global megatrends
TRANSCRIPT
Global Megatrends: Convergence ofGlobal Megatrends: Convergence ofGlobal Megatrends: Convergence of Globalization, Internet and InnovationGlobal Megatrends: Convergence of Globalization, Internet and Innovation
Join us in tweeting this webinar #LIOX @Lionbridge
Presented by Dr. Nitish Singh www.globalizationexecutive.comModerated by Paula ShannonFebruary 2010
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I1 All material in the presentation is copyright-Nitish Singh, Saint Louis UniversityITS, 11/24/2008
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Introductions
Dr. Nitish Singh Assistant Professor of International Business at Boeing Institute of International Business at Saint Louis Universityy
[email protected]. Singh is also the co‐author of the critically acclaimed book: The Culturally Customized Web Site: Customizing Websites for the Global Marketplace He holds a Ph D in Marketing and InternationalMarketplace. He holds a Ph.D. in Marketing and International Business from Saint Louis University and an MBA and MA from Universities in India and the UK. More recently he has co‐authored Proliferation of the Internet Economy
Paula ShannonCSO, SVP and General Manager, Lionbridge
[email protected] than 23 years experience in the translation and localization industryResponsible for sites in 26+ countries, driving new services and sustainable solutions ensuring the continued delivery of innovation
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sustainable solutions, ensuring the continued delivery of innovation and execution excellence to a broad range of Global 1000 customers
About Lionbridge
Global ScaleGlobal Scale Market LeadershipMarket LeadershipGlobal ScaleGlobal Scale4,600 employees 26 countries
• Global network of 25,000 translators
Market LeadershipMarket LeadershipLeader in $14B services industry• Translation and adaptation of products
and content for international markets
Global ClientsGlobal ClientsRecurring relationships with 500+
Hosted TechnologyHosted TechnologyW b b d l t h l Recurring relationships with 500+
global clients• 80% of revenue comes from recurring clients• 12 of the Fortune 20 companies are client
Web-based language technology platform• Enhances competitive advantage• Drives efficiency
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Convergence of Globalization, Internet & Innovation
Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
BuddhismBuddhism Fastest growing religion in US
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Convergence of Globalization, Internet & Innovation
Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Indian CurryBuddhism Fastest growing religion in US
Indian CurryMost popular meal
In the UK
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Convergence of Globalization, Internet & Innovation
Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Indian Curry ThreenagerBuddhism Fastest growing religion in US
Indian CurryMost popular meal
In the UK
ThreenagerPeople in their 30’s who
act like teenagers
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Convergence of Globalization, Internet & Innovation
Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Indian Curry ThreenagerBuddhism Fastest growing religion in US
Indian CurryMost popular meal
In the UK
ThreenagerPeople in their 30’s who
act like teenagers
99% of South Koreansshop online
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Convergence of Globalization, Internet & Innovation
Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Indian Curry ThreenagerBuddhism Fastest growing religion in US
Indian CurryMost popular meal
In the UK
ThreenagerPeople in their 30’s who
act like teenagers
G d99% of South Koreansshop online
Gender more men than women
value personal appearance
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Convergence of Globalization, Internet & Innovation
Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Indian Curry ThreenagerBuddhism Fastest growing religion in US
Indian CurryMost popular meal
In the UK
ThreenagerPeople in their 30’s who
act like teenagers
hiG d99% of South Koreansshop online
Chinese GDP Will exceed US in 3 to 4 decades
Gender more men than women
value personal appearance
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What are Global Megatrends?
They are overarching global forces that are being shaped as we speak and will transform our probable p p pfuture
These forces impact our geo‐political, social, cultural,These forces impact our geo political, social, cultural, economic and technological future
They give us powerfulThey give us powerful insights into the future
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Globalization
Constantly evolving toward an idea of global integration or synthesis of economies, cultures, technologies, and governance
Impacts what consumers consume and what corporations produce
Includes:Includes:Economic integrationPolitical engagementTechnological connectivityPersonal contactQuality of life
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Globalization
Almost 1 billion new consumers are predicted in Emerging markets by 2015
By mid‐century China may overtake US as No.1 in GDP
Today China and India graduate half a million engineers and scientists compared to 70,000 in the US
The continuing convergence of regulatoryThe continuing convergence of regulatory frameworks and standards is likely to be an important aspect of the regulatory overhaul
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Globalization
According to Professor Bhagwati,Country can be made worse off if trade lowers the price of
d t i hi h it h ti d t Thi iproducts in which it has a comparative advantage. This is termed as immiseration.
This might be happening as we offshore software/chips etc and lower the cost of h d h S hthese products that US has a comparative advantage in. Thus the gains from exports (software/chips) to g p pthe overall economy decline
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Globalization
Cultural MultipolarityEmergence of cultural centers of excellence arising all over the world
Bollywood, Fashion centers in China, India etc. HarajukuCultural FlowsCultural Flows
The interconnectedness of global media, technologies and the rise of the World Wide WebFlows East to West: Sushi, Yoga, Feng Shui, Tai Chi
Cultural FlowsBRIC vs. G6
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Poll Question One
Which of the megatrends discussed resonates the most with you?
A) GlobalizationB) Rise of NetworksC) Open InnovationC) Open InnovationD)Global consumer trends
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Rise of the Networks
Internet technologies are transforming the whole value chain
Wal‐Mart integrating global supply chain
Seamless procurement and logistics
Online sales to more than 1B consumers
Born Global
Technologists such as Raymond Kurzweil are predicting a singularity, in which human intelligence is merged with artificial intelligence and that by 2050 nanotechnology will be able to extend human life indefinitelyby 2050, nanotechnology will be able to extend human life indefinitely
Convergence ‐ amalgamation of previously separate technologies such as audio, video, Internet and data that now share resources and interact
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with each other, synergistically creating new efficiencies
Open Innovation
Relates to the convergence of like minded individuals, corporations, competitors, corporate suppliers, customers, and h t k ki t d ti d i tihuman networks working toward co‐creating and innovating products and servicesCompanies are increasingly investing in Web 2.0 that can harness Companies are increasingly investing in Web .0 that can harnesscollective intelligence
Netflix Prizethreadless.com ‐ t‐shirt storeWikipediaWikipediaLocalization Industry
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Open Innovation
Crowdsourcing and MT has the potential to reduce costs and speed‐up international entry for many companies
However, issues include concerns about quality, speed, impact of poor translations on customer‐base, etc.Standards and counter‐checks will evolve to ameliorate the quality concerns
Social network Hi‐5 has built a developer application using the Google‐created OpenSocial standard that “crowdsources” language translation. Thiscreated OpenSocial standard that crowdsources language translation. This makes it possible for users translate a site or applications, text and UI into new languages. Users vote to register correct translations
Facebook has moved to a multi language ecosystemFacebook has moved to a multi‐language ecosystem using ‘Translations’ a crowdsourcing translation application
The Spanish site was completed in less than 4 weekswith the help of 1 500 Spanish‐speaking Facebook users
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with the help of 1,500 Spanish speaking Facebook users
Consumer Trends
Acceleration of the pace of globalizationResurgence of nationalistic and religious values
Counteract the trend of global consumerism Individualism
Barbie alternativesBarbie alternatives Fulla Doll ‐ doll with head scarf & Islamic valuesSara Doll ‐ for children in IranRazanne for children in Muslim countriesRazanne ‐ for children in Muslim countries
PremiumizationThe growing trend toward creating high end luxurious products in every
d / blproduct / service category possibleBling H2O
Gender Complexity
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Cosmetics for male skin care
Consumer Trends continued
Eco‐iconic: trend aims to create eco‐friendly products with bold and iconic designs that customers can visibly show off
Threenagers:30 has become the new 2030 has become the new 20
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Poll Question Two
Is multilingual blogging an important consideration in your company's web strategy?
Yes
No
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Web Globalization trends
i b l b li i diBoost in Web Globalization spending Rise of Internationalized domainsGeo locationGeo locationMultilingual corporate blogs
C i h © 2009Copyright © 2009:The Complete Document is copyrighted including the pictures. Copyright © 2009 St Louis University. Unauthorized Reproduction and Distribution is Prohibited. The program module was developed by Professor Nitish Singh, John Cook School of Business, Saint Louis University. Published By: Executive Education Program of the John Cook School of Business at Saint Louis University. All material presented in these online modules is only for internal educational use and cannot be reproduced, stored or transmitted in any form or by any means without the written permission of the program leader Permission request can be sent to Professor Nitish Singh:ncsingh72@gmail com
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any means, without the written permission of the program leader. Permission request can be sent to Professor Nitish Singh:[email protected] information contained in these online modules has been obtained from various academic and professional sources, which we believe to be reliable. However, neither its completeness nor accuracy can be guaranteed. Recommendations and opinions are based on our interpretation of available information.
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