3 Important Factors in Globalization
By Gillie O. Wenceslao
In the past years, many organizations have started to feel the impact of globalization, but not all of them were able to remain successful. Some failed due to various reasons. The idea of globalization is very broad, organizations have different views on it, but it’s always up to them how to strategically maintain business on a global scale.
There are many factors to consider when building a strong foundation, but for me, three certain factors should be adopted and applied.
First is culture. Leaders should glean substantial history and information about a potential market. In order to achieve this, they need to undertake different actions, specifically business with the local culture to establish a global mindset. Understanding culture is one of the most powerful tools because it allows the firm to monopolize local buyers and stabilize a global existence. Culture dominates globalization and impacts every organization.
Second is language and communications. These two are important in a wide variety of situations. Leaders should learn how to communicate effectively, and in order for them to communicate well, they need to learn the primary language of their potential market. That way, they would be able to connect and collaborate with different people. The English language is universal but learning the language concentrated in a specific region would be a good idea. It avoids misunderstandings that may arise from information being lost in translation.
The use of technology has an extreme influence on how businesses communicate globally and introduce their products and services internationally. With this, the improvement of technology creates a massive impact on organizations, something that will continue on to the next generation.
Lastly, leaders should be more competitive and innovative. In today’s era, global companies face different challenges and increased competition. Leaders are required not only to have a high level of education; capabilities such as being competitive and innovative are also critical. This results in an organization that is more progressive and productive. Leaders should also be up-to-date with happenings in both business and society. They should be visionaries, coming up with strategies and policies for local and global issues.
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About the author:
Gillie O. Wenceslao is a consultant for Professional Staffers, a division of John Clements Consultants, Inc. She is a graduate of Human Resource Development Management from the University of San Carlos.
