Technology has transformed business as we are used to it. IT has empowered companies of all sizes, from basic tools like the calculator, to complex systems that enable global communication. Although it might seem impossible to imagine the world without these innovations but they’ve come with an extra burden, such as hacking and other harmful activities that can affect the business processes. It is crucial to ensure that companies are aware of the tools available and use them in a responsible manner.
Nowadays, business owners make use of various technology tools to streamline internal processes and provide support to employees and customers. Numerous softwares are available to automate daily tasks such as keeping records and data collection. Some of these tools also let businesses track and manage employee attendance, compute vacation time, and even calculate monthly salaries. Cloud technology allows companies to store data on third-party servers and access it over the internet, rather than buying and maintaining expensive physical infrastructure.
In addition, digital technologies are transforming the ways in which international business (IB) is conducted. Digital platforms enable companies to provide IB services – such as production, purchasing marketing, logistics, and communications – across borders. This lets businesses disengage processes, transfer costs and operations from the company’s own operations to customers, complementors, and other stakeholders at home and overseas.
The IB community has recognized the importance of innovation for quite some time and has devised a number of strategies to aid in their adoption. However, IB is still grappling with the issues that come with these new capabilities.
