Manufacturing
Digitalization and computer-aided design (CAD) of products, robotics, and production lines have transformed manufacturing, mainly by reducing production costs. Revolutionary developments facilitate low-scale and low-cost manufacturing; firms can make products cost-effectively even in short production runs. Online platforms are increasing the productivity of business and industrial activity. Such developments benefit international business by allowing firms to adapt products more efficiently to individual foreign markets, profitably target small national markets, and compete more effectively with foreign competitors that enjoy cost advantages.18
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