The world now is a global village. Different economies are trading with each and more, and more companies are joining the global scene (Griffin 46). So what does it take to remain competitive in the global scene? There are various factors that affect the competitiveness of a company in the global landscape. Some of the important factors shaping this newly created competitive environment include the technology and knowledge management
The technological advances of the last few have helped enhance fast and quick communication within and outside firms. Communication technologies have contributed to improving coordination of firm activities especially multinational forms with a presence in different countries. Such a business setting requires fast and efficient technologies which have been made possible by the emergence of the internet and all the services that rely on its infrastructure such as social media (Griffin 197). Technology has been used to enhance brand awareness and reputation hence attracting new customers.
Knowledge management creates an environment where employees can be innovative and creative. Companies have to continuously engage their research and development departments to come up with new tailor-made products for consumers as well as adapting to changes in consumer preferences. Knowledge management ensures that employees' skills, knowledge, and talent are identified and put into good use for the long-term growth of the company. With more and more collaboration taking place in the global economy employers can scout for talent and skills from different countries (Griffin 209). Scouting for talents locally increases the chances of success of a business in the region because they can now make use an individual’s knowledge of the locality in creating products and advertising campaigns that will address the needs of the potential customers.
Work Cited
Griffin, Ricky. Fundamentals of Management. Boston: South-Western College Publishers, 2015. Print.
