New Trends in Global Business Environment

Question: Write about the New Trends in Global Business Environment. Answer: Summary of the Article: The article has highlighted the fact that professional service firms can earn higher profits, gain competitive edge and increase customer loyalty when all the partners collaborate with the aim of serving clients. The article examines collaboration among highly powerful, autonomous and professional peers towards organizational growth perspective. For that reason, the article has tried to examine the benefits of teamwork among the top management for fulfilling all the business objectives. The article has illustrated organizational performances from the individual perspective to show that collaboration is primarily regarded as more complex and costly compared to individual management of problem. In fact, it has been assessed that collaboration is not as much rewarding compared to individual management aspect. For that reason, the article has focused on collecting extensive quantitative data from interview and survey process. The article has collected data from three professional service firm out of which one is among top 100 global law firms. It has also collected data from a large US based commercial advisory firm and boutique executive search firm. The article has also collected information from around 2000 partner level professionals working in different sector. The article has identified that professionals collaborate with peers who have the autonomy to select work independently and collectively, authority and power are not means to formulate a team and make it more effective. The article has mentioned that collaboration to individuals is equally quantifiable if less intuitive. Findings of the article have showed that professionals interpret the relative benefits and costs of collaboration. In majority of the cases, senior professionals will not give up or will not attempt prior collaborations can reap significant benefits. Thus, the article has highlighted the fact that short-term cost of collaboration restricts opportunity to experience long-term benefits for the organization. The article has used longitudinal perspective to resolve the developed paradox related to professional collaboration. The findings of the article have focused on nascent theory of instrumental collaboration with five testable hypotheses for suggesting future directi on to the business entities. Thus, the article has provided a roadmap for the partners and their organizations that are looking to fostering the kind of collaboration that pays off. Four Key Questions From the Article: Four identified key questions are provided as follows: What are of impact partner collaboration on the overall business performances of the organizations? What will be the expected cost for fostering organizations to develop collaborative business environment in short-term? What is the significance of supply chain collaboration for making long term partnership? What are the long-term roles of partner collaboration to enhance performance level of the organization? Literature Review on Selected Four Key Questions: First Article: In this particular article, Inter-temporal patterns of RD collaboration and innovative performance, by Belderbos et al. (2015), partner collaboration in RD sector can allow organizations to initiate innovative strategies for fulfilling all the business requirements in an appropriate manner. In fact, the article has highlighted that collaboration is the best way to handle present dynamic business challenges, which will enhance the performance level of the business in an effective way. As per the article by Wiengarten et al. (2013), management collaboration enhances the performance growth of the employees as well. By collaborating the entire business process, the organization gets a huge strength of management that enables the managers to take appropriate correct decision. In addition, due to the huge strength of management the concerned business managers get the scope to guide every individual employee towards effective service process. Automatically, the performance level of the business employees becomes high. The article has highlighted that research and development sector is one of the most significant parts for every business organization. Hughes and Kitson (2012) commented that after the collaboration of RD sectors the business experts get the scope to conduct more in-depth analysis about the current market and employee needs and demands. Therefore, on one hand, organizations get innumerable information regarding the current needs and demands of the customers. On the other hand, RD sector by enhancing their employee strength provides more time and labour to identify the business issues. Consequently, the entire process of business becomes very much systematic that enables to grab the customers attention. Second Article: In the article Teamwork on the fly published by Edmondson (2012), the author has stated that teamwork is highly important to render the business success and to place the brand in international market. In order to enhance the entire process of business partnership is highly required. Initially a particular business organization has to invest large amount of cost for collaboration. The organizational resources, human resources, financial resources, technological resources have to be invested for making an effective collaboration. As a result, the business experts have to face innumerable challenges if the purpose of collaboration becomes failure. Ansari, Munir and Gregg (2012) stated that teamwork is not devoid of some of the negative effects as well. While collaborating a business the strength of employees automatically increases. Employees of two business organizations are accustomed with separate cultures and values. As a result, while providing a team effort the business employees have to face innumerable difficulties in order to conduct the entire work successfully. In addition while taking an effective managerial decision, the collaborated management has to face several challenges to take appropriate decision regarding meeting the business target. Therefore, teamwork is having some of its negative effects towards business process as well. Dupas and Robinson (2013) stated that after evaluating the point of view of the previous scholar, it can be concluded that teamwork is possessed with numerous risk factors. At the same time, it is undeniable that if the managers and the employees become successful to be accustomed with the culture of new business environment the organization does not have to face difficulties in order to get positive result. The article has depicted on how teamwork renders the business success by maintaining collaboration with each other. In the article, the author has emphas ized the importance of collaboration among the managers as well. Chen, Chiang and Storey (2012) opined that before taking a business decision, the mangers should take an effective collaborative decision in order to grab the attention of customers. Third Article: The article Collaboration: How leaders avoid the traps, build common ground, and reap big results published by Hansen (2013), has portrayed on how leaders have to play an important role for making a business collaboration successful. While facing a new environment business leaders have to face innumerable difficulties after meeting the employees of different cultural attitudes. On the other hand, employees face challenges in making an effective interaction with the leaders. In this kind of situation, a major communication gap arises in between the employees and the leaders. After collaboration, the business leaders have to face employees of different cultural attitudes. In order to keep the business environment under control the leaders tend to use autocratic style of leadership. This particular form of leadership style enables the employees to follow the instruction of leaders without any further questions. Duflo (2012) stated that autocratic style of leadership is possessed with bo th positive and negative effect. This particular leadership style does not motivate the employees whenever they are imposed in a new environment. Therefore, in a collaborative business the organizational leaders should use participative form of leadership style. This particular form of leadership style helped the business employees immensely to share their own point of view. As a result, while performing for the organization the employees intend to show their enthusiastic attitudes to reach the business goal. Therefore, Sakarya et al. (2012) stated that participative form of leadership is always suitable for collaborative business process. In this specific article, the author has suggested that in order to avoid any kind of trap the business managers by making a collective decision should allow the leaders for maintaining a cordial leadership style for motivating every individual employee towards the right path. The author in this specific article has highlighted the importance of democratic form of leadership style to maintain a strong communication with the team members. After the collaboration, the business experts intend to form a team in such a way that the employees of both the organizations can participate. As a result, the employees would be able to overcome any kind of psychological barrier, communication barrier or cultural barrier at the workplace. Otherwise, the employees would like to maintain a distance between each other. This kind of distance can have a major impact on ren dering business success. Rodrguez and Nieto (2012) commented that the customers would get deprived of receiving good services from the employees. As a result, the entire rhythmic flow of business would be affected highly. Fourth Article: In the article Supply chain collaboration: A literature review and empirical analysis to investigate uncertainty and collaborative benefits in regards to their practical impact on collaboration and performance, published by Ralston (2014), the author has emphasized that business organizations after collaborating supply chain process are able to satisfy the customers rate more effectively. The primary purpose of supply chain management is to maintain a systematic balance between the supply and demand of the products. Therefore, business experts in order to enhance the level of performance intend to collaborate supply chain to make the department stronger. A specific department of supply chain is to deal with several processes that include operation process, inventory, logistics process and so many. In order to make an inventory procedure more systematic, organizations need to implement advanced technology. Therefore, the business collaboration helps to expand the technological devices. As a result, the entire process of supply chain becomes faster. Customers do not have to wait for a long time in order to get the services at proper time. On the other hand, the number of logistics and suppliers increases. Consequently, the suppliers transmit the entire service process within time. Doloreux and Shearmur (2012) opined that supply chain collaboration is possessed with some of the negative effects as well. Due to the business collaboration, the suppliers come from different cultural backgrounds. Therefore, in order to deliver a particular service process the suppliers have to face several barriers among which psychological barriers and communication barriers are most prominent. Taras et al. (2013) emphasized that due to these kinds of communication barriers customers fail to get the ir services at proper time. As a result, they tend to show their intense dissatisfaction for purchasing products and services from the business organization. Ultimately, the image and reputation of the collaborated business process is highly affects. References: Ansari, S., Munir, K. and Gregg, T., 2012. Impact at the bottom of the pyramid: the role of social capital in capability development and community empowerment.Journal of Management Studies,49(4), pp.813-842. Belderbos, R., Carree, M., Lokshin, B. and Sastre, J.F., 2015. Inter-temporal patterns of RD collaboration and innovative performance.The Journal of Technology Transfer,40(1), pp.123-137. Chen, H., Chiang, R.H. and Storey, V.C., 2012. 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Taras, V., Caprar, D.V., Rottig, D., Sarala, R.M., Zakaria, N., Zhao, F., Jimnez, A., Wankel, C., Lei, W.S., Minor, M.S. and Bry?a, P., 2013. A global classroom? Evaluating the effectiveness of global virtual collaboration as a teaching tool in management education.Academy of Management Learning Education,12(3), pp.414-435. Wiengarten, F., Humphreys, P., McKittrick, A. and Fynes, B., 2013. Investigating the impact of e-business applications on supply chain collaboration in the German automotive industry.International Journal of Operations Production Management,33(1), pp.25-48.