Ireland’s economy has been booming and growing more than ever, years after a series of economic setbacks. Despite the geopolitical turmoil in two of its biggest trading partners– the UK and the U.S. – in the past recent months, the economic performance of Ireland has remained solid and strong.
Business
The Current State of Globalization in Business
Changes in information and communications technology, international trade liberalization and advances in transportation systems have enabled the rapid spread of business supply and distribution networks beyond the old local and national constraints and onto a global stage – a process often referred to as “Globalization”. This process has accelerated significantly since about 1990 and has dramatic implications for all types and sizes of business and not just for large multinational corporations.
Opportunities for Irish Exporters in the Gulf States
A hotbed for entrepreneurship, the Gulf area has become one of the leading business destinations in the world today. With an abundance of opportunities for Irish exporters, the Gulf area is an umbrella term encompassing the Arab states that border the Persian Gulf, namely Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and United Arab Emirates (UAE). These countries make up the economic and political block of the Gulf Cooperation Council.
Developing and Implementing an Internationalization Strategy for an SME (Infographic)
SMEs that decide to take their business to a higher international level have a lot to gain from globalization.
Nowadays, globalization has become a major driver that impacts not only the largest corporations but the SMEs that operate in highly dynamic and turbulent environment. With the rapid increase of internationalization over the past decades, more and more SMEs can afford a much broader market reach, compete strongly on price with domestic firms, and leverage the specialized skills of contract workers from around the globe.
Export Opportunities for Irish Companies in Eastern Europe
If you are convinced that internationalization is an effective way to grow your business and that you need to start exporting or to diversify your current exporting activity, the next question is: where to? Over recent years, Irish SMEs have learned that the Irish market alone is not enough to support a long-term growth strategy of any scale and given the uncertainty around Brexit and its aftermath, the time has now come to look further afield.
Take your Business to the Next Level
I was in New York City recently attending an event at the W Hotel close by Times Square in midtown Manhattan. It’s a quirky place and one of its curiosities is that the elevators on the ground floor will only take you as far as the seventh floor where the lounge bar is situated. To get to the upper floors you must exit at the seventh and take a different elevator that starts there and takes you to the upper floors. It is in fact a very tangible manifestation of the adage “what got you here won’t get you there”.
Getting Ahead is About Innovation Not Problem Solving
In our last post, we discussed the difference between innovation and problem-solving and why striking a balance between these two processes is crucial to maintaining the position of a business in the market. However, in order to get ahead of the competition and make a mark in the industry, a business must be able to come up with new ideas to keep their operations, products and services fresh and unique –in other words, they must innovate.
Right Stuff, Right Place, Right Time: Supply Chain Coordination
Effective supply chain relationships lead to successful supply chain operations. Product design, manufacturing, transport, warehousing, inventory management, distribution and retailing – in a modern supply chain these operations cut across departmental, organizational and national boundaries.
Do you Speak my Language? Supply Chain Communication
English has become the number one international language of business. This would appear to hand a significant advantage to those who already have English as their mother tongue. Many multinational corporations (MNCs), including some that do not have their origins in an English-speaking country, such as Nokia of Finland and SAP of Germany have even adopted English as their standard corporate language. Indeed, approximately 36% of global business in now done through English and despite the rise of China as an international trading nation, English is set to extend its dominance. According to a recent study English is moving from being a “marker of the elite” to becoming “a basic skill needed for the entire workforce”.
The Whole is Greater than the Sum of the Parts
Q: Why bother with developing supply chain connections?
A: Because the whole is greater than the sum of the parts.
