How Technology Supports the International Business Growth

Tech development always served as one of the biggest contributors to the evolution of business practices and even how we think about work in general. In this day and age when digital technologies have virtually conquered all aspects of our lives, these ties are more evident than ever before.

Ever since digital tech built itself into the core of the business world we became capable of working more, faster, and with greater precision. What’s also important is to point out that, since digital tech is effectively location-agnostic, all these changes are enveloping at the global stage erasing the national borders and turning the entire world into one international arena.

As we can see these trends are as critical as they are going to become far-reaching. Let us take a look then at how this tech-based global economy growth envelops in greater detail.

The rise of ecommerce

The ecommerce market has been with us for quite some time now. But ever since the outbreak of COVID-19 this form of trading gained immense popularity and now stands as one of the most effective ways of supporting business growth. Be that as it may, even now when this crisis is behind us online trading scores healthy growth (23% on an annual basis) and is on its way to becoming the preferable commerce method. This is, by all means, a good thing since not only do the users have the access to goods outside their local markets, but the logistics and warehouse industries see tremendous boosts as well.

The growing power of social media

Social media platforms proved to be immensely important for connecting people all around the world and giving them a shared platform for expressing their opinions and dictating global narratives.  So, it was only natural for businesses to use this extensive reach of these social hubs to put their brands on a global stage. But, the true power of social media comes in the fact that they allow seamless, real-time, and two-way communication that was very hard to achieve through any other channel. Microsoft Teams Calling brings seamless communication and collaboration. These assets can be used for CR, branding, market research, and countless other ways beneficial for business growth.

Foundations for the global labor market

Over the last couple of years most developed national economies experienced a serious labor shortage, which they are still not able to recover from. At the same time, however, the development of Cloud tech as well as countless digital collaborative platforms presented a very welcome solution coming in the form of foreign workers. Of course, hiring international employees still presents various challenges mostly in terms of legal compliance that are usually solved with the mediation of a third party. But, speaking strictly in terms of tech infrastructure, the limitations are growing increasingly thinner with each passing day.

Logistics made simple

The global ecommerce market would in itself mean very little if all the participants weren’t able to make sure the traded goods are capable of moving from point A to point B without any interruptions. So, we can as well say that international business growth is paved by effective logistics which, in turn, wouldn’t be possible without disruptive technologies like GPS, AI, Machine Learning, and all other tools that make the global supply routes shorter, more efficient, and cost-effective. New technologies like self-driving vehicles are in a good way of making this sector completely automated and devoid of wastes.

Increasing leanness and mobility

Earlier in the article, we mentioned that digital tech infrastructure has practically rendered the employees’ location irrelevant. Well, as time goes by, we can expect to see the same thing happening with the traditional employment models. Namely, the present-day business world is very fast-paced and requires a great level of nimbleness and adaptability to keep up with. Well, the same assets that encourage the rise of the international workforce now allow specialist teams to hop in and help businesses to deal with immediate problems. These ‘contingent teams’ will only become more relevant in the years ahead.

Online banking and digital currencies

Online banking and the rise of online payment systems like PayPal made such an impact on the development of global commerce we can easily compare its influence to the arrival of minted currencies. The ability to move funds to any account around the globe anytime, anyplace in a matter of seconds makes the economy faster and leaner to the extent hard to grasp. These trends got an even greater kick with the arrival of digital currencies like Bitcoin that, for all intents and purposes, exist outside the banking system and allow global traders to trade the assets without any hiccups in a matter of seconds.

Effortless mobile access

Last but not least, we would like to point out that, while most people look at mobile devices and the rise of mobile searches as a novel way to access the web this trend has a tremendous impact on the evolution of the global economy. Still, at the moment, 50.88% of all internet traffic is produced by mobile devices and these numbers are only going to grow in the future. What this effectively translates to in terms of the global economy, however, is the fact that doing business no longer requires any specific setting – we can do it on the go whenever we see fit. That makes the global economy much faster and leaner as a result.

These were the top seven ways modern technology influences international business growth and gives the global economy a new incentive. Of course, this is only the tip of the iceberg, and grasping the full extent to which the development of modern technology changed the modern business arena would take much more time and effort. But, even these few examples should give you an idea about how these two worlds collide. The more you learn about these issues, the more prepared you are going to be to use these trends to your advantage.

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