How Technology Helps Firms to Meet The Ever-Growing Demands of Globalization
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In the light of rapid globalisation, India continues to achieve great strides as it becomes one of the top-notch FDI destinations for real estate, auto components, airlines, telecommunications, e-commerce, and especially the IT sector. Set in motion due to technological innovations, political changes, and economic policies, the bandwagon of business globalisation gains massive footing from startups and biggies who wish to foray into newer markets.
And, it’s the technology through which this worldwide phenomenon leads to the flow of information and the emergence of new employment opportunities is deep-rooted. Today, these two forces are the crucial competitive strategies for businesses use to edge out the competition, capture more significant market share, and contribute significantly to the global economy. Where globalisation has opened up gateways to new and less explored markets, technology bridged the way to them by removing the barricades such as trade barriers, transportation challenges, and imbalance between talent demand and supply in international markets.
For any new business entering into the international marketplace, a right “plan of action” along with adequate resources such as employees, software, data, and services are required. To beat the competitors in a global ecosystem where competition is five times more than any single domestic market, businesses can harness potential technologies which equip them with whatever resources are must-haves.
Readying Present Workforce For Future
Because employees lie on the baseline of every business entity, an international business player must have employees that are up to date with global trends and the ongoing competition. For this, they must have access to recent or real-time data and advanced skills for designing strategies and prepping them up to carry out certain duties. Research studies have indicated that the current skill sets that one has today are more likely to go obsolete in the coming age where machine learning and robotics will see a rather quick adoption.
Instead of replacing the employees themselves, the emerging technologies will augment their roles and co-work with them. Therefore, businesses have been opting remote learning to upskill their employees with webinars, tutorial videos, augmented reality and virtual reality simulations instead of sending employees to a training programme thousands of miles away.
R&D Innovation for a Win-Win Situation
In a global business sphere, a particular business model or product may get replicated by thousands of other (take e-commerce model for instance) businesses as technology transfer is fast and quick. The risks are lower in the case of a company that has limited market access, but in such a case, a company is always vulnerable to get outperformed if it does not primarily focus on R&D and innovation. New-age digital technologies such as Machine-Learning, Predictive Analytics, Big Data, and Artificial Intelligence can provide a business with the required fuel to run, grow, and beat the competition.
Under pressure to stand out from the competition and give customers what no one else offers, the businesses must invest in high-tech R&D so to identify a diamond in rough. Identifying the existing gaps and finding the loopholes, a company can establish its own brand distinctive, relish the customers with its innovative products and services, and thereby win the competition.
Blurring Differences Between Old and New
The latest technological advancements give so much power to the businesses that the difference between old and new has almost vanished now. A startup that came into existence three years back can take over sixteen years old business because of its innovative products, fair pricing, the right use of technology, and data-driven marketing strategy, etc. Globalisation and easy access to technologies have paved the way for many aspiring entrepreneurs to exploit tremendous business opportunities and compete with well-established market players.
In the present scenario, it’s quite easier to launch an international business than it was two decades ago, thanks to technology and liberal economic policies. The companies can either develop a unique software or technology that suit their needs by themselves or can import them from the other country or market to tap on the potential customer base. What’s the best is that even a multinational business can be managed from a remote location. All in all, technology has made it easier for the newly set up business to give a hard competition to the old businesses who have been dominating the market for so long.