Global strategic management is not an easy area to work in. Yet it is one of the most exciting spaces to be a part of. Given this kind of diverse economies that are part of global strategies and the phase of growth, they are in, the process of managing a global strategy is intricate and difficult. It has its own challenges and peculiarities that some good strategic management in international business courses cover through their curriculum. Let us explore what those could be so that we can become aware of them and how to manage.
- Different economies – When a global strategy is defined it brings together different economies in its fold. While designing the strategy, the biggest challenge is to try and incorporate the universally applicable standards and yet maintain the local requirements. There is a need to balance the various growth phases that the different countries covered in the global strategy are in. Some are developed while some are developing. The GDP, inflation and other macroeconomic indicators are on different levels. Bringing this information together within one umbrella is what a global strategy needs to be able to do.
- Diverse teams – When the global strategy and roadmap are being developed, and then managed, the teams that are responsible for both these aspects are usually geographically dispersed. They are different in the way they interpret the strategy and then apply it. Making sure that their understanding levels are as similar to each other’s as possible is a tough situation. The teams are different in their thinking and also culturally diverse which adds to the peculiarities that arise when the global strategy is being managed.
- Many technologies – When a global strategy has to be managed, the organization usually needs the support of many technologies. All these have their own pros and cons, and getting them to seamlessly flow through the strategy and all processes that are linked to it, can be a challenging task. In addition to that this poses the additional issue of multiple vendors that might have a role to play and get involved in the process of impacting the final outcome of the strategy. The tools that are needed to ensure that there is a collaboration between these is also a part of the process.
These are some peculiarities of the global strategic management process that emerge from the development stage itself. When the strategy gets created and then finally implemented, these are the concerns that run through it in a predominant way.