In what way does technology influence international business?

Technology plays a pivotal role in transforming international business by facilitating communication, enhancing operational efficiency, and enabling the development and marketing of innovative products and services on a global scale. With advancements in technology, businesses can communicate instantaneously across borders, allowing for seamless collaboration between teams in different geographic locations. This capability not only speeds up decision-making but also enhances responsiveness to market changes.

Additionally, technology streamlines processes, making operations more efficient. For example, automation and data analytics allow organizations to optimize their supply chains, reduce costs, and improve overall productivity. These efficiencies can lead to faster production cycles and better quality control.

Finally, technology opens up new avenues for product development and marketing. Businesses can leverage digital tools and platforms to create unique offerings tailored to different markets, conduct market research more effectively, and reach global audiences through online marketing strategies. This broader reach and ability to innovate are crucial for companies aiming to succeed in an increasingly competitive global landscape.

In contrast, the other options suggest negative impacts or limitations that do not accurately reflect the role of technology in international business. For instance, technology does not slow down communication; rather, it accelerates it. It also goes beyond enhancing competition among local businesses, providing a global competitive environment. Lastly, technology does not restrict access