For years we have been hearing the effects of globalization to our ways of living.
The term globalization was used mostly to predict and explain how companies would move products and services throughout the world. This movement was mostly fueled by the opportunities of emerging markets presented in terms of market size and cheaper labor.
Technology and its latest developments provided another significant boost to globalization. It is hard to imagine having to go thru the process of a single business transaction without the connectivity and ubiquity we now have with technology.
All these have lead to the changes in the mindset of businesses around the world. Not too long ago, a company would be proud to define itself as a multinational corporation. Nowadays, they prefer to be called global corporations which magnifies the reach they have attained.
But how about us? Is there such a thing as a global citizen? There sure is!!
Imagine for a moment that the entity that we call business is an instrument, a tool or a vehicle, that allows us to execute different activities all destined to produce money! One can say that this instrument that we call business is composed of ten areas or elements, all of which have to work in total harmony and at its best to maximize the amount of money that can be produced.
The ten areas described in the illustration below, summarize pretty much the components that make a company function. If you lack some of those components or if they are not performing well individually or in synchrony, the business may not be performing at its full potential.