What’s the current and future impact of globalisation on business?
How does globalisation affect businesses and what response should we offer?
We’ve seen such a growth in globalisation and its tentacles will only keep spreading as we go through the 2020s
Here at MTD, we have noticed how the enquiries from all over the world have increased exponentially over the last few years.
There is a permanent shift in the domain of knowledge that enables any individual from any country to access large databases of resources and information. People can have knowledge at the touch of a button, so choice has exponentially increased.
What have been the results? Here are just some of the impacts globalisation has had on businesses:
This is the single biggest benefit of globalisation all around the world.
With enhanced competition from foreign brands and companies, industries of every nation are compelled to improve their standards and quality and customer satisfaction services.
This benefits the customers and the economy as a whole and raises the standard of living of everybody. There’s no doubt that increased competition allows people to choose their solution from many sources, which makes companies think strategically about what they need to do to even be considered by prospects in other countries
This could be viewed as a negative impact by many, but no-one can deny the impact it has had.
The rise in knowledge levels of countries as newer cultures and technologies are opened to a particular area are clear.
Their knowledge base also grows and expands simultaneously.
As a result, they are better able to handle their primary and secondary industries, and this ultimately affects their tertiary sectors in a positive manner as well.
As AI and VR make inroads into the way we live our lives, people’s expectation rise and enable us to see what components of technology will help our business to be competitive in the future.
With a larger number of industries and resources available, the opportunities for people grow exponentially too.
There are many more jobs available to people, and as technology advances, the chances for more people to be trained in new jobs rises accordingly. This will have one of the biggest impacts on globalisation of business. It will soon be possible for an engineer in one continent to work on issues online with people in another continent.
We see this in the support networks that computer companies are able to offer their clients without having to visit their offices and homes. These opportunities will revolutionise the job market and demand a totally different mindset from employers.
Whatever your viewpoint of immigration, there is no doubt it has opened up masses of opportunities to millions of people who would otherwise have not seen any improvements.
The rise in foreign investment in countries helps industries and native cities grow at a rapid pace, and this is something that every nation should be open to since it is a highly beneficial venture for them.
There is so much that they can gain in the process as well. Every country now imports more than ever before, so that global growth has shared resources and abilities in a way that we could never have imagined even 30 years ago
Whatever your viewpoints on globalisation, you cannot hold it back and it is offering opportunities that we have never seen before.
Only by tapping into the benefits that exist within the global network will nations, industries, companies and individuals learn to grow and nurture each other to everyone’s benefit.
Has globalisation made you look at business in a different way? Do your competitors now come from far and wide? Your response to this trend will determine your business success in the future.
Originally published: 5 November, 2019
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