Technology has revolutionized how we do business. From simple tools like the calculator to sophisticated systems that enable global communication, IT has made it easier for companies of all sizes to function. Although it might seem impossible to imagine the world without these innovations, they have come with additional risks, including hacking and other malicious activities that can disrupt business operations. This is why it is essential for businesses to understand and make use of these tools in a responsible way.
Today, business owners use various tools of technology to improve internal processes and assist customers and employees. Numerous software tools automate tasks such as recording and data collection. These tools can also be used to calculate vacation leaves, track employee attendance and calculate monthly salaries. Cloud technology lets businesses store data on third-party servers and access it through the internet, rather than purchasing and maintaining costly physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms allow companies to provide IB – including procurement, production, logistics, marketing and communications – across national boundaries. This allows businesses to disintermediate processes, transfer costs and activities away from the company’s own operations to customers, complementors and other stakeholders both at home and overseas.
The IB community has been aware of the importance of innovation for a long period of time and has developed a range of strategies to assist in their adoption. IB still struggles with the problems that arise from these new capabilities.