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How To Find Success in a Global Marketplace

 
2017-07-31 
Kate Eastham 
 
There are many reasons for going global such as cost, regulations, market expansion, etc, but there are only 4 main elements to be successful in a global market. 

These elements are: information technology, knowledge workers, business processes, and ERP systems.

1. Information Technology

Information technology is the main requirement for being successful at globalizing. Information technology takes raw data and allows the users to analyze, and become aware of correlations that are occurring in the market. Information technology also allows the people within the corporation stay connected and communicate what is going on at their specific location. There are applications of information technology such as Microsoft Outlook that allow the communication within the company to flourish.

2. Knowledge Workers

A knowledge worker is a person who sees the big picture of the company. Meaning that they understand how their individual role within the company affects the entire company. This idea is very difficult to fully understand, even managers struggle to communicate the interconnectedness of the company to those who report to them. 

Another important quality of a knowledge worker is the ability to work independently. A knowledge worker can come across a problem and then do the research and find the answer without depending on another person. They understand how to use the data given to them. The last and equally important quality of a knowledge worker is the ability to work in a group. Better solutions are found by groups than by individuals because there are many different perspectives and ways to conquer the problem. A knowledge worker needs to have the ability to work in a group in order to contribute fully to the company.

3. Business Processes

The business process is the start to finish, what goes on in the company from the obtaining of raw materials to the sale of the final product. Based on the market there may be a need for resources to be more focused on one part of the process than another. 

This is really important once the business has spread its operations into multiple countries. There might be a high customer demand for a product and the company will need to purchase larger quantities of raw materials in order to meet the demand, but they still need to monitor all processes because one might suddenly not be as effective based on the location, new regulation, etc.

4. ERP Systems

ERP systems are centralized systems. They are on system that all the different departments of a company can connect to and note changes in data. The systems allows for better communication between departments because its one systems, not multiple. It is also easier to manage than multiple systems for each department. 

This is great for a globalized company because an ERP system can be set up through a web portal and be accessed anywhere that has internet access. So when the customer demand increases in the United States, the raw materials purchaser can start purchasing an increased amount of raw materials that same day. These four elements are important to be successful at globalization because it allows the company to stay connected and well informed about the individual departments of the company. Knowledge workers keep the company running smoothly and with innovation. As the markets change the company can change their business process to better fit the demands of the customers. 


 
 

 

 

 

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