With India’s total import-export value going over $201 billion in the first quarter of FY 2019-20, international trade in the country has been booming. Such growth, along with increasing connectivity between countries and companies, indicates that today’s businesses are aggressively looking for expansion on a global scale.
Other than the sky-rocketing trade numbers, pervasively changing trade agreements and bilateral relationships are also playing a crucial role in the current business environment. For example, among the many trade war ramifications, the one which will actually benefit India is that of China with the U.S.
Advancement in technology is removing the international borders and facilitating smooth conduct of the business at a global scale. In this ‘Global Village’ scenario, professionals with a Knowledge of International Trends and knowledge of various labour laws, trade agreements, analytics, IoT, etc., are proving to be a cut above the rest. Such professionals help businesses expand at breakneck speeds.
It is also important to be aware of technology innovations that are happening globally. From processes to products, Industry 4.0 has seen innovations like never before. Companies have been scaling faster, and technology is getting cheaper, all in the blink of an eye. Due to advancements in production, payments, development, analytics, etc., decision-making and implementation have become faster. And a professional who’s always updated with the latest in technology can help businesses take advantage of the same.
Mitigation of risk is the key requirement for any business. Policy changes or fading trends in a market often end-up taking down an entire industry. An extensive geographical presence means the risk of your business collapsing is spread over, and hard times can be managed much more efficiently. So, having insights regarding market trends prove highly useful to manage risks effectively.
Working in international arena has its own advantages like traveling to different regions, meeting people from diverse backgrounds and culture. This helps you become a socially conscious global citizen. Professionals with expertise in International Business hold invaluable positions in companies. Job profiles such as Risk Auditor, Business Analysts, Business Development executive, Pre-sales executive, Management Consultant, among many more can be offered to a professional who has knowledge of international business in sectors like IT / BFSI and manufacturing domains.
After all, “Knowledge of sales, marketing, finance will help you build a profitable business. Knowledge of International Business Trends will help you build an MNC.”