Impact Of Globalization On Business Processes
No particular timeline or specific event have been noted that marks the initiation of modern globalization, this is because globalizations is a gradual progression. However, it should be taken into consideration that the term globalization refers to worldwide integration and it just not only incorporate social systems but also encompasses business, cultural and political systems. Although it is feasible to dissect each of these systems and analyze the impacts of globalization, the researcher in this study will only emphasize on the impact of globalization on the business systems. In the past few years, there has been a dramatic rise in the global amalgamation of economic activity, capital activity, services and products. Due to this global amalgamation, the concept of globalization has come into appearance. Despite the fact that this global amalgamation of goods, product and markets is moderately new, the advancement of globalization produces an intense impact on the global business systems.
One of the most significant features of globalization in the context of business processes is that now organizations can acquire talent and acquaintance from different regions of the world in order to expand their scope which in turn results in breakthrough innovations and enhanced collaboration. Globalization provides an opportunity to the organizations to communicate and share knowledge with other organizations across the globe. This allows the organizations to spot out their core competencies worldwide and to enhance their processes and technologies in order to maintain a competitive position in the global marketplace. With the rapid increase in the pressure of commoditization, innovation and collaboration are priceless features that an organization must depict. The globalization allows the organizations and individuals to capture skills, knowledge and experience from other organizations and individuals worldwide which in turn make them capable of developing the next breakthrough service. By the means of globalization, this form of universal alliance is facilitated and organizations are now able to effortlessly transfer and communicate information to other organizations located in different regions of the world at supersonic speeds. In addition, it also allows the organizations to make an alliance or merge with other organizations sharing similar interests but is situated at distinctive corners of the globe.
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