Cosimo Di Medici
When Cosimo di Medici took over the Medici Bank in 1434, the bank became world’s largest single business and the unofficial head of state of the Florentine republic. It had operations across Western Europe, the Middle East, and several agency relationships across Asia and Europe. Its diversified operations included financial services, whole sale distribution and manufacturing. Cosimo di Medici was a successful global manager through his ability to coordinate activities over long distances and national boundaries. He had the ability to identify and promote strong leaders which allowed him to decentralize the operations of the organization. Cosimo was also very successful at managing the relationships with political authorities in his home country. Much of Cosimo’s success as a global manager in the 15th century can be applied to global organizations in the 21st century.
Under Cosimo's management, …show more content…
Cosimo’s demonstrated ability to function within this capacity further illustrated his skills as a global manager. Medici had nine branches outside Florence and several correspondent banks. The Medici bank used its strong network and far reaching operations to collect taxes for Rome and the Vatican. This relationship gave the bank an extremely high status and strong reputation within the church and its customers. Based on the close relationship shared by the Medici family and the pope, the organization was granted access into other countries and cities as a trusted financial institution providing services to royalty and the wealthy. The ability to understand local cultures and establish government and business relationships is still an extremely important skill for global managers today. Organizations must have the ability to grow their corporate network and reputation if they wish to expand and succeed in a global
Under Cosimo's management, …show more content…
Cosimo’s demonstrated ability to function within this capacity further illustrated his skills as a global manager. Medici had nine branches outside Florence and several correspondent banks. The Medici bank used its strong network and far reaching operations to collect taxes for Rome and the Vatican. This relationship gave the bank an extremely high status and strong reputation within the church and its customers. Based on the close relationship shared by the Medici family and the pope, the organization was granted access into other countries and cities as a trusted financial institution providing services to royalty and the wealthy. The ability to understand local cultures and establish government and business relationships is still an extremely important skill for global managers today. Organizations must have the ability to grow their corporate network and reputation if they wish to expand and succeed in a global