Expanding internationally can be just as challenging for multinational corporations as it is for companies venturing overseas for the first time. By sharing best practices, global banks can play a critical role in helping companies overcome the obstacles and increase the likelihood of a successful outcome.
International expansion is not only a challenge for domestic corporations taking their first steps overseas. Companies which have been operating internationally for years, decades or even centuries often find the process of entering new markets just as challenging as for those expanding internationally for the first time.
Are technology platforms compatible? Most companies aim to use technology consistently across their global structures, but local variations can present further challenges. The company’s existing ERP system may need to be modified in order to send payments and accept information reporting files in a particular format if required by the local banking partner.