Technology has changed the way businesses operate as we are used to it. From simple devices like the calculator to sophisticated systems that allow for global communication, IT has made it easier for companies of all sizes. It may be difficult to imagine a world without these technological advances however, they come with lots of risks. Hacking and other shady actions can disrupt the business processes. This is why it is crucial for companies to comprehend and make use of these tools in a responsible way.

Today, business owners utilize various tools of technology to streamline internal processes and provide support to customers and employees. Countless softwares are available that help automate daily tasks like record keeping and data collection. These tools can also be utilized to calculate vacation leave as well as track attendance of employees and calculate monthly salary. In addition, cloud technology allows companies to store and access data stored on third party servers over the internet, instead of buying and maintaining expensive physical infrastructure.

Digital technologies are also transforming international business (IB). Digital platforms enable firms to provide IB – including procurement, production, logistics, marketing and communications – across national borders. This lets companies disintermediate processes by shifting costs and activities away from their operations and onto complementors, clients, and other stakeholders in the home and abroad.

The IB community has recognized the importance of innovation for quite some time and has come up with a variety of strategies to aid in their adoption. However, IB is still grappling to overcome the challenges associated with these new capabilities.

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