Technology has changed the way we conduct business. From simple devices like the calculator to complex systems that facilitate global communication, IT has made it easier for companies of all sizes to run. It may be difficult to imagine a world without these technological advances however, they come with lots of risks. Hacking and other shady actions can disrupt the business processes. It is essential that businesses understand the tools available and use them in a manner that is safe.
Today, business owners utilize a variety technology tools to streamline processes and provide support employees and customers. Numerous softwares automatize tasks such as recording and data collection. These tools can also be used to calculate vacation leaves as well as track attendance of employees and calculate monthly salary. In addition, cloud technology allows companies to store and access data stored on third party servers over the internet, rather than purchasing and maintaining expensive physical infrastructure.
In addition digital technology is transforming the ways that international business (IB) is conducted. Digital platforms enable firms to deliver IB including logistics, procurement, production, marketing and communications – across national boundaries. This lets businesses disengage processes, transfer costs and activities from the company’s operations to complementors, customers and other parties in the US and abroad.
The IB community has recognized the importance of innovation for a long period of time and has developed several strategies to help facilitate their adoption. IB is still facing problems that arise from these new capabilities.