How better decisions can be taken in the International Trade industry

Background&Issue(s)

The decision making is important that weather to go with the particular condition or there is a requirement to find some alternative for the success of a trade industry in UK. As because in the case of a project or the regular activities of our daily life, if the wrong decision is made, then it can become a reason for failure of a project or the failure of life and so is the same in trade industry too. It has been observed in past also that because of the poor or wrong decision which was made by the Bush administration it has resulted in mass destruction of the weapons of Iraq and then this was totally a poor decision which has resulted in the US Military forces to enter into Iraq territory without any success(Scheid, 2010). Therefore, making a good and correct decision is important in every aspect whether it is a trade or daily life or any military action. Moreover, in a trade organisation also, if a proper decision is not taken to implement any change requirement according to the market condition, then the project or the trade will end up with more time and cost investment and so it can make the project and trade to get failed and make a loss to the company(Steenbarger, 2016). In the past, there have been various projects like the famous Sydney Opera House where because of the poor decision of the NSW Government, the wrong project manager was selected and has resulted in severe cost and time overrun(EOI, 2012). Therefore, the correct decision at the right time is important to make available by analysing different possible alternatives and then select the best one to have a positive impact on the result of outcome. The reasons for making the wrong decision can be the lack of availability of input and the lack of capability to perform multitasking and overcome the emotional factor related to the decision and ultimately make a person or the manager incapable to take the correct decision(Erwin, 2019). Therefore, the use of the Information Technology system can be done by the managers to overcome the reasons for making wrong decision so that correct decision can be taken for a trade or any other factors to make better decisions.

Research Objectives

The objective of performing this research work are:

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  1. To identify the reasons behind making wrong decisions by the managers at the workplaces and their impacts so that such reasons can be analysed and overcome to make correct decisions in trade
  2. To understand the use of ICT or an information technology platform for making correct decisions by the managers so that the better implementation of ICT at the workplace can be done in UK to improve the decision-making capability of the managers and then improve the trade in international market
  • To identify the different applications and platform available in the market using ICT Technology that can be used by the managers in UK trade industry to have better control on the International trade industry by overcoming the generic issues of communication gap to make the correct decision at the right time

Literature Review

In the article, the author(CFMA, 2020) has discussed that the managers can make bad decisions if they are too much dependent on their past experiences and they do not have the clarity about the requirements clearly. The resource mismanagement and the unavailability to foresee the opportunity and the unavailability of trust in the team members can cause bad decisions in trade. In the article, the author(Moore, 2020) has also mentioned that because of the inexperience of the managers in the particular field of work like international trade and due to stress and overwork, and the time pressure from the top management along with the unavailability of clear direction, the miscommunication can happen and so can hamper the decision-making criteria and so can make loss in the trade business. In the article, the author(Llopis, 2013) has supported the view by mentioning that even though the managers are having good experiences in trade, but still they can make wrong decisions if they rely too much on their past experiences and they do not use the current dynamic market conditions internationally and don’t analyse them to understand the factors which can influence and make wrong decisions. In case, the clarification is not present among the team members and there is the improper availability of communication channel, then the chances of making wrong decision increases tremendously. Therefore, the availability of communication channels which is common and transparent to all the team members is necessary in international trade so that managers can communicate in different directions and the factors and their impacts can also be analysed before making the decision quickly so that it can always generate a good result in trade business.

The author(Tarka, 2018) has mentioned that the managers can make wrong decisions if there is difficulty with the processing of the available information either because of multiple flows of information from multiple directions in international market or the lack of analytical thinking capability so that the actual root cause of the problem cannot be analysed and so can make the wrong decisions. The absence of availability of huge memory to recognise the trend of multiple years of a particular problem in the international market that too in different countries can also become a constraint to make the correct decision.In the article, the author(Alejandro & Lily, 2017) has also mentioned that to overcome the challenges for making the correct decisions and to overcome the challenge regarding the availability of huge memory to store all the information about the past experiences in the international market, the Information and Communication Technology tools can be used very effectively. The analysis of the market condition can be performed very effectively by using all such tools so that the strategies can be developed which can increase the performance level of the organisation due to making the correct decisions at the right time. The author(NBHS, 2014) has also mentioned that the ICT tools like spreadsheets can be used very effectively to store and analyse various numeric data, the database management tools like Microsoft Access can be used to search the information from multiple available data from all international countries, the tools like the internet can be used along with the email services to communicate with the team members effectively and make correct decisions. In the article, the author(Aldea, Popescu, Draghici, & Draghici, 2012) has discussed that to develop a team very high performing, the hurdles like developing a collaborative climate, developing the commitment level and trust among the team members, and developing the support system between each other to achieve the goal, ICT can be very well used. By using ICT technology, better collaboration, better knowledge management, better relationship management, better social integration, and so better decision making can be donein the international market for trade business as mentioned by the author(Adamides & Karacapilidis, 2020). By using this tool, better scenario planning can also be performed with collaborative approach for problem-solving and so better transparency can also be maintained to improve the decision-making factors in international trade.

The author(Ujunju, Wanyembi, & Wabwoba, 2012) has mentioned that the capability of processing information about the market and the international trades can be increased by using ICT platforms. The IT system can be used integrated with the decision-making factors and so can help the managers to make effective decisions by understanding the opportunities very early and the threats also proactively in the international countries and trade markets. The use of ICT can help in improving the report writing capability and so can develop better communication and by using ICT they can communicate with an almost real-time basis to take correct decisions quickly and make the international trade successful in UK. The collection of data and its processing to provide decisions is necessary for which ICT can play very vital role in the organisation to make any trade business more effective as discussed by the author(Linton, 2017). The author(Neziraj & Shaqiri, 2018) has discussed that to track any issues or to rank the problems among various other available problems and to collect the facts to predict the future very accurately in multiple countries, the ICT platform can be very effectively used. The decisions can be made very accurately and so better controlling of the execution of organisational activity can be performed by the managers in a positive way. Therefore, ICT has immense importance in the organisation to make correct decisions for the betterment and growth of the particular organisation particularly in the international markets.The author(Wang & Choi, 2019) has also mentioned the same in the article that by the use of ICT it has made better positive results on the exports to the international countries and has also helped in improving the value chain. With fewer efforts, the important exports and the international trade business could be improved and have also helped in increasing the overall volume. The country’s labour intensive and resource-intensive could also be helped to perform the international trade by using ICT technology by improving the efficiencies and so is has improved the international trade industry.To understand the culture and requirements in the international market of different countries, the internet source or the ICT can play a very vital role as mentioned by the author(Miraskari, Asfiji, Siadat, & Mirasgari, 2011) because it can help in bridging the gap and developing better cohesiveness in the trade industry.

Brief Research Methodology

To perform the research work on the topic of identifying that how the better decision can be taken in the international trade industry in the UK by using the ICT platform, the quantitative data and the qualitative data shall be identified. Both the types of data that is quantitative and qualitative shall be identified from the secondary source of data which is already collected and organised in proper manner by the scholar authors in their journal and other peer-reviewed articles. Therefore, the result in this field of using the ICT platform in the international trade industry in the UK shall be identified from all such authentic articles and the quantitative and qualitative data shall be obtained from all the articles to find the response to the above-discussed research questions or the research problems. The primary data shall not be collected by any means of survey or questionnaires discussion or by discussing it with the employees of different organisations involved in the international trade industry so that the past work performed by various subject experts can be obtained to draw the final conclusion and the very high standard of quality could be maintained in the research work. All the quantitative data can be obtained from the past experiments performed by various authors and based on the information published in the journal articles so that the result of such experiments can be directly included in the research paper to meet the very high standard of quality of the research result. Moreover, the qualitative information with respect to various contextual factors of different countries and the pattern of international trade and the usefulness of ICT platforms in such a situation shall also be identified during this research work by referring to various very high standard articles available online and in the university portal. All such information from different articles shall be identified and shortlisted and then discussed in the research paper properly so that accordingly various findings can be obtained and discussed in the paper to draw the final conclusion for the research problems.

To collect all the data for the research problem and develop the final conclusion, the qualitative method shall be used so that the in-depth analysis of the articles can be conducted regarding international trade and its impact in the UK along with the impact of ICT platform on the international trade industry in other international countries shall be performed. The close examination of all the data published by different subject experts in the field of international trade industry in the UK shall also be identified and then short-listed for comparing similar international trade industry and its impact of ICT platform in other countries also so that the comparison between the outcome variables can be done to finalize the final conclusion. The solution for all the three research problems shall be identified by using this qualitative method itself so that all the information from the journal articles can be obtained and referred to in the research paper to finalize the solution for the research problems. To obtain all the discussed information and data and its collection, the internet source and the data present in the university library portal shall be used so that different information can be collected for the research work. Because ultimately it will help to maintain the very high standard of quality of the information obtained during the research work. And for this purpose, only the journal articles and the peer-reviewed journal information shall be used to develop the research report for keeping all the information very much authentic and to the point of the research questions.

To analyse the data obtained by using the above methodology, the standard approach shall be obtained by developing the highlights of each article separately and defining the findings and conclusion separately before starting the actual writing portion of the research report. To develop the research report, all the variables and their conclusion in the international trade industry in the UK shall be identified and then the usefulness of using ICT platform in all such variables shall be checked by referring to various information obtained by using the above methodology so that the effectiveness of using ICT platform can be understood. To understand that whether ICT platform can help in making better decisions in the international trade industry in the UK or not, the above methodology shall be used and the data and experiments performed by other subject experts can be considered as the base so that from the information and by using the qualitative analysis all the quantitative and qualitative data shall be included in the research report to finalize the conclusion and recommendations for the international trade industry growing in the UK. Therefore, first of all, the research questions shall be identified for their solution and their all the different articles having good quality and which are peer-reviewed shall be shortlisted including the quality of the content. After this, once the shortlisting is completed, the review of all the articles shall be performed so that from the articles the data can be extracted and analysed to develop the research conclusion. All the referred articles shall be provided in-text references along with the list of all the references and bibliography at the end so that the information presented in the research report can be further reused by other interested academic writers in the future and all the references can be referred back. The exploratory research work shall be performed by exploring the data and the usefulness of ICT platforms in the international trade industry in the UK so that the results can help the trade industry in the UK to get improved by making better decisions quickly and the help the managers of the trade industry to make the industry to grow further.

Research Ethics

As discussed in the methodology section that in this research work the qualitative analysis approach will be used by referring to the secondary data of information available online and at the university portal. So, no direct people shall be involved in the process of research work. Only for reference purposes, the professor and lecturer shall be referred for review and recommendation at various stages so that the research work can be aligned as per the academic requirement. Therefore, to perform this research work, only the secondary data shall be analysed and all the reported data shall be provided with the in-text references and the detailed list of references of all the information and the article referred to. Therefore, the ethical issue of not providing recognition to the original author will not be present in this research work which can fulfil all the ethical factors requirements of the research work.

Conclusions

This is to conclude that the research work on the topic of identifying that how better decisions can be taken by the managers in the international trade industry in the UK by using the ICT platform, and from the literature review it is found that ICT can become a problem solver for all the research questions. Therefore, this topic is having good value for the research so that in future in the international trade industry in the UK, ICT can be used or its use can be maximized so that better decisions can be taken very quickly to have the betterment of the trade industry in the UK. The right decision and a quick decision are required to be taken by the managers so that the better evaluation of opportunities and risk in the dynamic international market can be performed and the difference between the culture of different countries can also be overcome by using the ICT platform. The virtual team members can be contacted very easily so that a proper communication channel can be established to finalize the decisions quickly. Therefore, this research topic is selected for research work. To perform this research work, the qualitative approach shall be used by obtaining the secondary data from the journal and peer-reviewed articles which are available online and in the portal of the university so that the authentic information can be obtained for the research work to maintain the highest standard of quality. The exploratory type of research work can be performed by referring to all the secondary data, and for this purpose, the quantitative and qualitative data from the secondary sources shall be obtained to finalise the research work and find the solution to the research problems.

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