Companies face complex challenges in today's global business environment. This includes managing a diverse workforce where leaders must be culturally aware. They must also be adaptable to promote inclusive teams. To stay competitive, rapid technological changes push businesses to keep employees’ skills current and adopt new technologies, such as the following:
Developments in artificial intelligence (AI)
Machine learning
Automation
World events, such as the following, create uncertainty that impacts business strategies and operations:
Geopolitical conflicts
Economic instability
Supply chain issues
In this discussion, you will first examine these global challenges within your career field, real estate. Second, you will suggest possible solutions as a future leader. Finally, you will analyze how actual companies are handling similar issues.
The following are some examples of challenges you might want to consider:
Project management: Supply chain disruptions
Logistics: Transportation delays
Accounting: Fluctuating exchange rates and interest rates
Marketing: The use of AI and machine learning tools for international marketing campaigns or cultural understanding for local campaigns
Finance: Tax laws and reporting regulations for each country the organization operates in
Multinational business: Managing diverse workforces and understanding the cultural differences of workers
Human resources management: Training employees in cultural differences and local workplace laws
Data analytics: Data protection and the use of AI and machine learning
Read the following articles before answering the discussion questions:
Top 5 Business Challenges in 2024 and How to Overcome Them
10 Key Takeaways From Davos 2024
Discuss the following with your classmates:
Identify 2 challenges businesses in your career field, real estate, currently face on a global scale.
For each challenge, suggest a possible solution that you, as a future leader, might use to solve it.
Give an example of a company handling at least one of these challenges, and explain how it addresses the challenge you identified.