How Technology Makes Global Expansion Easier | CXC COMPLY

Technology has made it easier for companies to expand globally. In this article, we explore some of the different ways that technology enables businesses to expand internationally.

After achieving growth locally, the next natural step for many businesses is to expand globally, and it comes with an array of benefits. For starters, it provides an opportunity to conquer international markets and build a global reputation for your brand. In addition, it has the potential to open up foreign investment opportunities and increases revenue. However, while it can be a rewarding and exciting phase for any business owner, the process can be complex and dynamic. You have to think of the costs involved, the logistics, hiring in new countries, navigating foreign laws and regulations, and understanding new cultures and languages among other barriers to entry.  Thankfully, technology is proving an invaluable tool by making the process faster and easier. In this article, we explore different ways that technology has made it easier for businesses to expand internationally.

 

Easier access to information

The first step to global expansion is to understand the markets that you are eyeing. Is there a market gap for your product or service? How is the competition? What is the economic and political situation in the market? What are the local legal requirements and how do they hinder doing business in those markets?

To understand these and more factors that are likely to impact your business in the markets that you want to expand to, you need to perform thorough market research. This includes a market segmentation analysis, a product gap analysis, SWOT analysis as well as an understanding of the laws and the market in general.

Technology has made it easy to access all the information that you need. With just a click of a button, you can learn all that you want about a market without leaving your desk. Data analytic tools and machine learning can be used for real-time data analysis about the demographic, competition, product demand, and more. This helps make data-driven decisions about the locations you want to expand to.

 

Virtual possibilities

When expanding to other locations, there are tons of people to meet and processes to complete. A while ago, opening a business in another location meant hopping on a plane every so often to do these things personally. This is no longer necessary with technology. With the emergence of video conferencing technology, and other communications advancements, you can have a meeting with different individuals at the same time without having to travel all the way. In addition, the internet has made it possible to complete necessary processes online. For instance, if you’re looking to expand your business to Hong Kong, you can complete the Hong Kong company registration process from anywhere in the world. e-Registry has made it possible to submit company incorporation documents even using your smartphone anytime and from anywhere.

 

Facilitating global hiring

At some point, you will need to hire for your international branches. However, hiring internationally comes with unique challenges. You have a task to ensure that you are hiring compliantly, paying them accurately and on time, on top of attracting the right people, and onboarding them effectively. However, everything is simplified and made easier with technology. The internet helps with virtual interviews and candidate screening, saving a lot on transportation costs. In addition, investing in a global hiring platform allows you to leverage different tools to make onboarding, tax registration, salaries computation among others easy and compliant. CXC has developed its own proprietary saas platform CXC COMPLY to assist with the complex classification issues involved with engaging global talent.

In cases where you want to operate without setting up a business, technology plus outsourcing to an employer of record will ensure your success. A reliable EOR such as CXC helps with managing the contingent workforce compliantly. Where you want to attract and engage new talents around the world, CXC enables your efforts by introducing initiatives that ensure compliancy, thereby minimizing your risk and reducing costs.

CXC has developed particular expertise in this field and have assisted 1000’s of companies to set up new legal entities and operations in over 100 countries globally for over 30 years and are considered the Trusted Advisor and preferred partner to businesses all around the globe.

 

 

Digital marketing

If you are to gain traction quickly in a new market, popularizing your business through marketing is paramount. Moreover, this has become easier and faster through digital marketing. Regardless of what you are selling or who your target audience is, technology can help improve your marketing results and generate promising leads faster than you can imagine.

Social media in particular provides a platform to reach out to your target customers around the world. You can use different techniques such as storytelling, posting photos and videos, creating valuable posts, and engaging with your audience to create brand awareness and connect with your customers. SEO optimization helps your business to be visible to your target audience in the search results. You can use different SEO tools to attract traffic to your website and stay ahead of the competition. Professional SEO services are able to provide a digital marketing strategy for you that includes all those techniques.

 

Language interpretation technology

The language barrier is a challenge that you are likely to encounter when expanding globally. However, this is no longer a hurdle that you can’t overcome thanks to advancements in technology. Google Translate, for instance, helps interpret text with just a click of a button. Additionally, conversing with a person or people speaking a different language over the phone or video is made possible with remote interpretation. Technology gives you access to an interpreter in real-time so you can engage with ease. Integrating video conferencing platforms with video remote interpretation apps facilitates interpretation in multilingual meetings.

Find out how working with an EOR can enable global expansion by overcoming the language barriers faced when engaging remote teams and global talent.

 

Conclusion

While expanding to new locations around the world can feel like a daunting task, technology has advanced to make everything easier and faster. Everything from conducting market research, hiring globally, and meeting with stakeholders to registering your business is now easier with technology. In addition, digital marketing techniques are expediting brand awareness to help you hit the ground running and the language barrier is no longer a hurdle with interpretation technology.

When setting up business in a new country, it’s imperative to be in compliance with local laws.  A global PEO  or EoR (Employer of Record) will enable compliant global worker engagement, global worker classification, global worker payroll and ongoing workforce management.  Ensure your workers are paid on time wherever they are.

 

CXC is a global HR outsourcing organization with 30 years of experience in workforce management. Our innovative and cost-effective solutions help companies gain a competitive advantage by improving efficiency while reducing risks

Contact CXC today to start enabling your future workforce.

 

 

 

 

 

Share
Tweet
Share