Globalization, EquaTerra, Economist, World50
The Benefits and Challenges of Globalization
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The Benefits and Challenges of Globalization
An Economist Intelligence Unit executive summary in co-operation with EquaTerra and World 50
In a world with few constants, sustaining growth and outpacing competition are key concerns for just about every company, regardless of industry, geography or size. Globalization places both issues in the cross hairs, raising the potential for new ideas, new markets and new sources of competition. Little wonder then that the subject receives so much attention. As Jack Welch, former chairman and CEO of General Electric put it, “Globalization has changed us into a company that searches the world, not just to sell or to source, but to find intellectual capital—the world’s best talents and greatest ideas.”
This report, conducted by the Economist Intelligence Unit on behalf of EquaTerra and World 50, examines corporate attitudes to the risks and opportunities presented by global competition and the challenges that come with expanding one’s global footprint. The main findings of the survey are outlined below.
- Executives see globalization as an inevitable but largely positive force, the pace of which is accelerating. Respondents are optimistic about the prospect of increased sales and are eager to capitalize on new branding opportunities.
- They also feel that organizations must adapt traditional ways of doing business to the new global environment by streamlining processes, expanding markets, and hiring and retaining qualified local staff.
- Executives in the developed world must respond to global competitors that can bring products to market quickly and cheaply. As they do, companies must remember that local players do not always play by the same rules as developed countries, and must understand how to respond in those situations.
- Respondents believe that the opportunities created by globalization outweigh the risks and view the trend as having a long-term positive impact on their business. As they gear up, executives will focus internally on making their business processes more efficient and externally on investing in new foreign markets.
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