Technology has revolutionized how we do business. From simple devices like the calculator to complex systems that enable global communication, technology has made it easier for businesses of all sizes. It’s hard to imagine a world without these technological advances, but they come with lots of risks. Hacking and other malicious acts can disrupt business operations. It is essential to ensure that companies are aware of these tools and employ them with care.
Nowadays, business owners make use of various technology tools to simplify internal processes and help customers and employees. Numerous software tools automate tasks such as recording and data collection. Some of these programs allow businesses to track and manage employee attendance, calculate vacation days, and even calculate monthly salary. Cloud technology allows businesses to store and access data stored on third-party servers over the internet, rather than purchasing and maintaining expensive physical infrastructure.
In addition digital technology is transforming the way that international business (IB) is conducted. Digital platforms help companies deliver IB including procurement, production, logistics marketing and communications across national borders. This allows companies to disintermediate processes by shifting costs and tasks away from their own operations and onto their clients, complementors and other parties in the country and abroad.
The IB community has recognized the importance of innovation for a long time, and has developed a range of strategies to facilitate their adoption. However, IB is still grappling with the challenges that come with these new capabilities.
