According to the National Science Foundation, technology-focused companies are successful in foreign markets and develop high value-added products. It is through these technological innovations that companies around the world have been able to flourish. Technology is not without its drawbacks, of course, but many would probably argue that the advantages for the global business environment far outweigh the cons.
Companies like Toyota, McDonald's, Microsoft and Apple have a global presence that can be seen and felt around the world. Technology has enabled these companies to compete fiercely by establishing locations in many countries and effectively creating, sharing and disseminating ideas or products to their employees, partners and customers worldwide. Technology tools like enterprise software enable companies to rapidly deploy new products and services to stay ahead of the curve. On Toyota's website, for example, the company states that it is always seeking out technology that "prevents and minimizes the damage of an accident in any situation." Companies large and small realize that to remain competitive in a global economy, they must incorporate technology to move their businesses forward.
One of the drawbacks of technology on the global business environment for some has been the issue of outsourcing. Technology has enabled companies to establish facilities anywhere in the world where they can pay cheaper wages and little or no taxes. While the companies that outsource may not view this as a drawback, those who lose jobs as a result of it do. Several major corporations have made it their mission to source labor in regions where no one else can compete. According to an article in Bloomberg Businessweek, in the Philippines, China and India, college graduates are willing to work twice as hard for one-fifth of the pay that American workers who hold those jobs would normally make.
On the flip side of the outsourcing debate, innovations in technology are opening up new job opportunities locally for those with the skills to fill these roles. Vice president for academic affairs and chief academic officer for NanoCollege Robert Greer says that graduates of the college are going right from graduation into work. Nanotechnology and biotechnology are two fields that are in high demand with the rise of computer and mobile technologies.
Globalization has forced companies to engage in strategic planning in order to grow their businesses and compete in an international marketplace. FedEx Express, for example, has created the largest intercontinental air express network in the world. FedEx takes a strategic approach to everything from its supply chain to its operations to its IT infrastructure to ensure that it can continue being a leading provider in its market.
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