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Technology has changed the way we conduct business. IT has facilitated businesses of all sizes from basic tools like the calculator to complex systems that allow global communication. It’s difficult to imagine a world without these technological advancements, but they come with a lot of baggage. Hacking and other shady actions can cause disruption to business operations. This is why it is crucial for businesses to be aware of and utilize these tools with care.
Business owners today use various tools and technologies to streamline processes, assist employees and customers. Numerous softwares automatize tasks such as data collection and record keeping. These tools can also be used to calculate vacation time as well as track attendance of employees and calculate monthly salaries. Cloud technology allows businesses to store and access data stored on third party servers on the internet instead of purchasing and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms let companies provide IB services – including purchasing, production, logistics, marketing, and communications – across national boundaries. This lets businesses decentralize processes by shifting costs and activities away from their operations and onto complementors, clients and other stakeholders at the home and abroad.
The IB community has been aware of the importance of innovation for a long time, and has developed a range of strategies to facilitate their adoption. However, IB is still grappling with the challenges that come with these new capabilities.