Technology has changed the way we conduct business. From simple tools like the calculator to sophisticated systems that facilitate global communication, technology has made it easier for companies of all sizes to run. While it may be difficult to imagine the world without these a knockout post innovations, they have come with excess baggage, such as hacking and other dangerous actions that could affect business operations. This is why it is vital for businesses to be aware of and use these tools responsibly.
Businesses today employ various technology tools to streamline processes, help employees and customers. Countless softwares are available that help automate daily tasks like keeping records and data collection. Some of these programs enable businesses to monitor and manage employee attendance, compute vacation time, and even calculate monthly salary. Cloud technology allows businesses to store data on third-party servers and access it through the internet, rather than buying and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms allow companies to deliver IB which includes logistics, procurement, production, marketing and communications – across national borders. This lets companies disintermediate processes by shifting costs and activities away from their own operations and onto complementors, clients and other stakeholders at the domestic and international markets.
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 help facilitate their adoption. IB still struggles with the challenges that come with these new capabilities.