Technology and Globalization

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Technological advancement has significantly changed how people conduct their daily activities and more so, how they run business affairs. Apparently, the world has been depicted as a true manifestation of a global village where every business activities can be fructified regardless of the geographical boundaries. According to Da Silva Lopes and Casson (2012), technology has successfully integrated operation and interaction of different economies lessening the business transaction burdens such as the cost of interaction. Technology has various impact on global business such as enhancing communication, simplifying payment and improving transaction speed

Changes in technology have enhanced globalization of markets by establishing a communication medium between different economies. According to Wei (2016) effective and efficient communication has enabled business players from all over the world to interact during business interactions during products negotiations and planning for deliveries. Secondly, dynamic technologies have contributed to international business by simplifying how business contracts are fulfilled and payment made. For example, a supplier in the United States can easily receive payments through wire-transfer after delivering products to a buyer in another region of the world, for instance, in Europe.

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