Technology has transformed business as we know it. IT has empowered businesses of all sizes starting with simple tools like the calculator to sophisticated systems that allow global communication. Although it’s difficult to imagine a world without these advancements but they’re also accompanied by excess baggage, such as hacking and other malicious actions that could disrupt business operations. It is important that businesses understand these tools and employ them responsibly.
Today, business owners employ various tools of technology to improve internal processes and assist employees and customers. Numerous softwares are available to help automate daily tasks like keeping records and data collection. These tools can also be employed to calculate vacation days, track employee attendance and calculate monthly salary. Cloud technology lets businesses store data on third-party servers and connect to it via the internet, instead of purchasing and maintaining costly physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms help companies deliver IB such as logistics, production, procurement marketing and communications across national borders. This allows companies to decentralize processes, shift costs and operations from the firm’s own operations to customers, complementors and other stakeholders both in the US and abroad.
The IB community has recognized the importance of innovation for a long time and has developed a range of strategies to help facilitate their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.
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