And with the growing availability of technology to all competitors, a manager must properly implement technological initiatives to give his company a market advantage. In a world fraught with intense competition, ideas are the ultimate tool of a successful corporation. In order to be recognized and chosen by customers, a company must be both creative and unique. A manager's responsibility thus includes stimulating new ideas and innovations that will push the company forward in the marketplace. In the field of finance, globalization compels managers to make decisions in the shadow of uncertainty.
Numerous forces affect international capital markets.
As the markets become more and more integrated, changes in one region will initiate chain reactions that can eventually affect all others. One such example is the Asian currency crisis of 1997, which is still affecting the world's economy today. However, as the world moves toward common standards of financial governance and market valuation, new opportunities have arisen for international financial operations. Financial managers must therefore look for innovative ways to manage risk. Every global corporation will have to address the cultural and legal differences among countries to protect corporate assets and earnings.