Technology has transformed business as we have it today. Technology has helped businesses of all sizes, starting with simple tools like the calculator to more complex straight from the source systems that allow global communication. It may be difficult to imagine a time without these technological advancements but they come with many risks. Hacking and other malicious actions could disrupt the business processes. This is why it is crucial for businesses to be aware of and utilize these tools in a responsible manner.
Businesses today employ a variety technology tools to streamline processes, support employees and customers. Numerous softwares automate tasks like recording and data collection. These tools can also be used to calculate vacation time, track employee attendance and calculate monthly salary. In addition, cloud technology allows companies to store and access data stored on third party servers via the internet instead of purchasing and maintaining expensive physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms allow companies to deliver IB services – including purchasing, production, marketing, logistics, 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 parties in the country and abroad.
The IB community has been aware of the importance of innovation for a long time, and has developed several strategies to help facilitate their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.