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Business Management Question
Identify how Globalization and changing technology have impacted the way managers plan, organise, lead and control?
Business Management Solution
Today’s business environment is becoming more dynamic, uncertain and complex. Hence, both profit and non-profit organizations are changing according to the changes in the global business environment. The major challenges that today’s businesses are facing is the increasing globalization in the economic world and competition due to new technologies (Ikechukwu, 2011). Globalization is the process wherein different economies and cultures come closer and gets integrated. It is defined as the integration of different economies which is a result of increase in international trade and mobility factors (Noruzi & Irani, 2011).
Globalization brings new technologies which leads to increased competition in the economic world. Technologies like internet, satellite, fax machines etc are removing cultural boundaries. Hence, to sustain in this competitive environment, managing an organization becomes an important task (Jones & George, 2011). An organization is a group of people working together and coordinating to achieve a number of goals or desirable results (Jones & George, 2011). To achieve these goals, the people who supervise and make the most of human resources and other resources of an organization are called as managers (Jones & George, 2011). Making the right decision to manage the organization successfully is a difficult task. Organizing, planning, leading and controlling of resources like skilled people, financial capital, raw materials, machinery, information technology, loyal employees and customers are the main pillars of management (Jones & George, 2011). The efficient and effective use of available resources by the managers to achieve the organizational goals and to satisfy their customers is called as organizational performance (Jones & George, 2011).
The present essay brings out the impact of the globalization and technological changes on the working of the managers and how the managers have changed their way of panning, organizing, leading and controlling with changing business environment.
2. Impact of globalization and changing technologies on managerial practices
Globalization probably started in the nineteenth century (Brooks, Weatherston, & Wilkinson, 2010). The first phase peaked in 1880 which was due to improvement in transportation, second phase due to multinational subsidiaries, third phase due to lower tariff barriers resulting in multinational trade and the fourth phase depended largely on changes in technology like availability of internet, mobile communications etc (Brooks, Weatherston, & Wilkinson, 2010).
Presently, it is the beginning of fourth Industrial revolution (Baller, Dutta, & Lanvin, 2016). This revolution presents a set of systems combining physical, biological and digital technologies in a new and powerful way. Most of the organizational performances are influenced by innovation in technology sector which includes the facility of cross border free data flows (Baller, Dutta, & Lanvin, 2016).
The changing nature of technology and globalization has resulted in drastic change in the basic managerial functions. The work of the manager has increased a lot in recent years with added focus on planning, decision making, coordination and control (Jones & George, 2011). Tough competition within the country and abroad has increased the pressure on all managers to use the resources efficiently and effectively (Jones & George, 2011). Due to globalization, managers have to face a major challenge of managing diverse workforce in terms of religion, race, socioeconomic composition etc (Jones & George, 2011). While managing diverse workforce, managers have to first understand and appreciate attitudes, values and beliefs of individual worker and accordingly adjust their style of management (Robbins, Bergman, Stagg, & Coutler, 2008). Other challenges faced by today’s managers are handling anti-capitalist mindset when the global business expands to such countries and coping with scarcity of skilled workforce due to globalization and technological advancement on managerial role (Jones & George, 2011).
Despite above negative aspects, globalization was grown at the very fast pace owing to the positive impacts of the same which include increase in sales, reduction in cost, availability of resources for the business entity; availability of wider choices, better quality at lower price for the customer; and improvement in standard of living for the countries (Brooks, Weatherston, & Wilkinson, 2010). Owing to globalization, today Japanese car manufacture Toyota is manufacturing cars in Australia, McDonald’s is selling food in China, leading Australian company in real estate sector, Lend Lease Corporation, has built shopping complex in England and ABB Limited, a Swiss company has constructed power plant in South Korea, Indonesia, Malaysia and China (Robbins, Bergman, Stagg, & Coutler, 2008).