Consider grocery retailers in Australia such as Coles and Woolworths: they have been cushioned from world's best

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Consider grocery retailers in Australia such as Coles and Woolworths: they have been cushioned from world's best practices for decades. ALDI entered Australia and has already taken a solid slice (nearly 15 per cent) of the market, and newer global players Lidl and Amazon are presently entering with their global scales of investments in technology, products and services. How can the local, more traditional businesses compete? Organisations used to be able to exist and conduct their operations locally, blinkered to what is going on in the rest of the world. This is no longer the case. Most organisations now look to hire from international labour markets, buy their input raw materials and technologies from the best sources in the world, and sell their products and services to wherever in the world they can identify potential customers. To do this efficiently, meaning with speed and low transaction costs, a range of new technologies are coming into play, as part of the digitalisation revolution. For example, Blockchain arrangements can simplify and speed up the costs of selling and shipping products and services globally. As a distributed ledger of contracts and business arrangements, Blockchain combined with the Internet of Things has the potential to reduce administrative costs and lead to more efficient supply in most industries, and it can only enhance international trade and global operations through the efficiencies that it brings. Yet as with all new technologies, there are challenges, of establishing new standards within networks and industries, of overcoming resistance to change and technical implementation matters, not the least of which is information security in the 'age of hacking. These implementation challenges, just like the opportunities of digitalisation, are global.

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Management

ISBN: 9780324317985

7th Edition

Authors: Richard L. Daft

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