International business is explained as the process of exchanging goods and services among business organization and individual in multiple countries. It is also outlined a procedure that comprises all the commercial transaction that takes place between many regions, nations, states, and nation beyond their geographical boundaries (Griffin & Pustay, 2012). The contemporary international business is the cross-border management of business activities, this implies the activities that are between two or more countries. The international business is affected by different factors, this aspect comprises social, cultural, economic, political and technology (Bryman & Bell, 2015).
Australia is a business hub for many business industries. The business industries in Australia are a developed country where different business industries are operated within her business environment. However, the country is well known to have international business activities that are performed within and beyond her political boundaries (Hill, 2008). Multinational corporations like Apple Inc., Samsung, and Coca-Cola among others are known to conduct their business activities in Australia. The purpose of this paper is to primary explain the impact of contemporary international issues on Australia. The paper will embrace the impact of technology on Australian business industry (Laurel , 2017).
Impact of technology in business
Technology is a “concept” that has kept the world moving from one different stage to the other. Business industries in every dawn keep on changing because of new technology that encourages innovations. Every operating business organization is a watchdog for itself, watching over the trending technology and their impacts on the business activities (Morgan-Thomas, 2016). Some technology may negatively affect the way an organization is doing its business, some business organizations use the negative impacts of technology to develop their reputation in the market.
Technology in Australia is a business factor that has generated both positive and negative influence on how companies are doing business. Therefore, it is one of the contemporary issues that affect the international business (Morgan-Thomas, 2016).
Reducing Business Costs
Small Business Enterprise in Australia uses technology to reduce the cost of doing business. Business technology is considered as a fundamental aspect that helps in record and bookkeeping, backing office functions and accounting process. The SMEs in Australia uses technology to create a competitive and secure business environment. Technology has allowed organizations to create a determinable consumer information that is relevant in marketing (Andam, 2014).
Potential Increase in Business
Technology allows business organization in Australia to reach new economic and market stages. Many business organizations tend to sell their products and services to the local Australian market, through technology business companies have to reach regional, national as well as international market. Website is a constituent of technology, Small business Enterprise creates business websites that are visited by consumers from different parts of the world. Website allows the organization to be in operation for 24 hours. Digital marketing is also acting as the technology component that promotes the use of technology in business activities (Andam, 2014).
Technology is a vital aspect that is used in marketing and other business activities. Technology allows business organizations in Australia use communication to improve their communications structures. The business enterprises may use email texting, website, and other personal digital applications to communicate with their clients. Using technology in communication allows the companies to get feedbacks from the consumer in appropriate time (Armstrong, et al., 2015).
Security is one of the factors that affect how business organizations conduct business. When business organizations conduct business activities through the internet, they tend to get glitches or malicious hackers, these hackers tend to expose the business sensitive data such as bank details and credit details. These occurrences can lead to revenues as the enterprise data are publicly exposed, the company may lose trust from the customers. As a result of the company, many lose revenue leading to bankruptcy (Laurel , 2017).
As a result of technology, companies business enterprises can provide customers with wide range of products and services at a competitive price. The low price of products and services results to "showrooming," of company products, customers can browse product for themselves on shelves where they can choose products that they need to purchase for themselves. Reduce in overhead cost may lead to low revenue to the companies since the prices of the product may meet the cost of materials. Walmart is one of the corporation that technology has resulted in unhealthy business competition in relation to product pricing strategies (Alex , 2012).
Technology is a factor that has contributed to both business failures and success. Business organizations are required to consider the impacts of technology to their operations. The organizational management obligated to consider measures that could be used to promote the success of the companies they manage. The success of Australian business enterprises use technology to gain their competitive advantage in the world business market.
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