The IT World and Business
Technology has changed the way businesses operate as we are used to it. Technology has helped businesses of all sizes, from basic tools like the calculator, to complex systems which enable global communication. Although it might seem impossible to imagine the world without these innovations however, they come with additional risks, including hacking and other harmful actions that could cause disruption to business operations. This is the reason it is so important for businesses to be aware of and use these tools responsibly.
Today, business owners utilize various technology tools to streamline processes, help employees and customers. There are numerous software applications that help automate daily tasks like recording and data collection. Some of these softwares allow businesses to track and manage employee attendance, compute vacation leaves, and even calculate monthly salaries. Cloud technology allows businesses to store data on servers of third parties and access it over the internet, instead of buying and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms help companies deliver IB such as logistics, production, procurement, marketing and communications – across national borders. This allows companies to disintermediate processes by shifting costs and activities away from their own business and onto clients, partners and other stakeholders at the home and abroad.
The IB community has long recognized the importance of these developments and has devised a range of strategies that will facilitate their acceptance. However, IB is still grappling with the issues that come with these new capabilities.