Innovative Ways to Thrive in the Complex Dynamic Global Environment

Thriving in the Global Environment
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Thriving in the Global Environment
Introduction
In the current complex dynamic global environment, the success of businesses is dependent on many factors, some of which are within their control while others are not. Given the many factors such as disruptive technologies, changing needs of customers, multiple cultures, and different generations in the workplace, businesses in the global environment have to be constantly aware of any force that may interfere with their operations. Challenges in the global environment are complex because they are interrelated and as an organization tries to find a solution to one problem, it may be necessary to solve other challenges (de Wit, 2020). With many companies seeking competitive advantage in the international business environment, success means being able to address the uncertainty and complicatedness in the market. While there are many strategies an established business can employ to thrive in the modern dynamic and complex business environment, this paper focuses on the development of corporate mission and vision, reengineering, strategic renewal, and building of a learning organization.
Corporate Mission and Strategic Vision
Corporate mission and vision form one of the most basic parts of an organization as they portray the reason for its existence and the direction it is taking. As noted by de Wit (2020), an organization’s corporate mission and vision play a key role in guiding it towards a particular direction. The author points out that major elements of an organization’s mission are purpose, beliefs, values, and business definitions. These are integral factors in helping an organization thrive in the global environment. Through the corporate mission, one can tell why a company exists and the values that govern the direction it is taking. When it comes to the corporate vision, its key elements include the desired future state, envisioned industry environment, time horizon, and envisioned contextual environment (de Wit, 2020). Given this information, it is deducible that corporate mission and vision are important pillars in the operations of a company. The functions of the strategic vision and corporate as stipulated by de Wit (2020) include legitimization of a company’s activities, direction, and motivation of employees. Given these functions, it is clear that with a properly designed mission and vision, an established business can develop relevant changes that contribute to thriving in the global environment.
The strategic vision and corporate mission of an organization can thus define the limits within which innovation can take place in order to promote success. For example, they can define the operations of a firm to focus solely on a particular type of business or industry, such as cloud computing. In this case, backed by a corporate mission and strategic vision, an established business can decide to focus its resources on innovation in the cloud computing sector. Perhaps for an established business, the necessary transformation may require an adjustment to its mission and vision to accommodate the way it wants to operate in order to succeed in a competitive global business environment. The mission and vision can help the company get the necessary support from stakeholders to pursue a particular direction. Motivation is a key factor in promoting innovative behaviors among employees (Barroso-Tanoira, 2017). Given that motivation is a key function of strategic vision and corporate mission as stipulated by de Wit (2020), it is arguable that an established organization can be transformed to thrive in the competitive global environment through an adjustment of the mission and vision.
Two perspectives influence the corporate mission and strategic vision as a contributing factor to thriving in the global environment: the stakeholder value perspective and the shareholder value perspective (de Wit, 2020). From the stakeholder value perspective, the organization ought to meet the interest of all partners in an organization and not the shareholders alone. On the other hand, the shareholder perspective contends that since the business belongs to the owners, it should be run according to their interests. In this case, the stakeholder perspective appears to be the best way to promote innovation because the interests of all parties are taken into consideration. A company can thus meet the interests of employees who are integral in promoting innovative ways that can help a company thrive in the global environment.
Reengineering
Reengineering is a major concept shared by de Wit (2020) that can help transform an established business and help it succeed in the complex dynamic global environment. As noted by de Wit (2020), reengineering is not characterized by meticulous planning, but rather an all-or-nothing strategy where the result is uncertain. It is also characterized by breaking away from norms and old ways of doing business that have not yielded results. In the complex global environment, perhaps reengineering can be the necessary strategy that turns things around for a company. One of the major principles of reengineering is organizing around outcomes as opposed to tasks (de Wit 2020). This principle is characterized by a person performing all the steps that are involved in a particular process. Having different people perform different steps of a process can cause problems that limit the ability of the organization to attain its goals. However, with one person overseeing the whole process, unnecessary steps can be eliminated and the end result would be improved product quality.
Reengineering can help an established business in developing new processes and products that can boost its competitive edge in the global environment. According to Hashem (2020), apart from improving a company’s competitiveness, reengineering can also be integral in consistency, employee education, and optimizing credibility. For the customer, it can result in timely delivery and better product quality (Hashem, 2020). Given this understanding, reengineering can be a key strategy that an established business can implement to turn its fortune around and move towards profitability. This is especially necessary for companies that are experiencing stagnation and need a quick adjustment of processes in order to reposition themselves for success in a turbulent business environment. Therefore, reenginee...