Technology has transformed business as we recognize it. From basic tools development of website improving solutions like the calculator to more complex systems that allow for global communication, technology has made it easier for companies of all sizes to function. It may be difficult to imagine a future without these technological advances however, they carry many risks. Hacking and other malicious actions could cause disruption to business operations. This is why it is vital for businesses to know and utilize these tools in a responsible manner.
Nowadays, business owners make use of various technology tools to simplify internal processes and help customers and employees. Numerous softwares are available to simplify daily tasks, such as record keeping and data collection. These tools can also be employed to calculate vacation days and employee attendance, as well as calculate monthly salary. Cloud technology enables companies to store and access data on third party servers over the internet, rather than purchasing and maintaining expensive physical infrastructure.
In addition digital technologies are changing the ways in which international business (IB) is conducted. Digital platforms enable firms to provide IB which includes logistics, production, procurement, marketing and communications – across national boundaries. This enables businesses to eliminate intermediaries in processes, move costs and activities from the company’s operations to customers, complementors, and other stakeholders at home and abroad.
The IB community has long recognized the significance of these developments and has developed a variety of strategies that will facilitate their acceptance. IB is still facing problems that arise from these new capabilities.
