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Technology has changed the way we do business. From simple tools like the calculator, to complex systems that facilitate global communication, IT has made it easier for businesses of all sizes. While it may seem impossible to imagine the world without these innovations but they’ve come with excess baggage, such as hacking and other harmful activities that can disrupt business operations. This is why it is essential for businesses to know and utilize these tools with care.
Businesses today employ various tools that technology can use to streamline processes and provide support employees and customers. Numerous softwares are available to automate daily tasks such as recording and data collection. Certain of these tools allow businesses to track and manage employee attendance, calculate vacation leave, and calculate monthly salary. Cloud technology allows companies to store data on third-party servers and access it through the internet, rather than purchasing and maintaining expensive physical infrastructure.
Digital technologies are also changing international business (IB). Digital platforms enable companies to deliver IB – including logistics, production, procurement marketing and communications across national borders. This allows businesses disintermediate processes by shifting costs and operations away from their own operations and onto clients, partners and other stakeholders both in the domestic and international markets.
The IB community has recognized the importance of innovation for quite some time and has devised a number of strategies to aid in their adoption. IB is still facing problems that arise from these new capabilities.