Globalization Impact on Business Technology and Management Strategy

Recently, globalization with its numerous impacts on world production, consumption, trade, employment, communication and technology has changed the world environment for business resulting enhanced competition, emerging opportunities as well as threats and/or risks. Managing business organizations effectively has become more important, complicated and challenging. Business, now-a-days, has to adapt multivariate technologies or strategies in order to compete and survive successfully. This article examines critically the opportunities and risks poised to businesses and helps managers in appropriate decision making process. Most studies and literatures suggest that the overall benefit, as a result of globalization, outweighs its cost. However, this trend may ultimately cease to continue when associated costs will supersede benefits in the long-run. Therefore, management needs to cope with the changing trend and complexities of global business technology with a different course of action, strategy and dynamism as required