Future Challenges for Global Business

The business landscape has changed monumentally over the past year. With the COVID-19 pandemic impacting industries all across the globe, a whole host of potential challenges are emerging for international businesses competing in the global marketplace.

Businesses Are Wondering How to Prepare For What Lies Ahead

Any international business competing in the global marketplace has had to manage dual health and economic crises in the past year. These crises have driven creative partnerships, consolidations, numerous bankruptcies, the re-engineering of supply chains, remote working on an unprecedented scale, and new customer and employee engagement protocols.

A lot of those involved in international trade are trying to help businesses prepare for what lies ahead. Survival and building resilience is the first step. This not only relates to the impact of the ongoing pandemic and their competitive positioning, but also recent social unrest, catastrophic climate events, and recently unleashed cyber attacks. By obtaining an International Management Degree, you can help businesses in dealing with these ever-changing global business challenges.

Societal, Technological, and Political Disruption

There are disruptions from all sides at the moment for the international business competing in the global marketplace, and three critical risk drivers must be closely watched; societal, technological, and political disruption.

With regards to the political side, companies must be aware of the various trajectories of stimulus packages and how they could be skewed to certain company types of sectors along with credit availability.

Technological drivers are also disrupting and accelerating the business landscape. An unheralded tech revolution has been born from the pandemic, for both small and big companies alike. Work and social interactions have been transformed overnight as a consequence of rapid digitalization. Streaming, gaming, virtual conferencing, and e-commerce have all undergone unprecedented growth levels.

Rapid digitalisation has also increased cyber exposure by an exponential level, meaning networks that are potentially less secure and more complex.

Finally, real pressures are also being created as a consequence of societal drivers. Global business practices are coming under further scrutiny, especially when it comes to climate change and also governance, social, and environmental aspects of business performance. More than ever before, investors, employees, and consumers expect businesses to reflect their values.