How Technology And Globalization Have Enhanced Business...

The volatility of the world economy has made competition between businesses intense, complex, and challenging. The competitiveness of today’s economy is accompanied by numerous opportunities and threats that many companies have to contend with. Many firms rely on effective leadership practices and strategies to enhance their performance and enable them to compete effectively in the volatile markets. Therefore, this paper seeks to analyze how technology and globalization have enhanced business operations and decision making (Claeskens, 2012). The analysis is essential in helping other organizations in obtaining essential information that support a competitive advantage. Consequently, the competitive advantage can be used to make substantial†¦show more content†¦The means of communication has also changed significantly such that messages are sent and received instantly between the communicating parties. In addition, new products of different functionalities and shorter lifecycles have been developed with the help of advanced technologies. Research indicates that the direction of the world economy is likely to render the world a global village. This is where sovereignty is not an issue of concern and labor is likely to be replaced by technology. Many corporations will appear to be of the size of a cell and only global economies will matter. Therefore, it is necessary for organizations to train their workers to adapt to the unpredictable and ever-changing economies. The high pace in which organizations and economies are integrating also defines this economy. Analysts have predicted that the many world corporations will be integrated into a single competitive world economy by the year 2050 (Claeskens, 2012). Essentially, it is also believed that most of the political systems and structures that support many corporations will not have much influence and may be reduced to tribal components. The rapid rise in the global economy has created a situation where individuals will be required to portray different loyalties that may differ from their own traditions and normal institutions. This is a characteristic of the global economy that should be considered