Management Accounting and the Modern Business Environment
Management Accounting and the Modern Business Environment Part-I
Over the years global business environment has gone through some massive changes. These changes are due to changes in socio-economic situations, changes in consumers’ demands, changes in technological environment, changes in political scenario etc. Today’s business environment is referred to as the modern business environment which is characterized by globalization, advanced technology, intense competition, powerful customers and consumers, efficient and effective processes, social responsibility etc. Globalization is perhaps the most widely used and investigated terms in the modern business environment. Globalization has removed almost all boundaries among different countries. Today entire world is seen as a single market where every organization has significant opportunities and this has happened due to globalization. According to David Held, David Glodblatt, Anthony McGrew and Jonathan Perraton globalization is such a process or a combination of processes that represents a transformation that involves organization of social transactions and relations and such transformation is evaluated in terms of processes’ extensity, velocity, impact and intensity; these generate irregular or transcontinental flows, exercise and interaction of power and networks of activity (Ervin & Smith, 2008, pp – 4).
Modern business environment is also characterized by high end technologies and the technology that is dominating the business environment is the information and communication technology. Internet and related technologies have changed the meaning of business communication. In the current business environment, business transactions are just matter of some clicks. Today, business processes are faster than they were ever before.
Present business institutions are significantly affected by the surrounding environment. Almost all the renowned business organizations are very much concerned about various issues
Over the years global business environment has gone through some massive changes. These changes are due to changes in socio-economic situations, changes in consumers’ demands, changes in technological environment, changes in political scenario etc. Today’s business environment is referred to as the modern business environment which is characterized by globalization, advanced technology, intense competition, powerful customers and consumers, efficient and effective processes, social responsibility etc. Globalization is perhaps the most widely used and investigated terms in the modern business environment. Globalization has removed almost all boundaries among different countries. Today entire world is seen as a single market where every organization has significant opportunities and this has happened due to globalization. According to David Held, David Glodblatt, Anthony McGrew and Jonathan Perraton globalization is such a process or a combination of processes that represents a transformation that involves organization of social transactions and relations and such transformation is evaluated in terms of processes’ extensity, velocity, impact and intensity; these generate irregular or transcontinental flows, exercise and interaction of power and networks of activity (Ervin & Smith, 2008, pp – 4).
Modern business environment is also characterized by high end technologies and the technology that is dominating the business environment is the information and communication technology. Internet and related technologies have changed the meaning of business communication. In the current business environment, business transactions are just matter of some clicks. Today, business processes are faster than they were ever before.
Present business institutions are significantly affected by the surrounding environment. Almost all the renowned business organizations are very much concerned about various issues