Technology has revolutionized the way we do business. From simple devices like the calculator to more complex systems that facilitate global communication, IT has made it easier for companies of all sizes to operate. While it may seem impossible to imagine an existence without these advances, they have come with additional risks, including hacking and other malicious actions that could affect business operations. It is imperative that businesses understand these tools and use them in a responsible manner.
Today, business owners employ a variety of technology tools to streamline internal processes and provide support to employees and customers. Numerous softwares are available to automate everyday tasks like keeping records and data gathering. These tools can also be used to calculate vacation time and employee attendance, as well as calculate monthly salaries. Cloud technology allows companies to store data on third-party servers and access it through the internet, instead of buying and maintaining expensive physical infrastructure.
Additionally digital technologies are changing the way that international business (IB) is conducted. Digital platforms enable firms to deliver IB including logistics, procurement, production, marketing and communications – across national borders. This allows companies to disintermediate processes by shifting costs and activities away from their own business and onto clients, partners and other stakeholders at the home and abroad.
The IB community has long recognized the importance of these innovations and has developed a variety of strategies to ease their adoption. However, IB is still grappling with the issues that come with these new capabilities.