Globalization Flashcards
Continued strategies for managing globalization
Operations related strategies
Global supply chain optimization
Strategic sourcing and vendor management
Lean and agile manufacturing practices
Offshoring and nearshoring strategies
Quality management and standardization
Risk management and resilience planning
Technology and digital transformation
Environmental sustainability and green operations
Collaborative partnerships and alliances
Continuous improvement and operational excellence
Global supply chain optimization:
Develop strategic partnerships with key suppliers and vendors to foster collaboration, innovation, and value creation throughout the supply chain
Streamline and integrate supply chain processes to enhance visibility, coordination, and efficiency across global networks.
Implement advanced supply chain technologies such as IoT and AI to improve transparency, traceability, and real-time monitoring of inventory, shipments, and logistics.
Strategic sourcing and vendor management:
Identify and evaluate suppliers globally to optimize sourcing decisions based on factors such as cost, quality and reliability.
Develop strategic partnerships with key suppliers and vendors to foster collaboration and innovation throughout the supply chain
Lean and agile manufacturing practices:
Adopt lean manufacturing principles and practices to eliminate waste, improve productivity, and enhance response to changing customer demands.
Implement agile manufacturing strategies that enable rapid adaptation to market fluctuations, demand variability, and supply chain disruptions.
Offshoring and nearshoring strategies:
Evaluate offshoring and nearshoring options for manufacturing, production, and service activities to leverage cost advantages, access specialized skills, and mitigate geopolitical risks.
Balance cost considerations with factors such as transportation costs regulatory compliance when determining optimal sourcing locations
Quality management and standardization:
Establish robust quality management systems and standards to ensure consistency, reliability, and compliance with quality requirements across global operations.
Implement and Total Quality Management (TQM) practices to drive continuous improvement and excellence in product and service quality.
Risk management and resilience planning:
Conduct comprehensive risk assessments to identify and mitigate risks associated with global operations
Develop contingency plans to respond effectively to unforeseen events and minimize operational disruptions.
Technology integration and digital transformation
Embrace digital technologies such as cloud computing and enable real-time decision-making.
Integrate enterprise resource planning (ERP) systems, supply chain management (SCM) software, and digital platforms to connect global operations and facilitate data-driven insights and collaboration.
Environmental sustainability and green operations
Adopt sustainable manufacturing practices, renewable energy sources, and eco-friendly materials to minimize environmental impact and promote CSR
Implement green supply chain initiatives such as carbon footprint reduction and recycling programs to achieve environmental sustainability goals and meet regulatory requirements.
Collaborative partnerships and alliances
Collaborate with strategic partners, suppliers, and customers to share resources, expertise, and best practices for mutual benefit and competitive advantage.
Form alliances to address common challenges, pursue innovation opportunities, and drive industry-wide initiatives for sustainable growth.
Continuous improvement and operational excellence
Foster a culture of continuous improvement, innovation, and operational excellence across the organization through employee training, empowerment, and recognition.
Implement performance metric to monitor performance, identify improvement opportunities and drive operational excellence initiatives globally
Entry strategies
Approaches that businesses employ to enter and expand into international markets
Exporting:
Involves selling products or services produced in one country to customers in another country.
Direct Exporting:
Selling products directly to customers in foreign markets without intermediaries.
Indirect Exporting:
Utilizing intermediaries to sell products in foreign markets.
Licensing and franchising:
Licensing:
Granting permission to a foreign company to use intellectual property rights in exchange for royalties or fees.
Franchising:
Allowing a foreign entity (franchisee) to operate under the brand of the franchisor in exchange for franchise fees and royalties.
Joint ventures and strategic partnerships:
Joint Ventures:
Establishing a new business entity in partnership with a local company or foreign partner to share resources, risks, and expertise in entering a foreign market.
Strategic Partnerships:
Collaborating with local companies, suppliers, or distributors to leverage their market knowledge, networks, and resources for mutual benefit.