MgMT20144: Group Essay on Globalisation, Innovation, and Challenges

This essay delves into the multifaceted concept of globalisation, examining its definition as the integration of economies through interconnected activities such as distribution, production, and research. It explores the advantages, including increased investment opportunities and access to a wider talent pool, alongside disadvantages like unequal income distribution and job displacement. The essay further analyzes globalisation's impact on innovation, highlighting the diffusion of technology, international use of intellectual property, and the adoption of new technologies. It also discusses the globalisation of knowledge management and proposes methods to overcome the challenges of globalisation, such as structural changes in the labor market, focus on welfare sustainability, and agricultural innovation. The essay draws on various sources to provide a comprehensive understanding of globalisation's complexities and implications.

Globalisation

Globalisation
 Globalisation is the procedure through
which economies, which have emerged
as integrated and inter-dependent. For
example- joint venture and the sharing of
the assets is the part of globalisation.
 Globalisation is the integration of the
economies of several activities such as
cross network of the organisation,
distribution, production, research and
development. (SOURCE: NOLASIA, 2018)

Advantages
(Source: Economic help, 2018)

 Increase in the investment platforms by the
developed organisation can avail the opportunity
to natives of the developing countries to develop
themselves.
 The companies can get the opportunity to tap
wide talent pool. The company has the
opportunity to innovate with the help of
culturally diversified people.
 Globalisation creates large market with improved
data and information, and high level standards.

Disadvantages
Unequal income distribution
inequality in social distribution
of the natural resources
Low accountability for the rich
nations as they are developed
Human trafficking
Employees often lose their jobs
especially the white collar jobs
are vulnerable because they
started moving offshore by
identifying better
opportunities. (SOURCE: NOLASIA,

 Globalisation has led to the change in the scope
through the interaction of numerous factors such as
social factors, economic factors, cultural factors, and
ecological factors.
 Globalisation had led to the change in the way while
leading the new patterns of human health resulting
into obesity, cancer, heart diseases, physically
inactive, and increasing risk of chronic diseases.
 Domestic companies often face a severe competition

Globalisation and innovation
 With greater uneven distribution of income
among the people, it has led to diffusion of
technology and knowledge bringing it to
the changing global innovation.
 With diffusion, globalisation encompasses
on increasing FDI, international use of
intellectual property, patents and the
copyrights leading to adoption of new
technologies.
 It is mainly related to technological
globalisation through spread of technology
in the near borders leading to take training
and skills to advantage of new technology.
(Source: British council, 2018)

Globalisation of knowledge
management
 Globalisation procedures is an ongoing for
millennial in an significant way but
globalisation is an linear progression through
which there is an dynamic processes
impacted by the intrinsic and extrinsic
factors.
 Tools, technical skills, ideas and also the
human groups, which has different rate of
diffusion.
(Source: Economic help, 2018)

Methods to overcome the
challenges of globalisation
 There should be an structural change in the labour
market with the help of increasing smart working
solution with an aim to powerfully focus on social
purpose.
 The solutions will include optimisation of supply
chain management, pilot solution, operational
management, increasing uptime, IoT enabling, and
strong growth of technology will lead to strong free
cash flows in the strategic industries regarding the
synergic acquisition.

 With the focus on welfare sustainability and
CSR leading to the impact on investment
 Agricultural innovation and the disruptive
utilities will led to eradication of the
challenges of the globalisation.
 Required changes in the regulations and the
deregulations leading to the global diffusion
of frameworks as being designed to
promote innovation to take a step ahead for
start-ups.
(Source: British council,
2018)

References
 NOLASIA, (2018) Globalization and Technological Innovations
Shaping The Human Resources Management. Accessed on:
https://nolasia.net/one-countrys-trash-was-another-countrys-treasure/
[Accessed on: 25/09/2019]
 OECD, (2018) Educating our youth to care about each other and the world.
Accessed on : https://medium.com/@
OECD/educating-our-youth-to-care-about-each-other-and-the-world-f21ee77
f64ff
[Accessed on: 25/09/2019]
 British council, (2018) Global City Challenges. Available on: https://
www.britishcouncil.org/sites/default/files/city_challenges_creative_and_socia
l_economy_solution_british_council_web-singlepages.pdf
[Accessed on: 25/09/2019]
 Economic help, (2018) Effects of Globalisation on the UK Economy. Available
on: https://www.economicshelp.org/trade2/globalisation_uk_economy/
[Accessed on: 25/09/2019]