The world of international business is an ever-changing one, and nowhere is this rapid pace of change being felt more keenly than in the technologies that businesses are putting to innovative use.
Here, we take a look at three of the major new technologies that are revolutionising the world of international business.
Big Data
Due to the greatly increased ease and reduced cost of processing the vast quantities of digital information that make up big data, companies can now enjoy greater access than ever to vast pools of information from all over the globe – encompassing everything from our online shopping habits to the most common search engine requests.
Understanding the trends, patterns and behaviours observable within this data has evident applications when expanding your business abroad, from carrying out an extensive analysis of your target market to preparing sales and marketing strategies once you’re established on the ground.
However, big data is no longer just a powerful new business tool – it’s also an international business in and of itself, with recent years seeing the rise of a number of global businesses whose dedicated purpose is the collection, analysis and further dissemination of this data to their customers.
Cryptocurrency&Blockchain
Following a period of instability for Bitcoin and subsequent predictions of a bubble on the verge of bursting, cryptocurrency has failed to shake off suspicions regarding its long-term prospects.
The blockchain technology behind Bitcoin, however,may prove likely to take afirmer hold. A decentralised digital ledger that is used to record all cryptocurrency transactions, blockchain technology has primarily been used to record and verify cryptocurrency transactions – butits potential uses extend far beyond this. In fact, it’s theoretically possible to digitise and store practically any record or document in a blockchain.
For international businesses, blockchain could provide a viable new avenue for data storage and security. Just recently, technology giants IBM partnered with the fintechstartup Stellar.org to develop a blockchain system intended to make it easier for small businesses in underdeveloped countries to make cross-border transactions.
The Internet of Things/The Cloud
The Internet of Things is the collective name for the network of devices that can communicate and exchange data through an internet connection. It encompasses everything from personal devices such as smartphones to office-based applications for remote working. The possibilities here for businesses operating internationally are enormous. The technology could allow them to spread over a far greater geographical area than ever before without it negatively affecting their efficiency or damaging their communications.
For example, cloud based accounting services allow an organisation to securely store all of its bookkeeping and financial information in the cloud, to be accessed remotely by any member of staff with the necessary security clearance – making it possible for an accountant in one hemisphere to instantaneously retrieve the information they need from a company on the other side of the world.
Running a global workforce remotely may come with its own set of challenges, but it also provides a wealth of new opportunities for companies looking to expand internationally across multiple markets.
Each of these technologies is having a revolutionary impact on the way that businesses think about their international expansion – but their most radical potential lies in their ability to complement each other and create entirely new possibilities for global business.
