What are the key challenges in tapping into business in emerging markets and developing economies?

The future for many companies lies in addressing the emerging markets and developing economies. Developing economies like the BRIC countries provide for ample opportunities to develop and grow the business profitably.

Having said this, there are couple of things that needs to be taken care, for E.g. understanding Government policies, understanding cultural bias, business ethics, people competency and skills, etc. Addressing the emerging markets and developing economies opportunities requires innovative technology and deep business insight.

Business continuity and sustainability is possible by developing the eco-system. Pro-active approach towards- Collaborating with local companies, creating subsidiaries, developing- joint ventures, distributors, resellers, and dealers is a must.

Who can be a good Business Manager?

The other day i was discussing with the CEO of an Information Technology Company of the size 120 people, pre-dominantly providing services in software testing. The CEO's concern was that to expand his business he needed to have good Business Managers. So, the question how to get a good Business Manager and what should one look at in this person was the point of discussion. After some discussions we came to the conclusion that a Business Manager should definitely have good problem solving abilities, plus knowledge and expertise in the functional areas of business like- production, marketing, finance, accounting, human resources, information management, research, and development. Like to hear from you if there are some other straits that we missed out in the Business Manager...

Pervasiveness and relevant information the key for business sustainability and growth

Information gets generated from various sources. Information generation is a function of time and people. Information storing, updating and cleansing is an important activity for the business to become agile. Most often the information available is large, which makes the decision taking process slow and the quality of decision average. The ability to filter and extract the relevant information in a timely manner helps to derive maximum value for business.

Shifting markets - What does it mean to managing business ?

What was pre-dominantly doing business within the country with local manufacturing for local consumption is now increasingly becoming local for global. Markets in the past were pre-dominantly in the Americas and Europe. In the last 5 years we see there is a clear emergence of the markets in Asia. The American and European companies are looking to these emerging markets to sell their goods, leverage manufacturing capability and design skills available in Asia to boost their economies. While there are clearly big advantages to tap into the Asian markets there are challenges that needs to be handled due to this phenomena of shifting markets which in turn is fueling globalization.

Capability of managing business owing to globalization, international and transnational activity needs immediate attention. Managing global business would need good understanding of- Economic, Political, Cultural, Religious, Social, Demographic, Environmental, Defense, etc in the countries where the business is done.