Competition in globalized markets poses severe challenges for companies. First, to position themselves and stay in the market, companies must offer their products and services at competitive prices while keeping or increasing quality. Differentiation, quality, and demand of their products or services are crucial. Second, these competitive prices imply cost reduction, which, in turn, requires technological investments and innovations that might involve financial capital that is often not available. Third, the operational strategy to stay in the market must meet specific environmental or sustainability standards; otherwise, products and services will no longer be in demand in the global economy.

 

To deal with these challenges, business managers typically rely on rational decision-making. For example, they use business analytics and data science along with Economics and management principles so they can technically visualize the problem to solve and the alternatives to implement. They might be able to picture trends, magnitudes, and causal relations. However, they are unable to realize how these causal relations are possible. Simply put, they might know WHAT is happening but not how it is happening. At RI+DGE Society, we produce relevant knowledge that enables business managers to have a broader and qualitative understanding of organizational change, markets, and the economy.