Now global competition is considered as an incentive for revolution. The productivity growth in the industry was predominantly the outcome of the timely actions and strategic decisions made.
How to handle Global Competition:
Just design some innovation methods that exploit global opportunities. In the face of cost effective innovation and increasing competition around the world, the industries get premium by establishing the globally efficient innovation processes, especially the industries with high R&D requirements.
The distributed innovation technique based on standards like labour costs, intellectual property protection, skill levels and tax incentives which are difficult to project, however gives assurance for into the long term survival. The first step involved in investigating the roles of pure research and development activities in the innovation process, is concerned with how they can be separated and connected in different ways.
How to take advantage of the Opportunity:
Simply create a connection between your innovation footprints with your industry’s future innovation landscape. To analyse the innovation trends means understanding demographic and economic trends, government policies, talent pipelines, consumer trends, etc. The fundamental objective of an innovation ecosystem is to create innovation outcomes in the industry form of organisation.
Nowadays business becomes a global environment. The environment however forces companies to consider all the aspect of the rest of the world in their competitive strategy analysis irrespective of primary market base. The business industries are greatly influenced by the external factors like competitive situations, economic trends, or technology innovation in other countries, while some of their competitors are located in the same field. Now with the help of globalisation companies can take the advantages of opportunity of global Supply-chain Management. Time is changed now. However the companies have changed the way of managing the things relating to the operation as well as logistics activities. The companies are going truly in the correct path by developing a product in the Europe, produce in India and sell in United States. The world becomes very small for the trade industries.