Globalization and Networked Economy: A New Age of Efficiency
Globalization is continually presenting new opportunities to business and countries around the globe through capital flows, economic liberalizations, technological exchange, and foreign investments. More importantly, digital form of globalization is changing ways of conducting business across borders, the participants, rapid movement of competition, and the flow of economic benefits. Globalization is expected to give rise to new competitors thereby leaving companies with no option but to innovate towards cutting operational cost to achieve efficiency.
The internet has presented various platforms of advertisements and connectivity between business and customers throughout the world. Networked economy is a new advancement in the business environment which is likely to facilitate achievement of efficiency through creation and value addition of goods and services through the social networks operating on global levels. The networked economy has brought about an information revolution which has changed the nature of the business operation. Networked economy is likely to foster achievement of efficiency by allowing companies to share information instantly and inexpensively across the world. Additionally, the networked economy continually causes a decline in the value of centralized decision making and bureaucracies which are costly for businesses. Innovative companies that will take advantage of the networked economies are likely to achieve efficiency by cutting down on operational cost through proper management of invoicing logistics, purchasing, and exchange of documents.
Original Arguments
Companies that focus on value creation to attain a competitive edge will still exist. These companies that divert their focus to value creation are likely to attain a competitive edge by taking advantages of the opportunities presented by globalization, networked economy, and the internet (Morris, Page, Ruppert-Stroescu, \\\" Montgomery, 2014, p. 285). With globalization and digital technology, people can now connect and do shopping within a second in any part of the world with a variety of suppliers to choose from. Therefore business must continually innovate to create more values and offer products of high quality at a low price to survive in the increased competition (Bergstr\u00f6m, \\\" Wennberg, 2016, p. 67). The business environment is dynamic therefore companies must continually innovate to deliver more values to the customers at a lower cost. The increased competition around the globe will force companies to primarily focus on continuous innovations to remain relevant in the industry. Companies will, therefore, have to drop their traditional business practices and start utilizing unique digital methods of production and delivery.
Companies that Focus on Value Creation will Remain in Operation
Companies that focus on value creation will remain in operation due to high productivity and efficiency. Companies are likely to take advantage of opportunities presented by increased connectivity, technology, and globalization to create more value. With the increased level of competition, businesses must seek to deliver more value to the customers by being creative to come up with unique and effective techniques of production and distribution (Samimi \\\" Jenatabadi, 2014, p.323). Businesses will have to create more value to capture the market and make profits. Without value creation, companies are likely to go out of operation due to the high exposure to business risk.
Alternative Argument: Companies that Only Focus on Value Creation
Companies that only focus on value creation are likely to go out of operation. With the high level of globalization, internet, and networked economy companies should aim to utilize these platforms to attain high levels of efficiency. The increased digital flow has enabled companies to achieve a high level of efficiency by providing improving the transmission of information, ideas, and innovation (Bateman, 2015, p. 39). Improved efficiency is currently facilitated by the increased digital flow of information, videos, searches, communication, and commerce. Globalization, internet, and networked economy have facilitated the achievement of a new level of efficiency by reducing the cost of international transactions and interactions (Samimi \\\" Jenatabadi, 2014, p. 323). High efficiency enables businesses to attain a competitive edge through the delivery of high-quality products at a price lower than that of competitors. For the business to remain in operation, they need to take increase their networks and connectivity throughout the globe. What matters most for a business is having a wide view of the interplay of the forces of globalization and the digital revolution to be able to see opportunities to innovate towards attaining a competitive edge (Sachs, Warner, \u00c5slund, Fischer, 2014, p.14). Companies that take advantage of globalization and the networked economy are likely to remain in operation by spreading out to reach far-fetched and remote markets. In this way, these companies are likely to attain a competitive edge by becoming borderless value creators.
Reflection
I had a wonderful experience doing my research, collaborating with my classmate in the discussion of the topic, and in presenting my arguments. While doing my research, I learned how to research the topic and to integrate the ideas together. The most challenging aspect was paraphrasing the ideas to avoid plagiarism. I had to write various drafts to ensure that the work was original and non-plagiarized. Also, I learned how to search for information relating to the topic from different academic publications and journals to make a strong argument. I also made sure I supported all the claims in my arguments using the appropriate scholarly sources with the proper in-text citation.
Doing the presentation was the most exciting moment for me. I practiced regularly in front of my friend to ensure I gave the best performance with proper punctuation. One of the crucial aspects I learned through the presentation is the need to maintain eye contact with the audience. I also learned how to enhance understanding by the audience by illustrating points by using hand motions. I wrote essential ideas and notes on the index cards briefly to ensure that I highlighted all the major areas and concepts. The main reason why I drafted the small notes on the index card was to help me remember the information. The most challenging moments was the question and answer session. Some of the questions phrased by classmates required that I be well-versed with the topic of discussion. It was also tough for me to persuade my classmates who had opposing arguments to agree with my arguments.
I consider the presentation session helpful as I learned effective techniques to employ to ensure the information is presented in a clear and compelling way. More importantly, I learned the importance of time management. Time management is crucial in a presentation as it determines whether one will cover all the areas adequately without leaving out other important areas. I was also able to develop and demonstrate appropriate presentation skills such as putting across arguments in an audible and precise manner. More importantly, I learned about the need to set out a question and answer session to respond to the audience questions and also to ensure proper audience handling. Additionally, during the presentation, the speaker needs to avoid monotony by using different tones and engaging the audiences. I also learned the need to listen attentively to the opposing team's argument. I still felt that my argument was still the most relevant and therefore still maintained my position concerning the topic of discussion.
Conclusion
In conclusion, value creation is the backbone of any business. On the hand, companies must keep on innovating to remain relevant and competitive in the current dynamic business environment. Globalization, networked economies, and the internet have changed the way of conducting business facilitating achievement of a new level of efficiency. Important to note that globalization has provided new opportunities for businesses to innovate towards establishing effective methods of production and distribution, and in coming up with unique products that deliver value to consumers. Through globalization, internet, and networked economies, companies may attain a competitive edge and remain in operation through increased efficiency achieved through a reduction in international transactions and interactions. Companies should not only focus on value creation but also take advantage of innovation opportunities presented by globalization, networked economies, and the internet to remain in operation. Business may reduce operation cost through advertising and selling on the online platforms.
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