Technology has revolutionized business as we have it today. IT has facilitated companies of all sizes, from simple tools such as the calculator to sophisticated systems that facilitate global communication. It’s difficult to imagine a time without these technological advancements however, they carry many responsibilities. Hacking and other malicious acts can cause disruption to the operations of a business. It is essential that businesses comprehend these tools and use them in a responsible manner.
Nowadays, business owners make use of various tools of technology to improve internal processes and assist customers and employees. Numerous software tools automate tasks such as data collection and record keeping. These tools can also be used to calculate vacation time and employee attendance, as well as calculate monthly salaries. Cloud technology lets companies store data on servers of third parties and then access it via the internet, rather than purchasing and maintaining expensive physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms enable companies to provide IB which includes logistics, production, procurement, marketing and communications – across national boundaries. This enables businesses to eliminate intermediaries in processes, move expenses and activities from the firm’s own operations to complementors, customers and other stakeholders in the home and abroad.
The IB community has long recognized the importance of these developments and has devised a range of strategies to facilitate their acceptance. IB continues to face problems that arise from these new capabilities.
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