Globalization of any business is the one of the most fascinating developments within the global business industry. The impact of globalization on the economic transaction, global business and institutions are broad and wide ranging (Silver, 2013). This aspect offer challenges to the conventional norms and requires various mindsets. Globalization of business provides the chances of interdependency among the trade, business, economic sources and manufacturing organizations all over the world. The communication, technology and transportation has been charged up by this phenomenon (Vargas-Hernández et al., 2015). In addition to this, globalization of business offers wide spread economic growth of any country as well as to the domestic business. Developments of the new technologies are helpful for globalization of the market.
Globalization of the market reflects the internationalization of the transactions of the business. The partners of the business transactions may involve the foreign investors that will involve the foreign currencies in the business (Khomenko, 2015). Previously the international business is transactions are based on the export and import activities between the investors. In the present scenario is that, the investments and business activities are more complex. In addition to this, there are very few organizations those are incorporated with the international business activities. There are several implications of the global business activities in the present scenario (Binder & Offermanns, 2014). The business persons who have narrow set of thoughts and trying to be successful in their business are not capable of gaining that position, as they are not focusing on the larger perspective of the business.
There are no examples of organizations that did not face the globalization. Automobiles, steel, chemical, textiles and many other industries have faced the affect of globalization. The globalization results into the restructuring of business and market. The basic level of the business restructuring proves that, constant productivity and improvement needs the globalization of the business activity (Wood & Wilberger, 2015). This aspect requires the benchmarking of the objectives needed in the business sector. This benchmarking involves learning, identifying and implementing those ideas on the industry. The real perspective of the globalization introduces several benefits for getting enhanced productivity of their organization (Binder & Offermanns, 2014). There are several competitive advantages of globalization, those are discussed as follows:
Management of valuable activities: The process of analyzing the strength and weakness of the company are to focus on the value chain of the concerned organization. Value chains of any organization are the network or group of activities that helps the industry to analyze their customer demands (Vargas-Hernández et al., 2015). Globalization incorporates the fact that any domestic organization should recognize the reasons that will add value to their business. There are only two aspects that should be concerned for understanding ht value of globalization: what are the aspects that add value to business and if there is not reasons available for adding value to business then what should be the aspects that will add value to the business.
Total quality management: Total quality management refers to the aspect that every organization should be concerned with the competitive structure of the business that is followed all over the globe. Consideration of the management tool there are two main tools: team work and customer service (Silver, 2013). These two aspects decide the limitations of the total quality management perspective. The globalization helps one organization to improvise their system according to the global limitations of business. The total quality management of business activities is concerned with the providence of satisfaction to the customers.
Innovation and time to market: Sustainability and competitive advantage can be developed through the product and process innovation among the business activity (Bremmer, 2014). A firm and conventional business organization follows few aspects that make them successful according to the competitive market. These aspects are: needs of the buyers, evolving new technologies, governmental regulations. Globalization makes these perspectives more broad than the domestic thoughts of the conventional business, as in globalization these perspectives are compared globally with respect to several organizations (Khomenko, 2015). Globalization of the market an domestic business not only provides innovation in business but also improvise the efficiency of the business activity.
Networks and coalition: One of the fundamental consequences of the globalization perspective is productive partnership among other organizations that will make the good collaboration possible (Binder & Offermanns, 2014). The complexity, cost involved in the business introduces the collaborative approach among the organizations. These risk factors force the organizational heads to be more collaborative with each other. The partners involved in the business can involve the agents and distributors for increasing the competition. Networking and collaborative approach introduces more effectiveness of the organizations.
Binder, M., & Offermanns, C. J. (2014). Globalization and International Business Cycle Dynamics.
Bremmer, I. (2014). The new rules of globalization. Harvard Business Review, 92(1), 103-107.
Khomenko, Y. V., Khomenko, I. A., & Borodina, E. S. (2015). The Impact of Globlization on corporate culture and Communication. ЕКОÐОМІЧÐИЙ ВІСÐИК ДОÐБÐСУ.
Silver, C. (2013). Getting real about globalization and legal education: potential and perspectives for the US. Stan. L. & Pol’y Rev., 24, 457.
Vargas-Hernández, J. G., & Dávila, M. C. F. C. (2015). Methodological Proposal for the Study of the Impact of Globalization on Business Strategy of Mexican International Enterprises. In 19th Annual Western Hemispheric Trade Conference April 15-17, 2015| Laredo, TX, USA Conference Proceedings (p. 385).
Wood, V. R., & Wilberger, J. S. (2015). Globalization, Cultural Diversity and Organizational Commitment: Theoretical Underpinnings. World, 6(2).
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