Technology has revolutionized business as we recognize it. IT has empowered businesses of all sizes from basic tools such as the calculator to complex systems that enable global communication. While it may be difficult to imagine the world without these innovations however, they come with additional risks, including hacking and other dangerous activities that can affect the business processes. It is important to ensure that companies are aware of the tools available and use them in a responsible manner.
Business owners today use various technology tools to streamline processes, help employees and customers. There are a myriad of software available to automate everyday tasks like recording and data collection. Some of these programs allow companies to track and process employee attendance, calculate vacation leaves, and even calculate monthly salary. In addition, cloud technology lets companies store and access data stored on third party servers on the internet, instead of buying and maintaining expensive physical infrastructure.
In addition digital technologies are also changing the way international business (IB) is conducted. Digital platforms help companies deliver IB including logistics, production, procurement marketing and communications across national borders. This allows businesses disintermediate processes by shifting costs and operations away from their own operations and onto their clients, complementors and other stakeholders at the country and abroad.
The IB community has been aware of the importance of innovation for quite some time and has developed a range of strategies to aid in their adoption. IB is still facing difficulties that come with these new capabilities.
