Impacts of Globalization and Technology on Business
Today, where the world is amidst of fourth industrial revolution that is fundamentally altering business culture and socio-economic landscape across the world. Whether local or global business, globalization and technology transforming businesses in different scale, scope, and complexity. Significantly, international business has evolved chronologically, where the world witnessed first industrial revolution (1760-1820) where water and stream power used to mechanize production; second industrial revolution (1871- 1914) where electric power used to create mass production; third industrial revolution in late 20th century where electronic and information technology used to automate production; fourth industrial revolution is continuation of third where technologies like artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, and other technologies are being used in the business to enhance its operational efficiency, tr...