Technology has revolutionized how we do business. IT has empowered businesses of all sizes from basic tools like the calculator to complex systems which enable global communication. Although it might seem impossible to imagine the world without these innovations however, they come with additional risks, including hacking and other criminal actions that could cause disruption to the business processes. It is crucial that businesses understand these tools and employ them responsibly.
Nowadays, business owners make use of various tools of technology to streamline internal processes and provide support to employees and customers. Numerous software tools automate tasks such as data collection and record keeping. These tools can also be employed to calculate vacation days as well as track attendance of employees and calculate monthly salaries. Cloud technology allows businesses to store data on servers of third parties and then access it via the internet, rather than buying and maintaining expensive physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms allow firms to deliver IB services – such as production, purchasing marketing, logistics, and communications – across national boundaries. This lets businesses disengage processes, shifting costs and activities away from the firm’s own operations to customers, complementors and other stakeholders both in the US and abroad.
The IB community has long recognized the importance of these advancements and has come up with a variety of strategies that will facilitate their acceptance. However, IB is still grappling with the challenges that come with these new capabilities.