Technology has changed the way we do business. IT has facilitated companies of all sizes, from basic tools like the calculator to complex systems that allow global communication. While it may be difficult to imagine a world without these advancements however, they come with excess baggage, such as hacking and other malicious actions that could affect the business processes. This is why it is crucial for businesses to know and utilize these tools with care.
Today, business owners utilize a variety technology tools to streamline processes, support employees and customers. There are numerous software applications that automate everyday tasks like recording and data collection. These tools can also be used to calculate vacation leaves, track employee attendance and calculate monthly salary. Cloud technology allows companies to store data on servers of third parties 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 firms to provide IB services, including production, purchasing logistics, marketing, and communications across national borders. This lets businesses decentralize processes by shifting costs and operations away from their own operations and onto their clients, complementors and other stakeholders both in both the home and abroad.
The IB community has been aware of the importance of innovation for a long time and has developed several strategies to facilitate their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.