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Technology has revolutionized business as we have it today. From simple devices like the calculator to complex systems that facilitate global communication, IT has made it easier for businesses of all sizes to function. While it may seem impossible to imagine the world without these innovations but they’ve come with an extra burden, such as hacking and other criminal activities that can cause disruption to business operations. This is why it is essential for businesses to be aware of and utilize these tools in a responsible manner.
Nowadays, business owners make use of numerous tools in the field of technology to streamline internal processes and provide support to employees and customers. Numerous softwares automatize tasks such as recording and data collection. Certain of these tools allow companies to track and process employee attendance, compute vacation days, and even calculate monthly salary. Cloud technology allows companies to store data on third-party servers and connect to it via 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 which includes logistics, production, procurement, marketing and communications – across national boundaries. This allows companies to disintermediate processes by shifting costs and operations away from their operations and onto complementors, clients and other parties in the domestic and international markets.
The IB community has long recognized the importance of these innovations and has devised a range of strategies to ease their adoption. However, IB is still grappling with the challenges that come with these new capabilities.
