Globalization in the past few decades getting accelerated because of the rising interest of the business organization target the global market and enhancing their strategic planning to compete against the giants of their industry. It does not just help them expand their business but also helps them increase their creativity level and become more and more advanced to make their employees much more sharpen in their skills. Most of the companies are taking the strategic planning based on the new ideologies to raise the interest of the customers and the whole community in their projects and brands (Pologeorgis, 2019).
Benefits of the Globalization
It also provides them with a versatile range of options to divert their planning and implement in case of crisis and risk management to ensure the organization’s success in any stressful situation. This will also provide financial security to the organization in becoming stable in the local and the mute-national industry. It also enhances international trading at the economic and social level either it is a developed or developing country (Council, 2021).
- It is giving profits to the organizations in their economic growth and help them the analysis of the international market to redevelop their strategies to meet the demands of the global market to allow workers to enhance their working efficiency.
- Trade among nations open-trade flow and has a positive effect on the economic performance and growth that control the strong relation of capital flow or its impact on the economic development of the companies and the communities (Doh & Luthans, 2018).
Globalization in effect with the Saudi Vision 2030
Saudi Vision 2030 is promoting the economic growth of the Saudi kingdom to focus on non-oil-based resources. This revolution promotes the global approaches of the organization to enhance their creativity level and get it to know more about the technical stuff to be implemented in their work to make them competent at the global level (Freeman, 2015).
References:
Pologeorgis, N. (2019, May 9). How Globalization Affects Developed Countries. Investopedia. https://www.investopedia.com/articles/economics/10/globalization-developed-countries.asp
Council, A., Grand, S., & Wolff, K. (2021). Assessing Saudi Vision 2030: A 2020 REVIEW. https://www.atlanticcouncil.org/wp-content/uploads/2020/06/Assessing-Saudi-Vision-2030-A-2020-review.pdf
Freeman, C. W. (2015). Saudi Arabia and the Forces of Globalization | Middle East Policy Council. Mepc.org. https://mepc.org/commentary/saudi-arabia-and-forces-globalization
Doh, J., & Luthans, F. (2018). International Management: Culture, Strategy, and Behavior. McGraw-Hill Education.