Globalization continues to define our business landscape, increasing the levels of cross-border trade, capital and labor integration.
While business leaders can do little to change global demographic shifts or capital flows, they can react effectively to the forces of globalization or anticipate them to their advantage.
The pace of globalization has slowed from pre-recession levels and its nature has changed. Capital flows between East and West are more evenly balanced and technology is the driver of globalization, promoting innovation across nations and cultures.
By contrast, the globalization of talent is at an early stage. Skilled people are clustered in some locations but scarce in others. Businesses everywhere struggle to match talented professionals with available positions.
Looking beyond the obvious
Prospering in this globally integrated environment requires constant refinement of global business strategies. The businesses that will ride the next wave of growth will be those that:
- Understand the significance of globalization
- Tailor their strategies based on that understanding
- Explore new markets
- Establish well-rounded global business portfolios
We recognize globalization as one of the defining issues of our time. For many years, we have worked with the Economic Intelligence Unit to study globalization trends and support our clients in their attempts to understand these trends and the advantages and risks they present.
The changing face of globalization will have a profound impact on the business landscape. Now is the time for business leaders to respond with the flexibility, speed and unconventional thinking necessary to prosper in our increasingly connected world.