The international business world seems to have reached the peak of unpredictability at the close of 2016, based on the number of CEOs with significant concerns regarding regulation, cyber security, geopolitical uncertainty and the need to adjust to a changing consumer base (among other issues as recorded in PwC’s annual CEO survey).
As you pursue a future leadership role following graduation from your online MBA degree program, it’s important to understand what may affect you in your role. The top areas of concern expressed by leaders of international corporations (or those emerging into the global market) reflect the rapidly changing environment that impacts every organization attempting to maintain or expand their international market. One refreshing aspect is the perception among the majority of CEOs regarding millennials and their desire to bring a sense of new life into the corporate world.
Top Concerns of Modern Global Businesses Leaders
The top concerns of many CEOs of international corporations at the end of 2016 include the following issues:
Overregulation – Particularly within the insurance, banking and healthcare markets, CEOs expressed “extreme concern” over the issue of government regulation. Understanding the deeper intention behind regulations may stimulate internal changes which lead to greater efficiency and a competitive business advantage.
Cyber threats – Although leaders in the technology, banking and insurance markets express the greatest concern over cybersecurity, global businesses across all industries seem to recognize the threat to innovation and profit if underlying issues surrounding network security are not adequately addressed. Investments in technology remain as top priorities to strengthen the bottom line, but attention to the operational challenges at hand cannot be ignored.
Geopolitical uncertainty – With issues such as pending free trade agreements, questionable access to the internet and beyond, geopolitical uncertainty tops the list of concerns for global businesses during 2016. Although some companies still plan to attempt expansion within Chinese, Indian, Latin American markets and beyond, others feel a focus on the domestic market is more appropriate, considering the number of uncontrollable variables.
Changing consumer demand – CEOs already anticipate the increase in consumers who are concerned with more than just cost, convenience and functionality. Consumers have expressed the desire to support companies that reflect their values surrounding social justice, environmental responsibility and health consciousness. These needs are particularly important in a global market, where decisions made by a single corporation impact many groups of people and locations throughout the world.
A Changing World Requires Flexible Leadership
As the international business world continues to adjust to modern challenges, leaders with innovative entrepreneurship skills will become increasingly valuable. If you are interested in becoming such a leader, consider pursuing an online MBA degree from University of Maryland. In as few as 21 months, you can obtain a degree that could set you apart from your peers.