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.
To read more about the survey visit: http://www.mckinseyquarterly.com/article_page.aspx?ar=1754&L2=21&L3=114&srid=6&gp=1
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