Decision-Making Within The Global Marketplace

Decision-Making within the Global MarketplaceThe role of a decision leader in the 21st-century organization must overcome the challenges of an increasingly competitive economy that is progressively dependent on innovation and technological advances must place a premium on innovation, flexibility and responsiveness. The Saudi vision 2030 envisages an increase in non-oil GDP from 16% to 50% CITATION Kin19 \l 7177 (Kingdom of Saudi Arabia, 2019). To attain this goal Saudi businesses have to seek greater global integration in the global market place through strategic partnerships with owners of technology and 21st-century business leadership strategies. Decision leaders should steer the focus of businesses from efficient management of tangible resources to efficient and effective utilization of intellectual capital and human resources. Decision leaders’ role should be to harness all the knowledge, skills and judgement of all their people. Other roles include developing strategies for exploiting information as a resource, empowering employee creativity, accumulating and disseminating knowledge within their organization and challenging the status quo to spur creativity CITATION Des12 \l 7177 (Dess & Picken, 2012). Effective decision-making helps the organization to maintain a competitive edge by finding and defining new ways to satisfy customer needs by focusing on smaller units on which