New Managerial Tools and Technology
Managerial functions include planning, organizing, directing and controlling organizational activities to ensure efficiency in business operations and the eventual high performance of the organization. Managers employ the use of control techniques to measure and monitor performance. The purpose of this paper is to provide an analysis of the current tools and technology managers employ to manage their activities.
Managers create mission and vision statements through identifying values, strategies, and cultures of their organizations, developing support in the entire business, and addressing the firms' commitment to its stakeholders. Mission statements define an organization's activities as well as its objectives and the approaches used to ensure they are fulfilled. Vision statements give a presumption of an organization's future position. The statements are meant to motivate employees, guide them in making decisions, define standards of performance and ethical business practices, and address strategic issues. It also aims at gaining support externally and creating improved relations with suppliers, customers and business partners.
Change Management Programs are employed by managers to support employees achieve their tasks, reflect on areas prone to problems, and develop strategies for the mitigation of risks and monitoring of progress. They provide managers with an opportunity to control the installation of new processes for the benefit of the business. Various managers use the program to initiate new business strategies and assist the business during turnarounds in activities.
Companies need to fully understand the wishes of their customers and respond to them immediately. Managers have derived the use of Customer Relationship Management process. The technology enables companies collect and manages their customers' data thus enabling the development of strategies. It assists companies address problems and issues with regard to its relationship with customers. It also helps companies generate new ideas to meet the needs and demands of customers.
Outsourcing is a common technique used by managers to enable the company concentrate on its main activities. Outsourcing is done to those activities managers consider not to be core. Studies have shown that this may lead to cost reduction and improvement in the performance of the activity.
Strategic Alliances provide for the committing of resources by companies to achieve the objectives. They may be formed by stakeholders and even the Government. It aims at improving the companies' gains in the competitive market, assist in entry into new markets, empower workers with required skills, and share the cost or risk involved in the development of major projects.
Benchmarking is a process involving the comparison of the performance of a company's products with those of its competitors as well as other operations within the company. Its main purpose is to adopt the findings to improve the operations of the organization through innovation.
The managerial tool and technology in use in an organization will determine its success or failure. Hence, it is important for managers to fully understand the technique they wish to implement to facilitate the success of their operations and activities.