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Globalization Under Fire: How Should Leaders Respond? Premium

Strategic Truths for a Post-Truth World

Ghemawat, Pankaj

While anti-globalization anger has surged and opponents of globalization have won some major political victories, it is important for business leaders not to overreact. Before even thinking about reworking your company's international strategy, make sure you have an accurate picture of the state and trajectory of globalization. Most business leaders have exaggerated perceptions of globalization, which can lead to costly strategy errors. This article debunks such myths and articulates recommendations covering strategy, societal engagement and organizational cosmopolitanism. These recommendations are grounded in two laws of globalization that will endure through the present turbulence.

3 Keys to Shockproof Your Global Supply Chain Premium

Business & Geopolitics

Rosenberg, Mike

As the world shifts to a less stable geopolitical structure, executives may find themselves ill-equipped to handle critical events, from terrorist attacks to civil unrest, which could disrupt supply chains and put operations at risk. Despite growing tensions in the world and the increasing fragility of global supply chains, management teams don't seem to pay sufficient attention to geopolitical threats, for a variety of reasons. This article explains the reasons behind the myopia. The author suggests some practical actions that readers can take, in three key areas, to anticipate and prepare for change, thereby reducing their supply chain's exposure to geopolitical shocks, so that their business prevails over the long term.

Tips for Nurturing Global Leadership Talent Premium

Diversity Management

Reiche, Sebastian

Despite anti-globalization rhetoric to the contrary, cross-border work is increasing, and multinationals are struggling not only to prepare their employees for global leadership responsibilities but to fill the number of international assignments available. Brexit is only the latest excuse for mobility and talent management to be at the top of the CEO agenda. For companies with limited experience in this area, the risks are multiplied. However, there are also great opportunities. This article -- based on the author's research on global work, talent retention and cross-cultural management -- recommends how to nurture global leadership in three talent functions: hiring and promotion; development; and socialization. With practical tips and company examples, he shows that, with the right mindset, executives can rise to today's global leadership challenge.

7 Forces to Success in PPPs Premium

Smart Cities via Public-Private Partnerships

Berrone, Pascual; Ricart, Joan Enric; Ferradans, Hugo; Rodríguez, Miguel; Salvador, Jordi

As more of the world's population moves to cities, businesses have myriad opportunities to carve out new, lucrative niches, using their expertise, knowledge and access to cutting-edge technology and data to help tackle the growing list of challenges being faced by local authorities. This article, based on work by IESE Cities in Motion and PPP for Cities, outlines what businesses can bring to public-private partnerships. The authors explore the types of partnerships available as well as break down the seven forces for success in today's PPPs.

Smoothing the Procurement Process Premium

Towards Better Contracting

Tadelis, Steven

In large, complex infrastructure projects, problems can arise from the common approaches of the public sector to contracting and award procedures. The rationale underlying contracts and award mechanisms of public procurement processes can lead to cost overruns and project delays. To avoid problems in the procurement of goods and services, the author analyzes the various factors at play with regard to contract types, incentives and the award process. He recommends four steps that both sides can take to optimize the benefits and mitigate the risks when negotiating a cost-plus contract between public buyers and private suppliers. The goal is to adopt greater flexibility and gain efficiency in the procurement process.

Balancing the Trade-Offs Between Competition and Stability Premium

Private Banks & Public Policy

Vives, Xavier

Does too much competition in banking hurt society? What policies can best protect and stabilize banking without stifling it? This article addresses the critical relationships between competition, regulation and stability, and the implications of coordinating banking regulations with competition policies. The author presents some key challenges that bankers and regulators face in trying to manage the trade-offs between competition and stability. He also derives some important policy implications for both public- and private-sector actors, so that society can reap the genuine benefits of competition: efficiency, innovation, growth and consumer welfare, in order to build trust in the banking sector again.

5 Building Blocks for Cyber-Physical Value Chains Premium

People & Machines Working in Sync

Sachon, Marc

The digitalization that has disrupted services is set to do the same in industry, and manufacturing in particular. With supply chains operating at their limits amid a growing list of global challenges, new approaches are required to save time, improve efficiency and gain flexibility to survive in volatile, uncertain, complex and ambiguous (VUCA) times. Based on interviews, case studies and collaborations with German firms at the leading edge of this field, the author identifies five key building blocks for the successful implementation of Industry 4.0, and highlights several implications. To stay competitive, companies will have to learn to cooperate, using platform-based business models via which they can sell services and expertise, not just physical products. Those prepared to adapt their skills and protect their value chains will find new opportunities for growth -- while others who are slow to adapt will get left behind.

Programming Business Models Through Digital Density Premium

The Internet of Things

Zamora, Javier

The exponential growth of digital connections and data generates myriad interactions between organizations, people and things that executives can leverage to enhance their current business models or create entirely new ones. But how best to harness the power of this digital density? This article presents a framework to help senior executives tap connected data and pinpoint the programmable elements of their value proposition. The author also highlights the pros and cons, so businesses can maximize the value drivers while simultaneously monitoring the privacy, reliability, security and integration issues associated with a high-digital-density environment.

Tips to Prevent, Detect & Respond to Cyberattacks Premium

How Safe Is Your Firmware?

Padilla, Elmar

This article describes the various ways that industrial firmware can be compromised. The author recommends how companies can defend themselves against cyberattacks, based on the latest research conducted by the research institute Fraunhofer (FKIE). How aware is your organization of the issues at stake? What is your senior management team doing to address firmware security and prevent a devastating cyberattack? How prepared are you if -- and when -- an attack occurs? Executives enthusiastic about the possibilities of Industry 4.0 need to understand the threats posed by manipulated firmware and take steps to protect their companies against them.

3 Steps to Market-Driven Digital Transformation Premium

Stairway to Digitalization

Villanueva, Julián; Ferrándiz, Luis

The authors interviewed C-suite executives from 22 companies to discover best practices, and missteps, on the path to getting a business ready for a digitally transformed world. Their model, called the Stairway to Digitalization, starts with the ability to interpret market forces. This demands a marketing-driven fixation on customers, but since customers' evolving needs do not happen in a vacuum, managers also need to analyze competitors, collaborators and context. The next step is for the executive committee and board to express a wholehearted digital commitment. Finally, the authors explain the chief levers of execution, so that the strategic goal of digital transformation might be achieved, resulting in a new business proposition for the firm. This article contains useful tips applicable to incumbent firms and digital pure players alike.

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