Technology has revolutionized business as we know it. From simple devices like the calculator, to complex systems that facilitate global communication, technology has made it easier for businesses of all sizes to operate. It may be difficult to imagine a world without these technological advancements however, they carry lots of risks. Hacking and other malicious actions can disrupt business operations. It is essential that businesses are aware of these tools and use them in a manner that is safe.
Today, business owners use a variety of technology tools to streamline internal processes and support customers and employees. There are numerous software applications that simplify daily tasks, such as keeping records and data gathering. Some of these softwares allow companies to track and manage employee attendance, calculate vacation leave, and calculate monthly salaries. Cloud technology allows businesses to store data on servers of third parties and access it over the internet, instead of purchasing and maintaining costly physical infrastructure.
In addition digital technologies are changing the ways in which international business (IB) is conducted. Digital platforms allow companies to deliver IB services – such as production, purchasing logistics, marketing and communications across national borders. This lets businesses disengage processes, shifting costs and activities from the company’s own operations to customers, complementors and other stakeholders in the US and abroad.
The IB community has long recognized the significance of these advancements and has developed a variety of strategies to facilitate their acceptance. However, IB is still grappling with the issues that come with these new capabilities.