Written by Julia Jungwan Shin
In this volatile world, it appears inevitable to develop ability to think, analyze situations properly and make rational business direction. I understood any company who pursues success should have ability to integrate and apply all the tools and techniques of business professionally to take effective business decisions.
The current US political changes seem to play a critical role in influencing other countries’ political and economic directions. Many individual companies regardless of location pay careful attention to the current changes. They try to reflect any changes in the company’s functions. While front end functions like marketing and sales are paving new ways for sales, back office functions like operations and HR are trying to find ways for cost efficient solutions and talent development. Business agility and flexibility is a “must item” in today’s business world. Nowadays, I notice companies incessantly have meetings and workshops among functions to discuss current issues like US trading. Fiercely discussing what advanced technology and products to be developed to cope with the current world trade crisis, they rack their brans for ideas. Companies set up task force teams to deal with newly proposed government regulations. They do everything to survive or exceed. For companies to succeed, they need good talented people who have professional knowledge and experience. When I met Mark Lippert who became a vice president of Boeing after the 3 years as US ambassador to South Korea, I realized how successfully Boeing could use him in dealing with both Asian and western companies due to his great knowledge in both Asia and Western countries. Often, I hear from my clients that they put greater efforts to develop more creative products and find talented people. They set up some functions like design in the US and Italy and hire some talents from other countries. Many discuss now whether they can outsource some functions from foreign countries, whether they can hire more foreign talents, and whether they can replace them with more advanced technologies.
When we look back old days of critical times like 1997 Korean IMF and 2008 financial crisis we were able to find breakthroughs surprisingly. I think it is time to think wisely and develop better ability to integrate, coordinate and apply all the tools and techniques of business. What we really need to do now is more innovative ways of upgrading our business functions while maximizing AI and the 4th industrialization under way.