Globalization is still a pretty frightening concept for an “old-school” business type like me. Even though I cannot ignore the fact that it is happening around me, I still like having the ability of real life meetings instead of virtual meetings.
Personally, I feel that because of the internet and other types of technology we are taking away one of the best parts of international business—face to face contact. “Nandan Nilekani, the Infosys C.E.O., was showing me his global video-conference room, pointing with pride to a wall-size flat-screen TV, which he said was the biggest in Asia. Infosys, he explained, could hold a virtual meeting of the key players from its entire global supply chain for any project at any time on that supersize screen. So its American designers could be on the screen speaking with their Indian software writers and their Asian manufacturers all at once.” I always remembered reading books about the Japanese never going through with a business deal without knowing their American partners for at least two years. I like the past business model and I feel like brand loyalty will suffer because of the ease of finding new business partners.
Globalization will have a huge impact on the way America operates. I will be part of the generation that might see America slip to number two or three in terms of world economics; which is the reason why I think it’s kind of scary. Previous generations always saw a bright and brilliant future for America. Now we are being painted a vivid picture on what America will look like if we do not change some of our past ways of doing business. It wasn’t always on how cheaply you could make a product, it was how well-built you could make a product. I think instead of trying to compete with cheaper labor and cheaper products we need to improve our quality.
The Japanese businesses as a whole are still looking extremely profitable in the future because of their total quality management. We need to readopt that concept in order for our country to flourish. One American company that always comes to mind because of their never ending quality improvements is Apple Computers. Apple’s business model is to provide a top quality product with revolutionary innovation that no other products possesses at the lowest possible price.
The one way that globalization will end up helping me in the future is the ability to have information at my fingertips. Investing in countries that are developing at an incredibly fast rate is one way that I will be able to profit from their success while still spending my money in America. I like business and the idea of free enterprise, but we shall see if America can still hold on to their title as the economic giant.