by Norman Halls, contributor
One major influence today, is the technology advances has on businesses and the need to maintain them with innovative development and meet changing demands. But, businesses must deal with certain procedures. “Businesses in highly regulated industries such as finance and healthcare are constantly faced with changing compliance regulations. The same goes for businesses working closely with state and local governments. New policies and rules often need to be aligned throughout multiple levels of an organization, and the role of “ethics and compliance professional” often falls on the human resources (HR) managers and information technology (IT) departments overseeing responsibilities such as infrastructure management, network security, and mobile device management (MDM) to ensure the business remains compliant.” By Rob Marvin Entrepreneur Magazine
“A variety of government actions in addition to laws and regulations powerfully affect companies’ finances, executives say. But executives also indicate that companies’ processes to manage their relationships with government are generally less robust than are the ones used to manage relationships with other stakeholders.“ by Jon Wilkins “Today, we are in the midst of a business revolution. Driving the transformation of business are three core technology trends, which have become top buzzwords in the business world: mobility, cloud computing and big data.” by Lindsey Makela The Digitalis Magazine
“More and more small and midsize companies are joining corporate giants in striving to exploit international growth markets. At the same time, civic leaders worry about their communities’ economic future in light of the impact of global forces on the operation and survival of businesses. How can communities retain local vitality yet still link their businesses to the global economy? Regions can invest in capabilities that connect their local populations to the global economy in one of three ways: as thinkers, makers, or traders. The section points to the Spartanburg-Greenville region as a good example of a world-class maker, with its exceptional blue-collar workforce that has attracted more than 200 companies from 18 countries. The history of the economic development of this region is a lesson for those seeking to understand how to achieve world-class status and bring local residents into the world economy.” By Rosabeth Moss Kanter’s Putting America’s Infrastructure Back in the Lead
For years, mayors and governors have been anxious about keeping local jobs and bring in new ones. Over the years, corporations have increasingly exploited that alarm, offering a lucrative package from a community. There is no guarantee that a corporation will stay for X number of years. Ypsilanti, MI awarded $200 million to GM to manufacture vehicles at the Willow Run plants. GM departed Willow Run after 35 years. Ypsilanti Township, sued over GM’s departure. The Court said “there were no promise and no reasonable reliance.” When governments create support systems for companies, there isn’t any assurance that the business would stay for X number of years.
Disruption arrives in different forms for each industry. The challenge for corporate development teams now is how to handle the new worlds they face. “The skills and technical expertise that teams have honed in past years are still essential, but should now be complemented with a knack for creativity and flexibility. In some cases, it may mean knowing how to take a hazy business model and shape it into a deal opportunity. This can be particularly daunting for corporate acquirers since new business models can be perceived as risky and can, therefore, discourage established acquirers from their pursuit. Becoming more accomplished risk managers is an increasingly valuable part of the corporate development tool box.” By Chris Ruggeri and Sara Elinson, Deloitte’s corporate development survey, fifth edition.
In an increasingly normalized humanity, communities that preserve their exceptional businesses and distinctive character have an economic advantage. According to economic development reports, many businesses are focused on the “next big thing”, and missing out on already available technologies which are “right under their nose[s]”. Failing to adopt the nuts and bolts technologies of today is leaving a deep gap in productivity and pay between businesses.
