The IT World and Business
Technology has revolutionized business as we recognize it. IT has enabled businesses of all sizes from basic tools like the calculator to complex systems which enable global communication. It’s hard to imagine a time without these technological advances, but they come with many responsibilities. Hacking and other malicious actions could cause disruption to business operations. It is imperative that businesses understand these tools and utilize them in a responsible manner.
Today, business owners utilize various tools and technologies to streamline processes, help employees and customers. Numerous softwares are available to help automate daily tasks like keeping records and data gathering. These tools can also be used to calculate vacation leaves, track employee attendance and calculate monthly salary. Cloud technology enables companies to store and access data on third party servers on the internet, instead of buying and maintaining expensive physical infrastructure.
Additionally, digital technologies are transforming the way that international business (IB) is conducted. Digital platforms allow firms to provide IB services – such as purchasing, production marketing, logistics and communications – across national borders. This allows businesses to disintermediate processes, move costs and operations from the company’s operations to customers, complementors and other stakeholders in the home and abroad.
The IB community has long recognized the importance of these new technologies and has developed a variety of strategies that will facilitate their acceptance. However, IB is still grappling with the challenges associated with these new capabilities.
