Technology has transformed business as we know it. From simple devices like the calculator to more complex systems that enable global communication, technology has made it easier for companies of all sizes to operate. While it may seem impossible to imagine the world without these innovations but they’ve come with additional risks, including hacking and other criminal actions that could affect business operations. This is why it is crucial for businesses to be aware of and utilize these tools in a responsible manner.
Today, business owners use various technology tools to streamline internal processes and support customers and employees. There are a myriad of software available to automate everyday tasks like record keeping and data collection. Some of these tools also allow businesses to track and process employee attendance, compute vacation leaves, and even calculate monthly salary. Cloud technology allows companies to store data on servers of third parties and then access it via the internet, rather than purchasing and maintaining expensive physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms help companies deliver IB – including logistics, production, procurement, marketing and communications – across national borders. This allows companies to disintermediate processes by shifting costs and tasks away from their own business and onto clients, partners and other stakeholders both in the home and abroad.
The IB community has recognized the importance of innovation for a long time, and has developed several strategies to aid in their adoption. IB is still struggling with the challenges that come with these new capabilities.