Business areas are very unique, functional and unique. This is why business areas are very important. A business area is not only functional but it also defines a company’s personality, values and attitude. The business areas are very crucial because they provide an effective way of managing the transactions and information of the company. In order to maximize the benefits that a business area offers, we must be able to define the business areas first before implementing its application.
For the purpose of this article, we will focus on the concept of business areas. In the US, business areas can be thought of as logical extensions of company codes. Thus, when we implement new entries for our company areas, we must make sure that these extensions correspond with the established business area codes. Also, we should be able to make use of the standard business area data entry form which can be downloaded from the official USGBC site.
Now, if we want to define business areas, we can divide them into three major groups: local, regional and international. A business area is considered to be localized when it has a narrow geographical location and is limited to specific business areas like city or town. On the other hand, a business area is considered global when it covers a wide geographical location and the boundaries do not conform to the country’s boundary lines. This is so because the business areas are defined according to the industry they target and are not limited by any other territorial or political definitions. Thus, a global business area may encompass international trade relations, supply chain management, human resources, retailing and technology and banking among other business areas.
A global business area therefore encompasses a wide array of activities that involve cross borders and therefore are global in terms of their scope. It is also very important to note that these types of industries usually have more employees from different countries which can result to globalization. So, it is very necessary to monitor and control the integration of employees across national borders if productivity is to be maximized. By doing this, it makes it easier for businesses to build bridges of communication across international borders. For example, it is quite common for an international pharmaceutical company to carry out research and development activities in countries such as China and India rather than in the United States or Europe.
Globalization has indeed brought great changes to business in the past decade. Some industries which were thought to be completely immune to the global trends have actually faced tremendous challenges. Examples of such industries include financial services, information technology, communications and consumer goods. These have been hit by globalization processes and competition. Now, whether it is a manufacturing facility or a retail outlet, it is important to know where one’s business is located because it will make it easier for the business to adapt to prevailing international business trends.
For instance, financial services has been growing ever since the internet came into existence. Therefore, an establishment that offers financial services should be strategically located near major business centers, banks and other financial institutions. This will allow customers to access banking services when they need them. On the other hand, the IT industry has also benefited from the outsourcing trend. Therefore, a business that offers IT services should be strategically located in areas where people are seeking employment as IT professionals.
In addition, other business areas that are experiencing great changes are the consumer goods industry. The reasons for this are the increasing demand of fast fashion and the corresponding rise of price tags. Likewise, the creation of offshore Chinese-based manufacturing industries has made other products more competitive and cost effective. Moreover, a successful Chinese supplier can facilitate the process of importing cheap items from China.
One more business area that has seen tremendous changes is the telecommunication business. With more people accessing the World Wide Web through their mobile phones, the need for data and wireless connectivity is soaring. Therefore, wireless phone providers are concentrating on building wireless broadband services and launching local cell phone markets. Some of these business centers are already operating internationally.