The two primary drivers of globalization are market drivers and cost drivers

The two primary drivers of globalization are market drivers and cost drivers. The market driver of globalization includes understanding of common customer needs including international customers, and global market channels. Cost drivers including globalizing due to high product development costs in home country and differences in factors of production. There is no doubt that technological change has brought about a social change around the globe. Technology has lead to the greater socio-economic advancement. The internet and e-commerce has a huge impact on every society around the globe. Barriers of trade between different countries and individuals of those countries are already non-existent. Even the smallest of things, like a company’s contact details can be searched through internet, trade could be commenced between two individuals that have not seen each other. Resisting the ongoing tide of technological advancement and change had been impossible in the past and same trend is expected to continue in the future. In today’s scenario it is not possible to do a business effectively without having a website, telephone and other means of communication. In a big business, it is not possible to manage suppliers without the use of Supply Chain Management, to integrate all functions of an organization without the use of effective Enterprise Resource Planning and to manage the customers with an effective CRM planning. So, the technology had an ever-ending role to play in the past and the same trend is expected to continue in the future.