Globalisation and Its Worldwide Significance
Globalisation enhances the exchange of workforce, culture, technology, and services worldwide. It enables organisations to work on an international scale. It also increases the open flow of information through different channels and connects people around the globe. People communicate and share different information. Globalisation affects the whole world, including the countries on a macro level and people on individual levels too. It makes the world smaller, like a village. Organisations need to understand this phenomenon to meet future endurance. If they don’t realise their importance, they may not survive within a competitive market. Globalisation has worldwide significance. Some of these significances are as follows;
Globalisation Of Cultures:
Globalisation increases the interaction between people of different regions. Every region has its own culture. Now people share and portray their cultures easily. They also adopt the cultures of different regions and now these interactions have become easier to the people than ever before. People wear dresses of different cultures. They start eating and liking foods from different regions. For example, Italian pizza is liked by people all over the world. The spicy food of sub-continent is also highly famous. This globalisation of cultures has increased the opportunities for businesses. Now they can promote their cultural products in different emerging markets of the world.
The organisations that want to grow their businesses internationally, need to understand the cultures of different regions. It is not helpful to launch new products without understanding the regional cultures. If businesses do so, they can face severe loss. For example, McDonalds faced a huge loss when they launched their beef burgers in India. This is because the brand did not understand that Indian culture does not allow beef consumption. Globalisation also encourages people to move from one region to another. When people of different regions start living in a single place, they make their own opinions. The sharing of cultures also decreases unnecessary hate between people.
People are now sharing technologies and innovations through different countries. People do not limit their innovation to their countries or border. They make innovations for the whole world. Silicon valley’s innovations are not bound to geographical regions. Facebook, WhatsApp, and different social media platforms connect the whole world. These platforms bring people closer to a different region. Even a person living in London is familiar with the situation of Afghanistan. That same person may also have a friend in the US, one he has never met.
The globalisation of technological advancement makes individual life easier. Electronic products of Japan are used in almost every house. Technological advancement in the field of medicine also serves the whole world. Countries also share technologies on a macro level. They share their technologies for strategic alliances as well. Due to the globalisation of technology, our world has become a global village.
Globalisation also proves as a cost-effective aspect for organisations. No one can be a jack of all trades. One has to rely on others at some point of time. The universal rule is also applicable in the business world. Every region or country has its own speciality. One may be good in technology, and the other one may be good in agriculture. Thanks to globalisation, any barriers to decreasing costs are also finished.
Now people can share their resources and specialities for mutual benefits. Organisations use different techniques to reduce their costs. One study shows that globalisation significantly impacts different business practices. This is because it plays a crucial role in reducing the cost of products (Jahan, 2021). In this way, they also employ the people of this country. Countries having natural resources can ask specialised organisations for mutual gains. This sharing is not only cost-effective but also has other advantages.
Access To Emerging Markets:
According to a dissertation help firm, globalisation encourages businesses to work across the border. It also encourages them to find emerging markets for their product. The changing world always has new opportunities. Finding that opportunity makes the business successful around the globe. Third world countries are an emerging market of the world. There are many opportunities to go there and take a share of the market. Foreign direct investment in these markets also have many benefits for the businesses.
These investments also help these countries in increasing their standards. The example of Bangladesh fits well here. Bangladesh has a large amount of cotton and a low labour rate market. Foreign investors install their industries there. These industries benefit them and improve the economy. A study shows that globalisation has a positive impact on the country’s economic growth (Shittu, 2020). Hence organisations have to go for emerging markets to make the world better.
Globalising The Talent:
Nowadays talented people are no more a resource of the region. They are accessible to the whole world. Organisations of one region can also hire talented people from another region. People may also move from one country to another to find the right job for themselves. This talent sharing also increases the productivity of people and organisations. Sundar Pichai, CEO of Google, is the best example in this context. He is an Indian but works for an American organisation. This global access to talent is beneficial as it creates employment opportunities for many people. They also share revenue in the form of foreign currencies. This globalisation of talent creates a win-win situation for everyone.
Globalisation changes the whole world. It connects people around the globe. Organisations need to realise its importance for their future benefits. This phenomenon globalises the cultures of different regions. Organisations are not only familiar with the cultures but also share them. These people share the technology for improving the standard of their life. Globalisation also makes businesses cost-effective. It also helps provide access to the emerging markets and the top-notch talent of the world. Thus, globalisation affects the world to a greater extent. Organisations need to understand this fact for surviving in the highly competitive world.