Assessment of Global Business Environment Essay

Assessment of Global Business Environment - Essay Example The ways in which individuals and companies interact with one another have been altered significantly. One of the most noteworthy changes is in the aspect of speed with which people can interact with one another in the modern world. Communication methods have improved vastly over the last century and this has forced business organizations to reframe their means and purposes of communication with their employees, customers and other stakeholders. Advancement in technology has allowed the companies to reduce gaps in communication with their overseas markets. In the present business platform, companies are making efforts to move ahead of their services offered domestically and are striving to enter into new markets, particularly in the developing countries. High rate of technological development has helped participants in the global market to access these technological knowhow at a cheaper rate. Information flows across the geographical boundaries with greater speed and accuracy and rea ches a larger population within a short period of time. Telecommunication technology plays an important role in this context. Globalization has cast a significant impact on the telecommunications industry and is in turn driving further improvements in the telecommunications technology. Changes in telecommunications industry due to globalization The telecommunications industry is changing rapidly under the influence of globalization. New state-of-the art technology and modern innovations have brought significant changes in the international as well as the domestic market of the United Kingdom. These radical changes in the global telecommunications industry are critical to the success of the firm. Several technological and political developments are currently occurring in this industry. The most distinctly recognizable changes are: Figure 1: Impacts of globalization (Source: Author’s creation) Deregulation of the telecommunications sector The telecommunications industry has a l ong history of its journey since 1884. With the ground breaking invention of telephone by Alexander Graham Bell in 1884, the telephone came into existence. However, it has come into common use several decades after this invention. The telecommunications industry gained a worldwide importance in the first three decades of the twentieth century. By the 1930s, this industry became stable and the telecommunication service providers became an important aspect for the international trade and commerce as well as for the defence sector. During this period the telecommunication sector was under the regulation of the national governments. However, as a result of globalization, liberalization policies were sweeping across the nations and its impact also touched the telecommunication industry (Bartle, 2005). In the mid 1950s, the United States of America (USA) first deregulated its telecommunications market. This set the example for the other countries to follow this path. Following the USA, co untries in the Europe also began to deregulate the telecommunica