Technology has changed the way businesses operate as we know it. IT has facilitated businesses of all sizes from basic tools such as the calculator, to complex systems which enable global communication. It’s not easy to imagine a time without these technological advancements, but they come with lots of risks. Hacking and other malicious actions can cause disruption to business operations. This is the reason it is so important for businesses to know and make use of these tools in a responsible way.
Today, business owners use various technology tools to streamline internal processes and support customers and employees. Numerous softwares automatize tasks such as data collection and record keeping. These tools can also be utilized to calculate vacation leave and employee attendance, as well as calculate monthly salary. Cloud technology lets companies store data on servers of third parties and connect to it via the internet, instead of buying and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms enable firms to deliver IB such as logistics, procurement, production marketing and communications across national boundaries. This allows businesses disintermediate processes by shifting costs and operations away from their own business and onto complementors, clients and other stakeholders both in the country and abroad.
The IB community has long recognized the importance of these new technologies and has come up with a variety of strategies that will facilitate their acceptance. However, IB is still grappling with the issues that come with these new capabilities.