Industrials

Globalization With New World Order

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<p style="text-align: justify;">Organizations and corporations are primarily affected by the emerging new world order. Since the Pandemic, the corporates have faced some unexpected volatilities in the industry. The crisis has led organizations to move from the status quo and prepare for the uncertainty in the business.</p><p style="text-align: justify;"><strong>Globalization and Geopolitical Shifts</strong></p><p style="text-align: justify;">Where great resignation and employee retention were a challenge, Ukraine and Russia's continuous flight led to inflation. Geopolitics and the global economy have given reforms to the organizations' policies. The disruption has even led to stagflation in the economies.</p><p style="text-align: justify;">There are many superpowers, but not one superpower in the new world order. This shift has affected the global strategy and the business strategy of organizations. Even if the organization has revamped its business models, it must accept the realities of geopolitical change.</p><p style="text-align: justify;">The industries must align themselves as per their requirement before approaching any geographies to begin their business. The political stability and even the climate shift are a few important factors that enable the organizations to decide their next plan of action. Manufacturing and mining industries need to tap into these dynamics for their sustainability.</p><p style="text-align: justify;">There are changes in the economies, and even government interference has increased. This shift has affected the investment and growth opportunities of the organizations. The organizations that are planning to expand should be willing to change their organizational structure and have a team of geopolitics and economics at a business strategy level.</p><p style="text-align: justify;">This team should be in cross-functional coordination with business risk analysis, supply chain, and external competitive environment of new entrants and existing competitors.</p><p style="text-align: justify;">The geopolitical realities cannot be left unnoticed as they have given a shift in the global economy, and the industries are the contributors to building Global Economy.</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert <a href="https://www.linkedin.com/in/namratadhasmana/">Namrata Dhasmana</a>&nbsp;</em></span></p><p style="text-align: justify;">&nbsp;</p><h3 style="text-align: justify;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Namrata Dhasmana&nbsp;</span></h3><h2 style="text-align: justify;"><span style="font-size: 12pt;">1. How can geopolitical risk be overcome?</span></h2><p style="text-align: justify;">Geopolitical risks can be overcome by 5 Cs- Collaborate, Cooperation, Continuity, consolidation, and consensus will be the governing principles to mitigate geopolitical risks in business and the global economy.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. How would you adapt an existing product or service to provide a new opportunity?</span></h2><p style="text-align: justify;">Any service can have a new opportunity by diversifying in the marketplace. Products can be improvised and innovated for diversified use. Look at the iPhone as a product.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">3. What makes a good organizational structure?</span></h2><p style="text-align: justify;">After the Pandemic, a good organizational structure has to be hybrid work with Matrix Organisational Structure. Although redesigning a new organizational structure will be a challenge, yet Inclusivity of every employee to make them feel valued is the best win-win scenario.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">4. What is global strategy development and implementation?</span></h2><p style="text-align: justify;">Global Business Strategy is to think global and act local to recover from the economic crisis, and its implementation should be based on the diversity of geographical culture, people, and business.</p><p style="text-align: justify;">&nbsp;</p>
KR Expert - Namrata Dhasmana