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IMPACT OF TECHNOLOGICAL ADVANCEMENTS TO GLOBALIZATION OF MARKETS AND PRODUCTION.
Globalization is defined as a global phenomenon created due to humans’ interactions globally, leading to the creation of new developments. It is in this scenario where technology comes in.
Technology has dramatically impacted growth in the globalization of markets and production. For example, the internet has enabled information to be passed faster to larger masses of people due to micro-computers’ usage. People worldwide can access information about the products that are not in production in their area of residence.
The establishment of well-advanced technology has led to global interaction between many cultures and people, creating a global-wide range market. It has helped to develop a global audience due to advertising.
Technology has also helped various entrepreneurs and organizations like multinational companies better control production activities globally since the internet has promoted an accessible mode of communication among them.
Technology advancement has also led to the invention of various sound transport systems vital to conduct business globally. Products can be produced in multiple parts of the world and transported smoothly, thus increasing production efficiency since business people have to provide the local market and the globe.
Technology changes have also helped overcome various challenges associated with globalization, such as commerce barriers, lack of trust in the business’ workplace, and the low information exchange between employees and top management, leading to a significant change in the world’s market place. It is because technology has enabled a collaborative working environment over the network/internet among various entrepreneurs around the globe.
WHY IS THIS CURRENT SITUATION/PROBLEM IMPORTANT TO YOU?
Technology is important/vital to the success of business globally since it has brought the business’ ability to communicate with customers. In today’s business environment, it is always essential for business people to quickly and interact with their clients. Business people can create websites where they interact with their customers and receive orders where they, in turn, ship these products to them, allowing their businesses to distribute products to various customers worldwide thanks to advanced technology. In this way, technology is essential to me since I can sell my products online around the globe quickly.
Work cited
Rycroft, Robert W. “Technology-based globalization indicators: the centrality of innovation network data.” Technology in Society 25.3 (2003): 299-317.