Essay About Significant Business Challenge And Taiwan’S Economy

What Do You Consider a Significant Business Challenge in Your Country Today
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What do you consider a significant business challenge in your country today, and how do you propose to address it, keeping in mind the USD School of Business mission statement? (300 words)Taiwan’s economy is finding it harder to remain both competitive in the global economy. There are many significant challenges that Taiwan is facing today such as different political tendency, lag on globalization, and transformation of traditional industries. As different political parties are aiming toward opposite directions, most small to medium-sized traditional business in Taiwan, with fierce inter-group rivalries and inefficient productions, could not advance. In order to address these problems, there are several methods. I believe that digital transformation and reform of the education system are necessary to help Taiwan gear towards high-value-added, service and solution-oriented business models, hoping to envision the results of spurring innovation, job creation, and more equitable wealth distribution. Implementing digital transformation has several benefits, for example, improved efficiency, robust decision making, enhanced profitability, and better global market penetration. However, there are also many obstacles encountered including difficulties in finding suitable technology partners, and most importantly, lack of planning and implementation among leaders in an organization. I think that the government should provide enough support to businesses with information and communication technology infrastructures and suitable platforms. It is also essential to persuade leaders that digital transformation is necessary to improve the business environment. That’s the main reason why we need to reform the education systems not only to provide our youth with the right kinds of skills but also to give leaders thorough education on the subject. As a result, we will have various young talents and socially responsible leaders with a global mindset and dedication to leap over the obstacles. In my opinions, Taiwan is currently facing various challenges. Even though there are still a lot of uncertainties, I am confident that Taiwan will become one of the top AI leaders in global market.