Technology has revolutionized business as we know it. IT has facilitated companies of all sizes, from basic tools such as the calculator, to complex systems that enable global communication. It may be difficult to imagine a future without these technological advances, but they come with lots of risks. Hacking and other shady actions can cause disruption to the operations of a business. It is essential that businesses understand these tools and employ them in a responsible manner.
Today, business owners utilize numerous tools in the field of technology to improve internal processes and assist customers and employees. There are numerous software applications that automate daily tasks such as record keeping and data collection. Certain of these tools enable businesses to monitor and manage employee attendance, calculate vacation days, and even calculate monthly salary. Cloud technology lets businesses store data on third-party servers and then access it via the internet, rather than purchasing and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms allow companies to deliver IB – including procurement, production, logistics marketing and communications across national boundaries. This allows businesses to disintermediate processes, shifting costs and activities from the company’s own operations to complementors, customers and other stakeholders both in the home and abroad.
The IB community has recognized the importance of innovation for a long time, and has devised a number of strategies to assist in their adoption. IB is still struggling with the problems that arise from these new capabilities.