloud technology lets companies store and access data stored on third party servers on the internet instead of purchasing and maintaining expensive physical infrastructure.
In addition digital technology is transforming the ways in which international business (IB) is conducted. Digital platforms allow companies to deliver IB including logistics, production, procurement marketing and communications across national boundaries. This allows companies to decentralize processes, move costs and operations from the company’s own operations to customers, complementors and other parties at home and overseas.
The IB community has recognized the importance of innovation for a long period of time and has developed several strategies to assist in their adoption. However, IB is still grappling with the issues that come with these new capabilities.