The Challenges that Organizations Face in Today's Environment
We live in times during which Businesses, Public organizations and other economic units are faced with divergent challenges and a variety of issues that touch on both their internal and their external environment. As much as these challenges may depend on the nature of each company’s operations, there are some common features that condition the international business environment.
It is beyond any shadow of doubt that, over the last decade, the game changer in global business is technological advancements. Just 20 years ago, innovations such as the FAX machine, and the Personal Computer (PC) were state-of-the-art and considered cutting edge technology. Today, we live in a smart, mobile and interconnected world where consumers want more powerful and customised goods and businesses focus on flexible responses that match society’s needs and cost-effective technologies, thus both championing optimum solutions. Technology has changed the way we work, we do business and we communicate almost beyond recognition compared to the recent past.
The digital revolution is bound to have impact on multiple levels in business economy. Not only does it influence current economic practices, but it also changes the focus in research topic and the design of research methods. The near future may easily be characterized by the economic emancipation of the individual as the latter increasingly gets access to technology that broadens its economic, social and communicating capabilities. Current economic trends and innovations come largely from the consumer world, which due to technology’s high level of responsiveness sets the pace in economic and administrative decisions. The relation between the individual and economic/administrative units becomes more interactive than ever, enabling the customers to transmit their preferences on real time basis and the companies to build with them a more personalized relationship.
Much as this dynamic relationship represents a newly discovered land of business opportunities, it also comprises a major challenge from companies as they are called to respond to the fast changing nature of peoples’ likes, dislikes, preferences, opinions and lifestyles. Successful business practice and management more than ever before has to do with keeping up with the market (flexibility) and planning ahead (consistency and expansion). Technology innovation has realized “market convergence”, thus blurring the boundaries in geography, economy, industries and product markets. Companies have already been moving to adjacent markets in order to exploit new revenue sources (e-commerce, e-payments). Still, companies and other economic entities are required to address traditional issues such as Cash Flow and Financial Management, Problem Solving, Human Resources Management, Employee Productivity and Personal Development, Supply Chain Risk, Third Parties Relations, Business Model Optimization, Enterprise Risk management, Competition and Mergers & Acquisitions Strategy, Managing Regulatory Change etc.
Furthermore, business external environment has become extremely volatile. Government regulation tries to keep up with market change and technology innovation, while the green agenda has been upgraded from a marginal issue to key policy and increasing strategic priority. Both trends result in a framework of increased standardized requirements of quality, procedures, operations and safety qualifications. In addition, the Politicization of Global Business has highlighted the increased interconnection between politics and global economy, underlining the role of modern Government as “ambassador” of home economic interests. At the same time, unstable economies and currencies coupled with the fundamental shifting of balance in global economy constitute a highly challenging operational context.
Such being the global business framework, the International Journal of Economics & Business Administration (IJEBA) aspires to become a reliable compass to academics and practitioners publishing original and high quality research work that will delineate and signpost pioneering trends, contemporary developments and practical solutions. Ultimately, the Journal’s purpose is to promote useful scientific research that will facilitate economic practices, managerial decisions and procedures, while improving communications between, and within, the academic community, policymakers, business decision makers at economic entities - private and public, national-international and multinational and their regulators.
Professor Eleftherios (El) Thalassinos