Children working in cobalt mines for the Apple and Samsung supply chains, Syrian refugees working under terrible circumstances for garment supply chains in Turkey, Rohingya refuges working as slaves in the Thai fishing industry and North African migrants working in agriculture in Italy and Spain. In response, a number of binding regulations regarding modern slavery in supply chains have been introduced.
Whether or not you realize it, almost all business takes place at the global level now.
Even the items for sale at your local businesses may have been made, sourced, or shipped from another part of the country, or another country entirely.
With this new global economy comes the requirement for and the benefits of global communication in the business world. Wider Market One benefit of global business communication is the ability to do business with other countries and areas.
Your product is no longer constrained to geographic regions or countries that speak the same language as you. With the trend towards global business communication, a person in Australia can purchase your product as easily as a person down the street.
Cheaper Labor and Material Another benefit to global business communication is the ability to search other countries for cheaper rates on labor, raw materials, or finished goods. Because of this you can locate developing countries that may offer a similar product or service at a more competitive price than businesses in your region.
A computer programmer in India, for example, may write the software you need less expensively than a programmer in Silicon Valley, California. These savings increase your bottom line.
New Product Lines In addition to these benefits, global business communication allows you to purchase and resell previously unavailable products. For example, you might be able to find bamboo flooring, which is generated cheaply in China, ship it overseas, and sell it at a premium price.
This is due to global business communications made possible thanks to the Internet, opening of trade barriers, and fewer language impediments.
References 2 Hoggard International: She has written for a variety of online destinations, including Peternity.
She holds a Bachelor of Arts in communication from the University of Rochester. Photo Credits globe terrestre image by Nicolas D from Fotolia.ph-vs.com: American Horizons: U.S. History in a Global Context, Volume I (): Michael Schaller, Janette Thomas .
Wider Market. One benefit of global business communication is the ability to do business with other countries and areas. Your product is no longer constrained to geographic regions or countries.
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Roel Nieuwenkamp, Chair of the OECD Working Party on Responsible Business Conduct (@nieuwenkamp_csr)The recent migrant crisis paired with shocking exposes of labour issues in global supply chains has heightened public attention to modern slavery, forced labour and human trafficking.