The world is becoming a global village due to the rapid development of technology. It has created a drastic change in the socio-economic structure, which we can say as the worldwide nation’s culture. The fierce competition we can say as the nearest rival of the same kind of business is increasing. In such a current context, the organization should oversee the global business trends, demand for those products, and the easy availability of the resources to efficiently and effectively run the business.
So, in the traditional nature of the economy, where bargaining exists for settling prices. Nevertheless, the situation now is different, for price-fixing demand and supply situation dictate the market. The other way is the culture and the environment of each nation that affect society, country, and the business. Organizations need to add value in the organization, which can bring through optimum utilization of resources such as human capital and financial resources.
Innovation such as telegraph, the telephone, and the current rapid development of the web are the only factors promoted to become the global world. These technological inventions have a significant effect on people, society, and the economy at large. Globalization has triggered the people’s way of living, whatever the place they live in and can use the communication mode they desire to connect people and exchange views regarding business, health, and happiness. One more important thing is the invention of easy access to the internet, and the advent of other communication methods, the interdependence between institutions has been increasing. The result is economic progression and the rising scarcity of goods and services at the same pace.
These technological inventions have a significant effect on people, society, and the economy at large.
Our economy is the global economy. People are connected to every aspect of life. It also creates a multicultural market, which is a combination of interdependence and consciousness. Relationship and awareness produce the emergence of the capitalist system. So, what organizations need to do is to cope with the unwanted situation. They need to figure out the defects as arises and whether it lies in people’s capability and performance, the structure of the organization, or the mode of the business operation. For instance, the organization needs to reduce employees working in different departments for the same work.
Globalization also promotes competition in the target market, product, and services. Competition among industries has been increasing because of the invention of the new product and the latest technology. To compete with rivals, organizations start to produce quality products and services to meet clients’ immediate desires. The organization also needs to eliminate waste in the supply and manufacturing process. For instance, resources used to create value for a customer believed to be a waste when unable to create a benefit for the organization. The primary purpose for the organization at the time of fierce competition must be the effort to rejecting waste, continued attempt to link customers with inventory and production, and reducing overburden through cutting waste. To make optimum use of the resources is equally important, like other efforts.
To compete with rivals, organizations start to produce quality products and services to meet clients’ immediate desires.
One benefit we are getting from globalization is that it has promoted new ideas to lower the cost and sell the product using the internet and eCommerce. Since the internet and e-commerce have produced business opportunities worldwide, which is an excellent gift of globalization. Globalization transmits knowledge to enhance business connection in a way that increases the interconnection of society, culture, and the nation. In this way, the organization needs to set a position that can compete with rivals with the help of technology and changing market conditions.
There is a positive relationship between culture and globalization. We know learning is the values, norms, and beliefs. It exists from one culture to another culture and promotes the development of business and individualism. So, the business organization should enhance research to get more insight into activity in such a complex cultural and system-driven world society.
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