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Global Megatrends: Convergence of Global Megatrends: Convergence of Globalization, Internet and Innovation Join us in tweeting this webinar #LIOX @Lionbridge
Presented by Dr. Nitish Singh www.globalizationexecutive.com Moderated by Paula Shannon February 2010
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All material in the presentation is copyright-Nitish Singh, Saint Louis University ITS, 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 ncsingh72@gmail.com Dr. 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 International Marketplace. 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 Shannon CSO, SVP and General Manager, Lionbridge Paula.Shannon@lionbridge.com More than 23 years experience in the translation and localization industry Responsible for sites in 26+ countries, driving new services and sustainable solutions ensuring the continued delivery of innovation sustainable solutions, ensuring the continued delivery of innovation and execution excellence to a broad range of Global 1000 customers Company confidential – distribution prohibited without permission
About Lionbridge
Global Scale
Market Leadership
4,600 employees 26 countries
Leader in $14B services industry • Translation and adaptation of products
• Global network of 25,000 translators
and content for international markets
Hosted Technology
Global Clients
Web-based W bb d language l technology t h l platform
Recurring relationships with 500+ global clients
• Enhances competitive advantage • Drives efficiency
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• 80% of revenue comes from recurring clients • 12 of the Fortune 20 companies are client
Convergence of Globalization, Internet & Innovation Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Buddhism 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 Buddhism
Indian Curry Indian Curry
Fastest growing religion in US
Most popular meal In the UK
Company confidential – distribution prohibited without permission
Convergence of Globalization, Internet & Innovation Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Buddhism
Indian Curry Indian Curry
Threenager
Fastest growing religion in US
Most popular meal In the UK
People in their 30’s who act like teenagers
Company confidential – distribution prohibited without permission
Convergence of Globalization, Internet & Innovation Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Buddhism
Indian Curry Indian Curry
Threenager
Fastest growing religion in US
Most popular meal In the UK
People in their 30’s who act like teenagers
99% of South Koreans
shop online
Company confidential – distribution prohibited without permission
Convergence of Globalization, Internet & Innovation Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Buddhism
Indian Curry Indian Curry
Threenager
Fastest growing religion in US
Most popular meal In the UK
People in their 30’s who act like teenagers
99% of South Koreans
shop online
Company confidential – distribution prohibited without permission
G d Gender more men than women value personal appearance
Convergence of Globalization, Internet & Innovation Megatrends have the power to influence consumer’s lives across countries, industries, social classes and age groups.
Buddhism Buddhism
Indian Curry Indian Curry
Threenager
Fastest growing religion in US
Most popular meal In the UK
People in their 30’s who act like teenagers
99% of South Koreans
shop online
Company confidential – distribution prohibited without permission
G d Gender
Chinese GDP hi
more men than women value personal appearance
Will exceed US in 3 to 4 decades
What are Global Megatrends? They are overarching global forces that are being shaped as we speak and will transform our probable p p p future These forces impact our geo These forces impact our geo‐political, political, social, cultural, social, cultural, economic and technological future They give us powerful They 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: Economic integration Political engagement Technological connectivity Personal contact Quality 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 regulatory The 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 products in which it has a comparative advantage. This is d t i hi h it h ti d t Thi i termed as immiseration. This might be happening as we offshore software/chips etc and lower the cost of these products that US has a h d h Sh comparative advantage in. Thus the g gains from exports (software/chips) to p p the overall economy decline
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Globalization Cultural Multipolarity Emergence of cultural centers of excellence arising all over the world Bollywood, Fashion centers in China, India etc. Harajuku
Cultural Flows Cultural Flows The interconnectedness of global media, technologies and the rise of the World Wide Web Flows East to West: Sushi, Yoga, Feng Shui, Tai Chi Cultural Flows BRIC vs. G6
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Poll Question One Which of the megatrends discussed resonates the most with you? A) Globalization B) Rise of Networks C) Open Innovation C) Open Innovation D)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 indefinitely by 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 with each other, synergistically creating new efficiencies Company confidential – distribution prohibited without permission
Open Innovation Relates to the convergence of like minded individuals, corporations, competitors, corporate suppliers, customers, and h human networks working toward co‐creating and innovating t k ki t d ti di ti products and services Companies are increasingly investing in Web .0 that can harness Companies are increasingly investing in Web 2.0 that can harness collective intelligence Netflix Prize threadless.com ‐ t‐shirt store Wikipedia Localization 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” created OpenSocial standard that crowdsources language translation. This 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 ecosystem Facebook has moved to a multi language ecosystem using ‘Translations’ a crowdsourcing translation application The Spanish site was completed in less than 4 weeks with the help of 1 500 Spanish‐speaking with the help of 1,500 Spanish speaking Facebook users Facebook users
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Consumer Trends Acceleration of the pace of globalization Resurgence of nationalistic and religious values
Counteract the trend of global consumerism Individualism Barbie alternatives Barbie alternatives Fulla Doll ‐ doll with head scarf & Islamic values Sara Doll ‐ for children in Iran Razanne for children in Muslim countries Razanne ‐ for children in Muslim countries
Premiumization The growing trend toward creating high end luxurious products in every product / service category possible d / bl Bling H2O
Gender Complexity Cosmetics for male skin care Company confidential – distribution prohibited without permission
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 20 30 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
Boost in Web Globalization spending i b l b li i di Rise of Internationalized domains Geo location Geo location Multilingual corporate blogs
Copyright C i h © 2009: 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, means without the written permission of the program leader leader. Permission request can be sent to Professor Nitish Singh:ncsingh72@gmail.com Singh:ncsingh72@gmail com The 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. Company confidential – distribution prohibited without permission
Executive Education Program
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Mark Your Calendars! Going Global with Multimedia: Practices and Process for Localizing Multimedia Thursday, March 18, 2010 12:00 p.m. EST, 6:00 p.m. CET p , p
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Knowledge Center
Download White Papers • Building Stronger Brands Around the World: A Guide to Effective Global Marketing to Effective Global Marketing • Strengthening Global Brands: Key Steps for Meaningful Communications around the World • Building a Global Web Strategy: Best Practices for Developing your International Online Brand l i i l O li d
View Webinars On‐Demand • The Art and Science of Global Navigation • The Best Global Web Sites (and Why) • Mastering Multilingual Marketing
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Questions?
Dr. Nitish Singh Ncsingh72@gmail.com www.globalizationexecutive.com g
Paula Shannon paula.shannon@lionbridge.com http://twitter.com/pbshanz
Li b id Lionbridge www.lionbridge.com http://blog.lionbridge.com http //t itter com/Lionbridge http://twitter.com/Lionbridge http://www.facebook.com/L10nbridge Company confidential – distribution prohibited without permission