Technology plays the vital role in growth of any business, it is most important factor how a company grows in today’s competitive world. Technology saves the time and effort, also enhances the security of the company. Nowadays ways of doing the business have changed drastically over the past few days. With the help of Internet now small business can compete with giants of the market.
How Technology can Affect our export business:
- It helps Improve Communication
- Protection against Attacks
- It Improves Efficiency
- Unlimited Supply of Knowledge
- Employees Need Technology to Work Efficiently
- Increased Employee Engagement
- Technology in Business is Necessary for Expansion
- Explore New Markets for Growth
- Technology Increases the Capacity of the Business
- Technology Brings Cryptocurrency into Being
The DGFT has introduced Advance Authorisation Scheme to allow duty free import of inputs required to produce the export goods with certain condition of fulfillment of export obligation (EO).
Nanotechnology deals with the manufacturing and manipulation of devices and materials on the scale of atoms and group of atoms. It is measured in nanometers. Nanotechnology use to manufacture following using less energy which promise greater fuel efficiency-
- Lighter materials
- Stronger materials
- Programmable materials
This technology is used to perform the following function by using the Internet instead of using local server or personal system.
- Store the Data,
- Manage the Data,
- Process data
Cloud Computing has major role in export industries and have significant impact in the production industries.
Now companies are avoiding the extra cost to set up IT infrastructure and maintaining them instead they prefer to pay simply what they use while having the requirement.
Robotics deals with the designing of machines which help and assist humans. It develops programmed machines which can substitute for humans and replicate their actions.
On 13th March 2021, the Government of India approved RoDTEP Scheme (Remission of Duties and Taxes on Export Products) to provide the incentive to the goods exporters in the form of transferable duty credit scrip.
Artificial Intelligence (AI):
It is the biggest advancements in the field of technology, now companies are investing in Artificial Intelligence to be agile and for the innovation. With the help of machine learning, machines can get intelligent on their own.