The businesses world in the 21st century has been characterized by various developments. These developments have been influenced by technology, competition, globalization, climate change, and the fact that people have become more knowledgeable. All these factors have significantly influenced the manner in which businesses operate today.
Technology and globalization are the key factors that have influenced the performance of organizations today. Therefore, organizations are coming up with strategies to enable them cope with the developments being experienced in the business world.
For example, development in leadership has been one of the critical issues that businesses are emphasizing on. For any business to be successful, it must be governed by people who are equipped with the right leadership skills. The leaders must understand all the operations of a business so that they can effectively address any weaknesses present.
They must also be capable of uniting the employees such that communication flows smoothly from one employee to another. There are very many organizations which have fallen because of ineffective communication and leadership strategies. It is because of this that most organizations are focusing their attention on developing their leadership strategies to enhance effective coordination within the organization. This will make the operations of the organization to be smooth.
To have a team of competent leaders therefore, it is the responsibility of organizations to ensure that they invest heavily in leadership development. Organizations are supposed to ensure that the best performing employees are paid salaries that represent their contribution to the organization in order to sustain their productivity.
Organizations that do not have competent leaders should make sure that they advertise for top leadership positions and then promise the potential applicants high remuneration once they qualify.
The environment is also a factor that businesses are laying emphasis on. With the current changes in climate, it has become important for businesses to implement all measures necessary in order to minimize pollution to the environment.
This is especially the case for those businesses that engage in industrial processes. They are investing a lot of their resources in cleaning up the environment where pollution is rampant. They are also resulting to other production processes that are friendly to the environment.
Globalization is a term that has gained popularity in the 21st century. Since many organizations lack further opportunities of expansion in their home countries, they find it worthwhile to take their operations to other countries so that they can adequately boost their profitability and competitiveness. Globalization has become possible today because many countries have opened up their borders and removed trade restrictions.
Since globalization has intensified competition, businesses have been forced to come up with products that compete effectively in the different markets across the globe. They are therefore designing high quality products which will meet the different needs of the customers. This is because organizations have adopted production mechanisms that are more efficient and which incorporate latest technological advancements.
When organizations invest in technology, they are able to reduce their costs of production significantly thereby making their production process efficient, faster and reliable. The products produced end up being of high quality.
Experience environment is an issue that businesses are slowly adopting. This concept refers to where organizations design products which add value to the customers. Different organizations are therefore designing their products by combining different features of technology in order to make the customers derive maximum satisfaction from the products.
For example, General Motors has recently initiated a service called OnStar whose aim is to ensure that their customers achieve maximum driving experience. The OnStar service is powered by mobile information services thereby offering their customers security, entertainment, and emergency services 24 hours a day. This move has made the company to remain ahead of others in matters relating to innovation and in giving customers total satisfaction.
Corporate social responsibility has gained significant popularity among different communities in various parts of the world. Businesses today believe that being close to the community serves as a marketing strategy aimed at growing the brand of a company. In addition, businesses are today finding it important to cater for their environment so that they can be in line with the environmental conservation goals.
For example, Coca Cola has been known to effectively engage different communities from various parts of the world in community activities by educating them on the importance of keeping the environment safe from pollution. In addition, Coca Cola sponsors various games such as Olympics and World Cup thereby making people to be more attracted and confident with the company.
This has served as one of the strengths that have made the company to effectively market its products in different parts of the world. From the analysis therefore, it is true that the developments that organizations have adopted in the 21st century are meant to sustain them in the market because of the competitive pressure that is present in the business world.