The acceleration of the digital transformation in Argentina in recent years has boosted the productivity and profitability of companies of different sizes and sectors. In parallel, I have also seen the effect of a greater motivation of entrepreneurs to conquer new markets. From multinational corporations looking to expand their operation, to smaller companies looking to break into the big leagues. There are many reasons why Latin America is experiencing significant growth and 2023 will be a good time to take a strategic leap, in order to achieve a greater differentiation from the competition.
Companies that are attentive to market competitiveness are already investing in specialized and advanced technology solutions as they seek to modernize their operations and strengthen their market presence. If you’re looking to upgrade your management, here are some cool ways to make sure your business is ready for what’s to come in the new year.
In 2023, there are no borders for the internationalization of your business. For that, it is necessary to see beyond and be prepared for the journey that represents look for new markets. In recent years there has been a greater drive by Latin American companies to bring their products to international markets. But when I talk about adequate preparation to achieve this, I mean that there are determining conditions to potentiate the success of this adventure and it is important to understand them.
Replicating the same practices and strategy without prior analysis can be a big mistake. In addition to developing a in-depth market research, it is essential to carefully analyze the new terrain to be explored to understand how the different stakeholders and processes of the company could behave in that environment. Thus, it is easier to identify improvements, possible gaps, opportunities to save resources and have a complete vision of how to operate in this new market.
Faced with this challenge, it is essential to invest in a management structure that is up to these demands and, at the same time, provides the necessary experience to meet technical, technological and operational demands required by each local market. From a strategic vision, the management and technology partner is decisive in this adventure. Choose it well.
But beware: in a global market, differentiation is local. According to the SEGIB Global Latam Barometer for the Internationalization of Latin American Companies, the main obstacles to the internationalization of companies are regulation and tax systems that are usually different in each country. Therefore, regional knowledge is key to crossing borders and entering completely new territories. It is necessary to understand the local culture and needs so that management practices, human resources, taxes and legal obligations are adequate and, consequently, generate effective results.
For this, look for a business partner that thinks global and acts local, that is to say, that it has a multinational structure to give you all the support, but at the same time, that it understands and knows how to deal with the day-to-day operation. It is essential that all partners –especially technology ones– have the robustness, investment capacity, capillarity, a prepared team and the necessary experience to guarantee support for the different challenges that arise during this path of expanding operations.
In 2023, now more than ever, we can see a trend to value roots and rescue local identity. Use that in your business strategy, because the tendency is for the consumer to be more influenced by subjective aspects such as customs, routines and language in all their contact and experience with the company.
With the support of experienced partners who understand and know about this, it is possible to minimize the risks of this plan with a smart, efficient and successful internationalization, regardless of the destination you want to go to. In this 2023, let’s use the full potential of digital transformation to grow more and go further.