Innovation, Information Driving Change In Global Business
May 12, 2006
Global executives point to innovation and the free flow of information as the forces behind the rapid pace of change in the global environment. In a McKinsey & Co. Global Survey, executives who were asked what single factor influenced the rate of change ...
Global executives point to innovation and the free flow of information as the forces behind the rapid pace of change in the global environment. In a McKinsey & Co. Global Survey, executives who were asked what single factor influenced the rate of change cited innovation in product, services and business models (24%). Greater ease in obtaining information and developing knowledge was the second most common response at 17%.
Other influencing factors include:
Plentiful, cheap, mobile capital - 12%,
Reduction in trade barriers - 11%,
Expanded access to talent and labor pool - 11%,
More capable competitors - 8%,
Rising consumer awareness and activism - 5%.
Additionally, 85% of survey respondents feel their own business environments are more competitive. This is true of both small and large companies across all industries.
