Technology has changed the way businesses operate as we know it. From basic tools like the calculator, to complex systems that facilitate global communication, technology has made it easier for companies of all sizes. It may be difficult to imagine a time without these technological advancements however, they come with lots of risks. Hacking and other malicious acts can cause disruption to business operations. It is essential that businesses comprehend these tools and utilize them with care.
Nowadays, business owners make use of various tools of technology to simplify internal processes and help employees and customers. Countless softwares are available that simplify daily tasks, such as recording and data collection. These tools can also be employed to calculate vacation days as well as track attendance of employees and calculate monthly salaries. Cloud technology allows companies to store and access data on third party servers via the internet instead of purchasing and maintaining expensive physical infrastructure.
In addition digital technologies are also changing the way that international business (IB) is conducted. Digital platforms enable firms to provide IB – including procurement, production, logistics marketing and communications across national borders. This allows businesses disintermediate processes by shifting costs and tasks away from their own business and onto clients, partners and other stakeholders at the country and abroad.
The IB community has been aware of the importance of innovation for a long time and has devised a number of strategies to assist in their adoption. IB still struggles with the difficulties that come with these new capabilities.
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