Purpose
According to (Butollo, 2020), the emergence and prevalence of technology are the roots of numerous changes in the business and economic sectors globally. Technology has converted the world into a global village, countries conduct businesses amongst themselves with ease. (Pagani, 2017) suggests that sharing of information has been a significant factor in the economic change of various countries. Some global business environments have benefited while others are victims of the inevitable change (Pagani, 2017). This research paper seeks to analyze how different countries have used information technology to change their business environments.
Background
To begin with, (Distanont and Khongamalai,, 2018) believe that globalization has enabled sharing of business ideas through technological advancements. The exchange of goods, services, and information has been made easier by the development of information technology. According to (Radieva, 2018), a county can locate the best suppliers or buyers of their goods through the internet. Private businesses have also expanded to operate in the global sector. Organizations such as Amazon and Apple have managed to occupy a significant space in global business environments (Dolata, 2017). Considering the case between 1994 and 2015, the top five leaders of information such as the United States, Japan, Germany, the United Kingdom, and France created three-fourths of all innovation that has been patented globally (Burlacu, 2018). These cases reveal the importance of information spread on the global economy.
Additionally, Akarowhe (2017)(Akarowhe, 2017) believes that globalization has anchored the development of economic and business competition amongst themselves. (Radieva, 2018) argues that, as businesses share resources such as information globally, the need for competition emerges. The information about the success of one company challenges similar companies to apply better strategies, hence, giving rise to competition. (Dolata, 2017) suggests that a healthy competition leads to the development of improved goods and services, thus, is encouraged.
Through globalization, firms are challenged to be more innovative and adopt foreign technologies in their operations. Firms that have lagged technologically have resulted in serious failure (Burlacu, 2018). To increase their competitive advantage and maintain business relevance, global firms must adapt to new ways of operations through technology. Recently, nations such as China and Korea have started contributing significantly to worldwide information stock, thus, becoming a member of the top five leaders in various sectors (Prashantham, 2018).
Method
The nature of my course limits me to collect primary data for the research through surveys and giving out questionnaires. Therefore, I shall use secondary data from previous researchers in this paper. I shall discuss the reports by (Hassan, 2019) and (Prashantham, 2018) in the analysis section. In addition, I shall provide the information gathered from current business trends from various countries.
Expected Results
Based on the research mentioned above, I expect to establish the significance of information spread with the global economic growth. The information spread is a result of globalization. Hence, the research shall prove that the adoption of globalization plays a huge role in the growth and development of the economy (Radieva, 2018).
Limitations and Delimitations
One of the major limitations of this research paper is the absence of primary data. Due to the geographic and time constraints faced during the research, I have been forced to use previous research works from other researchers. Another major limitation is the generalization of data for various countries. The result from one third of the world countries has been used to generalize the economic state all the developing countries while every country may be following its own unique process of business development.
References
Akarowhe, K. (2017). Information communication technology (ICT) in the educational system of the third world countries as a pivotal to meet global best practice in teaching and development.. Akarowhe, K. (2017). Information communication technology (ICT) in the educational system of the third worl American Journal of Computer Science and Information Technology, .
Burlacu, S. G. (2018). Globalization–pros and cons. Calitatea,.
Butollo, F. (2020). Digitalization and the geographies of production. Towards reshoring or global fragmentation? Competition & Change, 1024529420918160.
Distanont, A. & Khongamalai (2018). The role of innovation in creating a competitive advantage. Kasetsart Journal of Social Science.
Dolata, U. (2017). Apple, Amazon, Google, Facebook, Microsoft: Market concentration-competition-innovation strategies (No. 2017-01). SOI Discussion Paper. .
Hassan, S. T. (2019). Natural resources, globalization, and economic growth: evidence from Pakistan. Environmental Science and Pollution Research, 26(15), 15527-15534. .
Pagani, M. &. (2017). Pagani, The impact of digital technology on relationships in a business network. Industrial Marketing Management, 67, 185-192.
Prashantham, S. E. (2018). Globalization, entrepreneurship, and paradox thinking.. Asia Pacific Journal of Management, 35(1), 1-9.
Radieva, M. (2018). Institutional modernization of the Global economy. Baltic Journal of Economic Studies, 283-290.