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Phoenix Life Sciences may be based in Denver, Colorado, but as a disruptive healthcare solutions company looking to introduce medical cannabis into the mainstream pharmaceutical market, our outlook and approach are global in nature. We aim to open more facilities in locations where medical marijuana is legalized, introducing more people to the transformative properties of medical cannabis.

The transportation of goods and ideas around the world would be impossible at the rate and efficiency we know today if not for the technology that exists. Technology facilitates business transactions of all kinds between the consumer and all businesses involved in the supply chain. One of the major drawbacks of technology improving international business is outsourcing; however, most would agree that the advantages of a global business environment far outweigh the negatives. Ordering a product from anywhere around the world and having it shipped to your doorstep is possible with just a few taps of your fingers; likewise, companies all around the world benefit from international business partners and global demand for their products or services. Here are some of ways that technology benefits and facilitates international business.

Communication

The way that businesses connect with one another is streamlined and simplified through technological advances like video conferences, social media, and apps. Gone are the days when dialing into expensive, long-distance conference calls was the only way to connect with business partners around the world. Now, a company in the United States can connect instantaneously with a company in China, thanks to major advances in telecommunications over the last decade. This ease of communication is what allows companies to expand into new markets overseas.

Data collection

Tracking technology has grown exponentially over just the last few years thanks to major advancements in data collection. According to eHow contributor Catherine Capozzi, “Technological innovations streamline the supply chain by allowing up-to-the-minute results on the assembly of a product, and global tracking technology highlights where the product is moving.” Through advanced data collection, companies are able to monitor every stage of the supply chain, as well as inventory levels. Customers can also tap into this technology to track the movement of their purchase from factory to delivery.

Transportation

As transportation vehicles become more advanced, travel times are significantly reduced and the movement of goods around the world is much more efficient. The creation of commercial jet airliners and super freighters were major milestones in international trade, but containerization, while not a new technology, provides a standard model of transportation that lowers shipping costs over long distances.