MGT 197

State-of-the-art Management

Lynnie Faith Aquino Arlene Faye Beltran Jericha Chrzl Cantiller Kyra Ann Dianon Esther de Leon Caryn Joy Muega Bianca Nardo Suzanne Seeris

June 25, 2013

Management of Change
State-of-the-art management

Customercentered

E-based Operations

State-of-the-art management is the level of management wherein it has reached its highest development and optimum level of management innovation and implementation of management practice, process, structure and technique. It is the total scientific and technical knowledge currently available and is applied to a design or product. Being a product of careful studies and researches related to the discipline of management, it is safe to say that state-of-the art-management involves a lot of techniques, concept, and frameworks which are already used universally. Before reaching this so called state-of-the-art management, different schools of thought were first taken into consideration. In short, state-of-the-art management is management at its best or top quality.

This is characterized by the following: Management of change This involves coping with the changes in technological, legal and organizational aspects. Also, state-of-the-art management embraces globalization a

comprehensive term for the emergence of a global society in which economic, political, environmental, and cultural events in one part of the world quickly come to have significance for people in other parts of the world. It describes the growing economic, political, technological, and cultural linkages that connect individuals, communities, businesses, and governments around the world. More companies becoming e-based Globalization is the result of advances in communication, transportation, and information technologies. With this, more companies are becoming electronic based resulting to the growth of multinational corporations (businesses that have operations or investments in many countries) and transnational corporations (businesses that see themselves functioning in a global marketplace). The international institutions that oversee world trade and finance play an increasingly important role in this era of globalization.

Emphasis/caters more on customer service Like customer-relationship management, state-of-the-art management focuses on

satisfying the customers and fulfilling their needs and wants. The customer should always be the center of all transactions. One of the most important things to consider is to understand how they behave. Through this, it would be easier to determine what products or services to offer to them. Consequently, it will foster long term loyalty and in turn will most likely lead to very high return.

Higher business ethics (considered necessary for the collective interests of employees, shareholders, etc.) This refers to the taking of full responsibility of the management to meet the demands

and benefits that are necessary for the employees in terms of salary and compensation, workplace environment, as well as to maximize the value of the stockholders/shareholders investment.

Team-based (interacts with everyone to get the job done) In order to achieve the state of the art management, synergy and cohesiveness

amongst the members are needed. When given a task, unity among the members will accomplish the work in a shorter span of time. If theres unity, every member will be given a chance to share or impart their knowledge and ideas, making the team healthy for an individual.

Knowledge-based Businesses today are more inclined in hiring educated professionals to share their

knowledge with the company. Managers must be able to help their employees to be more efficient and effective in getting their job done. This can be done through trainings and coaching of managers. Before managers makes the decision, now decision making is the sharing of information between manager and subordinates.

Emphasis on vision and values Vision and values are one of the important implications of a successful business.

Formulating a clear vision and values to which employees can commit themselves is very necessary. Vision refers to the outlook or the objectives of the management to their company in the future; the dreams and aspirations of the business in a long term process. Values are the habits and expectations of the people in the organization and it should be positive enough to achieve success.

This concept of state-of-the-art management implies that managers should be the following: Flexible, willing to adapt to change Given that state-of-the-art management aims to offer the best or the highest quality, managers must able to rapidly change their techniques and approaches in line with the corresponding changes in the business world. Most of the time, the managers are tasked to think of how they can cope with the change in a firm. As a result, this will have a positive effect to the company because flexibility entails a more sustainable business in the future.

Innovative Together with being flexible, managers should also be more innovative and should be the ones initiating change within the enterprise. Moreover, most of the successful companies in the world are the most innovative. In other words, managers should bring about change and innovation to achieve their goals.

Open-minded Since managers deal with people, it is important that they are adept in listening and understanding the varying ideas and opinions of their subordinates. In addition, managers should be willing to accept mistakes and criticisms from others. Accordingly, they should also know how to give constructive criticisms to their subordinates to improve performance and minimize conflict.