Contemporary Business Approaches-Free-Samples -Myassignmenthelp.com

Question: Discuss about these factors and how they influence the contemporary business approaches. Answer: Introduction The current business scenario is majorly get determined by the concept of globalization and technological development. This is due to the reason that technology is the inevitable part for the contemporary management and along with the initiation of the globalization, it is important for the management to consider more diverse factors in managing the organizations (Hickson Pugh, 2014). However, it is also important to identify the major impact of globalization and technological development on the contemporary management and the impact of these factors on the managerial approach. This essay will discuss about these factors and how they influence the contemporary business approaches. Impact of globalization on management One of the major impacts of globalization on the management is determination of more diverse external factors. This is due to the reason that initiation of the globalization caused emergence of more competition in the market. Thus, in the contemporary business organizations, it is important for the management to effectively determine the changing trend of competition. Globalization is forcing the contemporary management to determine the competition from the perspective of the global scenario rather than the local scenario around the organization (Greer Hauptmeier, 2016). Another impact of globalization in the contemporary management is the requirement to manage diverse workforce. Contemporary business organizations are having diverse workforce in place and this caused due to the concept of globalization. Thus, management has to consider different factors of different cultural and social groups in managing the employees. Globalization is also helping the management to have business a nd market opportunities. In the current scenario, management is having more opportunities to enhance their business (Wu Chen, 2014). They are having the opportunity to enter in any foreign countries and enhance their operation. This option was not available in the earlier time before the initiation of the concept of globalization. Impact of technological progress on management Rapid development and progress in technology are also changing the approach of the management. This is due to the fact that in the current time, employees are being managed through online medium. They are connected through different mediums with the upper level management through online portals (Hollen, Van Den Bosch Volberda, 2013). Thus, technological development helped in having effective communication in the organizational management. Another major impact of technological development on management is easier way to stay connected with the outer world. In the current business scenario, managers are having different technological options including telecommunication technology to stay connected with the outer world (Hajir et al., 2015). Moreover it also helps the upper level management to determine the business forecasting and trend more effectively with the help of the latest and modern technologies. In the current time, they can able to determine the potentiality of the business b y having the knowledge about the industry trend. Management is also being able to change in the market trend and employee management trend through the help of technological development. Thus, it is becoming easy for the management in the contemporary business organizations to initiate strategies effectively and in accordance to the factors identified Impact of globalization on the managerial roles Prior to the initiation of the concept of globalization, manager initiates managerial roles including planning, organizing, leading and control on the basis of local and national environment. However, with the initiation of the concept of the globalization, managers have to initiate the managerial roles by considering global contexts. They have to consider more diverse factors in initiating managerial roles. Another major impact of globalization on the managerial approach is the initiation of newer theories and leadership (Osland, 2013). This is due to the reason that in the earlier time, managers were only having employees from the particular social group or country. However, with the initiation of the globalization, managers are having employees from different countries, regions and social groups. All the employees from different backgrounds are working under one roof and in same organizations. Thus, the managers are facing the issue of considering different requirements and expect ations of the diverse employees in initiating their managerial roles. Impact of change in technology on the managerial roles One of the major impacts on the managerial roles from the change and development in technology is the enhancement of connectivity between the organizational stakeholders. In the current time, managers are more connective with the employees through different technological mediums. Thus, it is easier for the managers to determine the issues and challenges of the employees effectively and in accordance to that, managers can initiate their leading and other managerial roles (Jansen, Brinkkemper Finkelstein, 2013). Thus, with change and development in technology, managers are more equipped to deal with the employees issues and they are more equipped enough to manage the employee grievances at the primary stage. However, there is one major negative impact also faced by the managers from the changing technology. This challenge is to cope up with the frequent change in technology. In the current time, technology is more frequently changing and it is becoming difficult for the managers to get accustomed. This is due to the reason that it takes time for both the managers and the employees to get comfortable and accustomed with a particular technology. Thus, more frequent change in the technology will provide less time for both the managers and the employees to get comfortable with the particular technology (Kim Feamster, 2013). It is causing issues for the managers in maintaining a universal approach of leading, planning, organizing and controlling. For instance, in the contemporary business scenario, managerial roles tend to change more frequently than ever due to the frequent change in the technology. Conclusion Thus, it can be concluded that both globalization and changing technology are having positive and negative implications on the management and the managerial roles. However, it is also concluded that both these factors are inevitable in nature and they cannot be avoided in the current business scenario. In this essay, the change in the approach of the managerial roles due to the change in globalization and changing technology is also discussed and both positive and negative implications are being identified. References Greer, I., Hauptmeier, M. (2016). Management whipsawing: The staging of labor competition under globalization.ILR Review,69(1), 29-52. Hajir, J., Obeidat, B. Y., Al-dalahmeh, M. A., Masadeh, R. (2015). The role of knowledge management infrastructure in enhancing innovation at mobile telecommunication companies in Jordan.European Journal of Social Sciences,50(3), 313-330. Hickson, D. J., Pugh, D. S. (2014).Management Worldwide: Distinctive Styles Among Globalization. Penguin UK. Hollen, R., Van Den Bosch, F. A., Volberda, H. W. (2013). The role of management innovation in enabling technological process innovation: An inter?organizational perspective.European Management Review,10(1), 35-50. Jansen, S., Brinkkemper, S., Finkelstein, A. (2013). Business network management as a survival.Software ecosystems: analyzing and managing business networks in the software industry,29. Kim, H., Feamster, N. (2013). Improving network management with software defined networking.IEEE Communications Magazine,51(2), 114-119. Osland, J. S. (2013). The multidisciplinary roots of global leadership.Global leadership: Research, practice, and development, 21-39. Wu, J., Chen, X. (2014). Home country institutional environments and foreign expansion of emerging market firms.International Business Review,23(5), 862-872.