Technology has transformed business as we know it. From simple devices like the calculator, to complex systems that allow global communication, IT has made it easier for companies of all sizes to operate. It’s hard to imagine a future without these technological advances however, they carry lots of risks. Hacking and other malicious actions could cause disruption to the operations of a business. It is important that businesses are aware of these tools and employ them responsibly.
Today, business owners utilize various tools that technology can use to streamline processes, assist employees and customers. There are numerous software applications that help automate daily tasks like keeping records and data gathering. Some of these tools also allow companies to track and manage employee attendance, compute vacation days, and even calculate monthly salaries. Cloud technology allows companies to store data on servers of third parties and connect to it via the internet, instead of purchasing and maintaining costly physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms allow firms to provide IB services, including production, purchasing logistics, marketing, and communications – across national borders. This allows businesses disintermediate processes by shifting costs and operations away from their own business and onto clients, complementors and other parties in the home and abroad.
The IB community has recognized the importance of innovation for a long period of time and has come up with a variety of strategies to assist in their adoption. However, IB is still grappling with the challenges associated with these new capabilities.
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