The dynamic force regulating and accelerating globalization is undoubtedly a revolutionary development being made in the fields of information technology, navigation and communications. Hence, it is the marvellous technological advancement and innovative tools, techniques and equipment that have paved the way towards fastest possible progress and growth in political, social, cultural, economic and commercial areas of the contemporary world. The zone which has witnessed the fastest changes in the wake of the IT revolution is undoubtedly a corporate sector that includes trade, commerce and business-related activities, which has observed glorious expansion worldwide. Advances in information and communication technologies (ICT) Brynjolfsson and Kahin observe, are affecting many aspects of business activity. Notable among these is the obscuring of the material aspects of the behaviour of firms and the subsequent changes in the meaning of distance and geography. (2000: 111)The fields including marketing, travelling, e-commerce, communications, health and medicines, home appliances and domestic necessities, education and trade have experienced outstanding flourishing in the wake of technological advancements. Trade liberalization and information technology UNESCAP reports, continually advancing, national borders are increasingly disappearing and barriers to global trade are falling. As a result, global manufacturing and marketing are becoming increasingly organized. To cope with this operational environment, global firms have been searching for new production and logistics architectures as a way of gaining the advantages that come with standardized global production. (Quoted in unescap.org).
Risk Impact of Global Communications in Business