Introduction
In today’s economy, where everyone is always worried about themselves, some organizations work to uplift the global world economy. When it comes to those organizations working as a well-oiled machine, it all depends on the art of decision-making of the company or the organization’s leader. The leader, the C.E.O. of any company, is responsible for making sound and effective decisions, eventually leading to efficient productivity. In today’s hi-tech and progressive business market, every organization has to stay on top of its game. New startups and innovations happen every day, and the contemporary style of education leads to the further shaping of minds that are the reason for amazingly unexpected inventions that can potentially change the world. In this scenario, the rising companies with fresh ideas must always put their best foot forward. For example, an I.T. firm facing fierce competition from its competitors must adopt a suitable and powerful marketing strategy that would defend its position in the market and help it outgrow its competitors. A firm has to make sure they hire a bunch of talented people who have the perfect knack for the departments they are going to be working in. Then after the election, the company should ensure that they provide them with proper and healthy quality training about the work and market environment. This will give as well as motivate them to train themselves to get new and advanced development opportunities within the firm and come up with unique and more extraordinary innovations that would help the company to put its best foot forward with new products into the market. This report aims to evaluate how far measures and factors such as decision-making affect the growth of the global economy.
How enhanced decision-making processes support economic growth
Global economic growth is a group project in which every person is a participant; every single person has their responsibilities towards global economic growth. Every single decision a person makes somehow affects the world’s financial status. Although, the central responsible powerful bodies that take the lead in the responsibility of making sure the global economy’s growth is working at an acceptable pace are mostly government bodies and big companies that have a substantial financial impact globally. For example, Tesla, an automobile company founded by Elon Musk, has had a significant impact on the global economic status, also, the company SpaceX, also known as Space Exploration Technologies Corporation, which manufactures space aircraft, found by Elon Musk as well in 2002, which works on the agenda of establishing life and colonization on Mars, has a significant impact on the global economy (Li, Y., Louri, A. and Karanth, A., 2022.), and many more companies like Amazon, Gucci, Chanel, etc., have a significant impact on how much earth makes. Effective decision-making is a challenging and crucial part of any company’s progress; this process is responsible for deciding whether the company is going upside or downhill (Alsharif, A.H., Salleh, N.Z.M. and Baharun, R., 2021). The decision-making process involves evaluating the collected data and then deciding on a further plan to execute the same in a way that would uplift the company financially and reputation-wise. Good decision-making helps the company in identifying the areas they can expand their business to and also identify the internal spaces to work on; this would also help in monetary management, which would give a brief idea of how to manage cost-cutting or reducing costs (Chen, S., Chen, H., Ling, H. and Gu, X., 2021). Likewise, good governmental decision-making could benefit the ruling party in understanding the country or citizens’ wants and needs. Also, a process of sound decision-making would help the government identify the systematic issues they could be facing and tackle them beforehand. Good decision-making also helps an organization or a company keep the rules and regulations strict and followed, reflecting employee performance. Decision-making is usually the leader’s job role; for this responsibility, the leader should be absolutely qualified and should know plenty about the line of work they are in (Mudra Rakshasa, A. and Tong, M.T., 2020). Therefore, enhanced decision-making leads to better performance of the organization, whether government or any. Good decision-making reflects the quality of the leader, that is, usually the C.E.O. of the company; they are responsible for making good decisions without being biased toward anyone, not even themselves, a decision that would reflect well on the company and would help it perform better in the market game. Government bodies can use good decision-making as a tool or opportunity to understand and analyze the increasing level of unemployment and poverty and then make some good decisions to counterattack those issues (Gillingham, P., 2020). In M.N.C.s, good decision-making could do wonders as it helps the leaders to obtain good statistics on their work and help them to understand what area they lack attention to and then allows them to put in intelligence where it’s needed. This helps the companies increase sales, popularity, and customer demand.
How improved operational efficiency contributes to economic growth
Every company needs an efficient work plan to help them achieve their target every time. Consistency and efficiency are the two most essential factors for companies, government bodies, and even real life (Mazzocco, K., Masiero, M., Carriero, M.C. and Pravettoni, G., 2019). Good decision-making would help a company through the problems and guide it to make a good and effective marketing or dealing plan. Still, consistency and efficiency would allow them to stay consistent until they achieve their goals. Consistency means staying rigid throughout the process until the destination arrives, that is, staying through thick and thin. Efficiency means having the right resources and putting in the correct hard work until it reaches the goal. Improved efficiency, that too operational efficiency, is a significant factor in the industrial field. The improved efficiency factor enables the company to operate more efficiently and produce more benefits from the input (Aragón, T.J., Cody, S.H., Farnitano, C., Hernandez, L.B., Morrow, S.A., Pan, E.S., Tzvieli, O. and Willis, M., 2021). Improved operational efficiency would help the company or the organization process by reducing cost-cutting and producing more profits. These factors generated by the improved operational efficiency would help the company or the organization in obtaining greater increasing profits, and more investment both in the company or the organization and the economy which would eventually lead to greater investments in the global economy; all these processes would ultimately result in increased and growth of the global economy. The company could adopt different integration to increase their efficiency in the field to eventually have an increasing shift in profits. The company or the organizations can adopt A.I., that is, Artificial Intelligence, to make the company more efficient technologies; Ai, that is, artificial intelligence, could be a great part of the company or the organization, as it would be responsible for the protection of companies and its protection, this would help the company reduce costs of the 70% of the technical staff required, and this would eventually lead to a greater level of profits. Another option to improve the company’s efficiency could be the adoption of the automation tactics in the company. Automation basically refers to the process of replacing human labors with machinery labors. As the machines would take over the work that human employees used to perform, there would be no need to generate paychecks every month, which would eventually result in greatly reduced costs for the company, and machines would never take holidays, so the work would stay continued no matter what. The Automation upgrade of any company would be extremely beneficial to the business approach. The production and delivery part of any company or organization plays a crucial role when it comes to efficiency. Supply chain management is the crucial department to handle, but it is a very important part of operational efficiency. By managing the supply chain, businesses and governments can reduce costs on their manufactured goods and can attract more customers as a result of an amazing level of efficiency. The process of improving the operational efficiency could also be the process of multiple surveys done across the country. To get reviews and suggestions or recommendations about the company and its manufactured goods, which would help the company understand the wants and needs of the public and would align their production and performance according to the wants and needs of the company.
The role of innovation and new business models in economic growth
The role of innovation and new inventions in the market field is a very crucial and important factor. If innovations and inventions stop to happen, then the whole global market would shut down, and there will be no more new things to buy, no evolutions to look forward to. In today’s world, humans are not the only thing on this planet that are evolving, automation and technology are evolving than humans. Innovations and inventions are basically the development of new ideas and, based on that, new machines or any product good. This factor is extremely crucial and useful to the developing company or even the pre-existing. Customers get bored of the market very easily; the customer nature is to tend to look for something new when the pre-existing goods get old and rusty, and nobody else wants them (Guenette, J.D., Kenworthy, P.G. and Wheeler, C.M., 2022). Innovation, inventions, and new business models and tactics are essential leaders or, could say, drivers of global economic growth, as they create and promote new and fresh opportunities for both businesses and customers (World Bank, 2020). Innovation and inventions consist of the development of new procedures, ideas, products, goods and services, and processes that makes the company able to make their businesses meet the changing trends of needs of consumers and obtain new market games and conditions (Hu, C.P., Lan, Y., Macrae, C.N. and Sui, J., 2020). Innovation and inventions can be divided or categorized into many different parts, like incremental, which means increasing; disruptive; and radical, which means total new innovations and inventions. Incremental innovation involves the process of inventing and innovating new ideas slowly at a normal pace and making small improvements in the manufacturing process. Also, making significant and efficient improvements in the pre-existing goods and services manufactured by the company while the disruptive innovations and inventions consists the making of brand new products and services, innovating extremely new products that would disrupt the market (Ibn-Mohammed, T., Mustapha, K.B., Godsell, J., Adamu, Z., Babatunde, K.A., Akintade, D.D., Acquaye, A., Fujii, H., Ndiaye, M.M., Yamoah, F.A. and Koh, S.C.L., 2021). The launch of new products that are similar to some pre-existing ones don’t make much of an impact, but the ones that are new and rare create a huge impact on the market, that attract more customers and creating a huge reputation on the market, which attracts more investments, while disruptive innovation involves creating new products or services that disrupt the existing market. Additionally, there is one more type of innovation, and that is called radical innovation or radical inventions, which means radical innovation involves the creation of entirely new products, services, or industries that transform the market. This type of innovation or invention usually turns out to be the biggest turnover in the market. Not only the company that came up with the radical innovation get the profit which eventually generates resources for the global economy, but it also inspires other companies to make products like that and even come up with their own radical innovations or inventions (Stapleton, P., 2019). This chain of innovation and inventions keeps the market in high demand and keeps the heavy monetary flow going, which eventually reflects on the global economy and helps it in growing (Onyeaka, H., Anumudu, C.K., Al-Sharify, Z.T., Egele-Godswill, E. and Mbaegbu, P., 2021). The innovations of the new products also create a large space for the chances of an increasing economy, new and hi-tech products would require a team of highly skilled employees who are on top of their games.
The impact of global interconnectedness and collaboration on economic growth
There are lots and lots of primary benefits of interconnectedness and collaboration of the market and businesses but the most major and important one is the allowance it provides the businesses and market sector to grow. When markets collide or collaborate, there thousands of employees share their ideas together, and then the majority of them come up with a brilliant idea that eventually converts into a disruptive or radical innovation or invention (Maital, S. and Barzani, E., 2020). Collaborations and interconnectedness is a very important traits or processes for S.M.E.s, that is small-scale business owners that are yet to establish their names. They can collaborate their brand with a bigger and more famous one to gain popularity and showcase their talent and production to the customers, which would eventually attract customers of their own instead of the collaboration (Schwab, K., 2021). A legendary example of interconnectedness and collaboration is the Nike and Michael Jordan collaboration. The brand Nike is one of the largest, most famous labels in the world. Inspired by the Greek Goddess of Victory, Nike, the brand attracts all kinds of customers and produces goods suitable for every one of them. The factor that the brand name is very memorable and easy to pronounce plays a huge role in its impact on the industry. Self-improvement has always been a great process in achieving success of any kind, whether it’s about personal growth or any organization’s upliftment. The firm could put light on the areas where employees lack resources and upgraded talent and work on the improvement of that area. Pinpointing the areas of work and outing more resources and effort to fix them can be a huge help to the company’s performance (Mou, J., 2020). The brand Nike has a brand value of $50.2 B. Nike’s relationship with Michael Jordan resulted in immense success, and that led the brand to design ‘Air Jordan 1 Shoes’. This collaboration was found extremely favorable in the sales field and recognition for the brand. Since Michael Jordan has been one of the most legendary basketball players of all time and basically is worshipped by the people, Nike decided to form an interconnectedness and collaboration with his brand name and came up with the most wanted and legendary shoe line called NIKE AIR JORDAN. Nike also formed many side brands with this brand name, like Converse and many more. This collaboration lifted the economic status of the brand Nike to a different, and Nike has a huge impact on global economic growth, as the brand is celebrated worldwide. This collaboration resulted in an extremely high financial spike in the economic status of the brand Nike. Global interconnectedness and collaboration could result in new big radical innovations and inventions. These innovations and inventions could get together and develop clean energy solutions, reduce carbon emissions, and address other environmental challenges (Ozili, P.K. and Arun, T., 2023). By collaborating in this way, they can depend and use each other’s expertise and resources to find innovative solutions for horrendous problems that benefit both the economy and society as a whole.
Conclusion
In conclusion, the art of decision-making is an extremely crucial part of maintaining the level and pace of the growth of the global economy growth (Leiva-Leon, D., Pérez-Quirós, G. and Rots, E., 2020). Each and every single decision made by a person somehow affects the world’s economic status. Although the main responsible powerful bodies that take the lead in the responsibility of taking care and making sure the growth of the global economy is working at a fine pace are mostly government bodies and bog companies that have a huge financial impact globally Humphrey, C. and Verdery, K. eds., 2020). Therefore, enhanced decision-making leads to better performance of the organization, whether government or any. Good decision-making reflects the quality of the leader, that is, usually the C.E.O. of the company; they are responsible for making good decisions without being biased toward anyone, not even themselves, a decision that would reflect well on the company and would help it perform better in the market game. Good decision-making would help a company through the problems and then guide it to make a good and effective marketing or dealing plan, but consistency and efficiency would help them to stay consistent in the process till they achieve their goals. Consistency means staying rigid throughout the process until the goal arrives, that is, staying through thick and thin. Efficiency means having the right resources and putting in the correct hard work until it reaches the goal. Improved efficiency, that too operational efficiency is a major factor in the industrial field. The improved efficiency factor enables the company to operate more efficiently and produce more benefits from the input. Improved operational efficiency would help the company or the organization in processing by reducing cost-cutting and producing more profit. Good decision-making would help a company through the problems and then guide it to make a good and effective marketing or dealing plan, but consistency and efficiency would help them to stay consistent in the process till they achieve their goals. Consistency means staying rigid throughout the process until the goal arrives, that is, staying through thick and thin. Efficiency means having the right resources and putting in the correct hard work until it reaches the goal. Improved efficiency, that too operational efficiency is a major factor in the industrial field. The improved efficiency factor enables the company to operate more efficiently and produce more benefits from the input. Improved operational efficiency would help the company or the organization in processing by reducing cost-cutting and producing more profits. Government bodies can use good decision-making as a tool or opportunity to understand and analyze the increasing level of unemployment and poverty, and then make some good decisions to counterattack those issues. Every company needs an efficient work plan which would help them to achieve their target every time. Consistency and efficiency are the two most major important factors when it comes to companies, government bodies, or even in real life. Good decision-making would help a company through the problems and then guide it to make a good and effective marketing or dealing plan, but consistency and efficiency would help them to stay consistent in the process till they achieve their goals. Another option to improve the company’s efficiency could be the adoption of the automation tactics in the company (Gunawan, F., Santoso, A.S., Yustina, A.I. and Rahmiati, F., 2022). Automation basically refers to the process of replacing human labors with machinery labors. As the machines would take over the work that human employees used to perform, there would be no need to generate paychecks every month, which would eventually result in greatly reduced costs for the company, and machines would never take holidays, so the work would stay continued no matter what. The Automation upgrade of any company would be extremely beneficial to the business approach. The production and delivery part of any company or organization plays a crucial role when it comes to efficiency. Supply chain management is the crucial department to handle, but it is a very important part of operational efficiency. By managing the supply chain, businesses and governments can reduce costs on their manufactured goods and can attract more customers as a result of an amazing level of efficiency (Domínguez-Escrig, E., Mallén-Broch, F.F., Lapiedra-Alcamí, R. and Chiva-Gómez, R., 2019.).
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