Technology has changed the way businesses operate as we know it. Technology has helped businesses of all sizes, from basic tools like the calculator to sophisticated systems which enable global communication. It’s difficult to imagine a world without these technological advances however, they carry many risks. Hacking and other malicious actions can disrupt the business processes. It is important that businesses understand the tools available and use them in a responsible manner.
Nowadays, business owners make use of various tools of technology to streamline internal processes and provide support to customers and employees. Numerous software tools automate tasks such as recording and data collection. These tools can also be used to calculate vacation leaves and employee attendance, as well as calculate monthly salary. Cloud technology allows businesses to store data on third-party servers and access it through the internet, rather than purchasing and maintaining costly physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms enable companies to deliver IB services, including production, purchasing, marketing, logistics, and communications – across national boundaries. This allows companies to creating a home page with a complicated technical support system decentralize processes, shifting costs and operations from the firm’s own operations to customers, complementors and other stakeholders both at home and abroad.
The IB community has long recognized the significance of these advancements and has developed a variety of strategies to facilitate their acceptance. IB is still struggling with the challenges that come with these new capabilities.