Due to the change in the market regulation as well as in the advent of new technologies, the non-traditional business models are flourishing in the market, often co-existing in the same market or sharing the same sector. The corporate borders are becoming more blurred as they are interlinked with the ecosystems of the vendors, producers, suppliers, and customers emerge.
Bigger, more complex complaints from the customers demand more advanced tools to run and manage the organization. Indeed, the advancement in technology, as well as statistical control tools, has given rise to the new management strategies that are even mega-institutions viable. In today’s generation, the business leaders are adopting the improved version of the algorithms in managing the efficient decision by using the sophisticated software to run on their systems (Cohen, 2010). Finally, the new global industries structures are emerging where the chances of gaining new structural possibilities and capitalizing on the transformation are also increasing. The process of management is now going from art to science and provides new pathways to the industries for exploring the ideas in a better way.
Complexity is considered as the latest business buzzword that reflects a universal reality of the organization but not a lasting one. When introducing the complex terms or concepts to the executives in the global markets operating companies, the typical answer is the “complexities are the readership challenge that a person faces at each moment in their life” (National Research Council, 1999). When the globalization entailed a far-reaching erosion of the boundaries, complexities are multiplied by its current number and have raised the level.
Many types of barriers have faded, but, still, there are some boundaries that need proper implementation of the strategies by the managers. Of course, the world has moved beyond the trade market scenario due to the change in the technology, diversity, ambiguity, interdependence, and flux. These are some of the reasons for which the complexities are faced by every firm as well as by the managers of the companies. Therefore, it is entirely necessary to implement the strategies and to analyze them accurately for re-structuring the firm in a better way where the chances of the products are more.
Managing the global organization has now been a business challenge across the world for centuries. But, the nature of tasks is changing every time with lots of changes and accelerates the shift of the economic activities in the organization. The global organization is struggling hard to find the exact dimensions to establish a shared vision as well as to encourage the innovation, execution process and helps in building the relationships with the business partners (OpenLearn, 2017). Over the past years, the companies are trying to approach suitable strategic methods that are helping some to thrive. The manager is implementing the surveys, spans a diverse range of sectors and geographies and spent time working directly with the leaders of the dozens of global organizations that are trying to address the issues of the firm.
Furthermore, no single organizational model helps in handling the realities of the large growth in emerging the market as well as the clock of the global communication. It happens because of the opportunities and the challenges the organizations are facing vary with each other, depend on the business models and also focus on the intensive integration of the staffs in the firm. So, the global organization and the global managers are accepting the complexities as a challenge to simplify the process, to analyze the awareness, to manage the areas where the changes are required as well as to respond to the complexities according to the needs and reality.
With the use of the grounded theory, the research methodologies are operating inductively that ultimately helping in achieving the target of the company. The approach helps in recollecting the documents, provides repeated ideas and concepts that become apparent and help in analyzing the tagged codes that are extracted from the data (Steger, Amann & Maznevski, 2007). When some tags are collected, data is analyzed, ideas are gathered and reviewed, codes are grouped into concepts, and then that helps in concluding to a particular point, which helps the managers to restructure the firm in an innovative manner better than the traditional model framework. The grounded model framework helps in choosing the best strategies that suit the structure of the research and can be easily applied to the process of extracting more data.
Before some years, when there were fewer chances of analyzing the exact fact from the risks due to the complexity, then the concept of the grounded theory was established that mainly focuses on the area of interest, on the sensitive conditions as well as provides the way of managing the data. It also helps in creating awareness of the subtle messages and data. The theory deals with the open-ended questions, helps the firm to participate in the observational process to analyze the better quality of results, study the artefacts and texts and assists in resolving the issues which have broken in parts. The complexities of the organization can be easily analyzed with this theory which helps the global managers to take active decisions regarding certain issues and demands from the customer’s side (Strauss & Corbin, 1994).
The role of the society, as well as the work, has become a recent topic of discussion. The world of work is changing so quickly and thoroughly that people have started considering themselves as the pioneer of the new historical era. The changes that are occurring recently is mainly associated with the latest technologies, the cultural transformation in the organization and the never-ending demands of the customers. To describe the concept in a better way, it is necessary to analyze the facts, tract of work, possibilities of the risks and to understand about the forces that are changing the shape of the organization.
According to the author Dr. Radović Marković, a successful organization will be that which has the capacity of accepting the changes and to proceed in that way to adopt the new business environment in the new economy (Marković, 2008). But, the picture that comes to the frame is quite complex. The successful firms in the future will be the ones, which are wise enough to harness to the full potential of the total firm in the rapidly changing business atmosphere-it means the winners need to face several hurdles that are coming up on their way, to resolve the issues that are arising in shaping the structure of the firm again, to understand the better version of the technology in an updated manner so that any changes that come to the market will be first implemented by your firm, to unbridle the company to be more responsive in meeting the challenges and to capture each bit of success keeping the frame of the organization in front.
The new trends in the technology are making the world a smaller place and have altered the way of working styles of companies. The grounded theory in such cases is helping the firm to analyze the facts as well as to combine the data that are changing the concept of the existing approaches in the firm. According to Tsui, the ideas of organization and organizational culture are revolving in the market due to the expectations and if people understand the contemporary economic transformation, then the entire issues can be resolved (Tsui, 2004). The global managers who are supposed to manage the whole decisions of firms across the globe will quickly get the required solution to control the functions of the company in a better way. The culture that is valued includes the leadership style, change in language and shape, procedures and routines, definitions of the success as well as the norms of the organization (TrendLab, 2011). Therefore, the difference in the culture of the firm is considered as one of the essential values and norms that are shared by a group of people in the firm, and it controls the relationship with each other, mainly between the stakeholders. These specific changes in the company are managed by the managers of the organization keeping an equal measurement with the global market as their operation needs to be implemented by the worldwide scenario.
According to Gundling, crises represent opportunities for self-reflection. The systematic turmoil invites the managers to revisit the most ingrained assumptions, the reflexive reaction of the projects and habits to ensure the better economic conditions and financial crisis that are facing the organization (Gundling, 2000). For example, when the devastating effects of the firm shake the beliefs of the organization at a particular period of time then both the firm as well as the managers needs to work effectively to restore the functionalities again back to track without making any delays. The moving spirit among the workers gradually increases and plays a vital role in managing the economic conditions and social contagion. It provides the chances of developing the firm by opening more areas to spread the business in the field of technology, cultural transformation as well as helps in solving the risks. The change in technology nowadays is addressing the various critical situation of the firm and provides enormous opportunities to the managers to think out of the box. The condition of the company will no more be in the same state due to advancements in technology.
The systematic crises affect a large number of sectors in case of the economic and social activities across the world that exhibit essential features. They throw prevailing trends and opportunities into a new light. The developments are increasing and providing several opportunities for the managers to enhance their stability towards a better future.
The term global management includes the description of the trends that are evolving outside and inside the organization, which are directly responsible for influencing the productivity of the firm, according to the WEB ANNEX (Annex, 2011). The grounded theory in such cases is very much helpful in jotting down the data in a brief manner. It also helps in analyzing the previous records to get the necessary idea about the transformation process, implementing the codes of the technical data so that the chances of missing any data will be reduced as well as to experience a better growth of the economy by implementing the latest trends of technology into the organization.
The increasing demands of the world, the competitive markets as well as the individual challenges in the firm are creating nuances, but, at the same time, people are learning many things regarding the work (Executiveeducation.wharton.upenn.edu, 2017). They learn about the collaboration of the team, team management, various ideas are generated, coordination is becoming stronger, the creativity of each person is developed, and efficiency is increased to manage the goals in a better way. The expansion in the field of the organizational paradox as well as in the dialects offers insights into the nature of the management of the tensions that are rising in the organization. The global management is therefore improved by providing several chances like the integrity, the value of the product, profitability, environmental sustainability, personal and professional growth, meaningful work and social justice.
From the entire discussion, it was concluded that for achieving success globally, the first thing that is necessary is to show global consistency regarding the vision and values. The procedures that are implemented globally needs to be determined at each step so that the risks will be verified before affecting the entire firm. The global consistency favours customization, standardization, formalization and helps in managing the ideas for innovatively changing the mindset. The global mindset can bring a new competitive advantage to the marketplace; therefore a global market needs to have a high stock of global mindset. The responsibilities of the global managers become more intensive in implementing the new trends for better productivity of the firm.
Executiveeducation.wharton.upenn.edu. (2017). Global Market Trends That Will Be Opportunities – Wharton@Work. [online] Available at: https://executiveeducation.wharton.upenn.edu/thought-leadership/wharton-at-work/2015/11/global-market-trends [Accessed 14 Nov. 2017].
Cohen, S.L., 2010. Effective global leadership requires a global mindset. Industrial and Commercial Training, 42(1), pp.3-10.
Gundling, E., 2000. THE FUTURE OF GLOBAL MANAGEMENT. International Focus: In-Depth Articles for the Global HR Professional, pp.1-15.
Marković, M.R., 2008. Managing the organizational change and culture in the age of globalization. Journal of Business Economics and Management, 9(1), pp.3-11.
National Research Council, 1999. The changing nature of work: Implications for occupational analysis. National Academies Press.
OpenLearn. 2017. The challenges of managing in a global economy. [online] Available at: http://www.open.edu/openlearn/money-management/management/global-development-management/the-challenges-managing-global-economy [Accessed 14 Nov. 2017].
Steger, U., Amann, W., & Maznevski, M. L. (2007). Managing complexity in global organizations (Vol. 5). John Wiley & Sons.
Strauss, A. and Corbin, J., 1994. Grounded theory methodology. Handbook of qualitative research, 17, pp.273-85.
TrendLab, L.G., 2011. Global Risk: New Perspectives and Opportunities.
Tsui, A. S. 2004. Contributing to global management knowledge: A case for high-quality indigenous research. Asia Pacific Journal of Management, 21(4), 491-513.Order Now