By 2025, almost half of the world’s Fortune 500 companies will be based in emerging markets. This report by the McKinsey Global Institute projects that new enterprises based in emerging markets are poised to rapidly climb the ladder and carve out a seat for themselves in the Fortune Global 500 ranks. If you needed any more convincing that business has gone global, here’s your proof.
In order to stay competitive and capitalize on the fertile ground of these emerging markets, existing businesses are spreading their networks across the world. If you are already working for a company like this, you know that a wide distribution of workers can compound communication difficulties. Almost half of the team I work with is several time zones away, and we’re in the same country! While easy access to email and social business software has done some of the work easing the pain of long distance collaboration, a text-only work relationship with collaborators can still feel impersonal and inhibit the flow of complex ideas.
In our research into the retail business, an industry that deals with a widespread workforce on a daily basis, we found that over half of workers in regional stores felt disconnected from the greater corporate strategy. This could become a problem for any business attempting to connect offices across the globe. But there’s good news.
Video is a medium that can provide clarity and put a face to information sharing. Collaboration becomes show-and-tell instead of long, confusing email chains. Executive addresses are no longer limited to the employees at headquarters. With video, a globally distributed business doesn’t have to be a disconnected one, and communication can remain clear and personal, even on the other side of the world.
Smart businesses will be moving into the global sphere if they haven’t already. Laying the groundwork for video across their company is one way to ensure that those businesses remain connected, worldwide.