Question

Technological Innovation and Business Strategies in Arab and, New technological trends like applications technologies how would it be applied to contribute to the growth of big firms and SMEs in Saudi Arabia,and what are the challenges?beiefly explain the challenges?

Answer 1

Technological advancement gives you an unbeatable lead in today's world, there are a lot of tech-related examples present around us. A business strategy gives you a much better-enhanced outcome only if it is coupled with technology. Saudi Arabia has been slowly but accepting the technology trends, they have now started to invest in IT-related firms, they have a good number of increasing SME's and some big firms. Just like any other entity, they to have their limitations as of now which they have started to feel and working towards the abolition of such technology-related limitations/challenges -

• Finance - Saudi Arabia has a gift of natural resources in terms of oil, they have good economic stability but in spite of such fact, the country is struggling in terms of finance for boosting their technology side. Some of the big firms whi=o are into consulting in the country lacks with appropriate cost-effective management solution. The reason being the absence of finance which could boost the situation.
• Lack of management - when the market will struggle there will always be a need for management, these and any other talent are driven to a country where there is a lot to earn in terms of projects, work, growth, and stability. Alos for an ongoing project they have to face this management crisis most of the time.
• Regulatory issue - not all issues arising from the industry itself, rather some are imposed due to regulatory issues as well. The country's government and decision-makers have to think in a way to bring changes in the industry. As we all know that the present IT sector has far more possibilities in terms of growth and money. The government must value these factors and work towards improvements.
• International market - the more you are open to the international market, the more you give space to international talent to work and grow, there will be a possibility of improvement. We all agree with the fact the talent in any way is not limited to borders. You must value talent, apart from this the global market gives you a better chance of growth and development. For the complete success of your project, you must advertise globally and try to make global customers.