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Saturday, February 17, 2007

Management Tools and Management Lists

Bain and HBR present such a mixture of tools, methods, principles, concepts and paradigms - of management tools and management lists. No doubt, this is absorbing reading. I particularly liked the fact that we are seeing an increasing recognition of the fact that really emerging concepts like social software, collaborative and open innovation , knowledge management , business model innovations all take a significant role to play. I notice that technology shall play a significant role in every one of the toll/body of knowledge identified in both the lists.
Bain’s research highlights that with operations spanning the globe, companies have become more complex, adding to the challenging decisions corporate leaders face. Fortunately,they now have an expanded toolset at their fingertips, thanks to the emergence of faster, less expensive information delivery systems. The key management tools used in business includes new tools this year (Consumer Ethnography, Corporate Blogs, Lean Operations, Mergers and Acquisitions and Shared Service Centers),along with a set of tools that made to this list in the past. The List:
1. Balanced Scorecard
2. Benchmarking
3. Business Process Reengineering
4. Collaborative Innovation
5. Consumer Ethnography
6. Core Competencies
7. Corporate Blogs
8. Customer Relationship Management
9. Customer Segmentation
10. Growth Strategy Tools
11. Knowledge Management
12. Lean Operations
13. Loyalty Management Tools
14. Mergers and Acquisitions
15. Mission and Vision Statements
16. Offshoring
17. Outsourcing
18. RFID
19. Scenario and Contingency Planning
20. Shared Service Centers
21. Six Sigma
22. Strategic Alliances
23. Strategic Planning
24. Supply Chain Management
25. Total Quality Management
HBR’s Feb 2007 issue has a number of articles on breakthrough ideas for 2007. I particularly enjoyed reading Eric von Hippel’s,“ An Emerging Hotbed of User-Centered Innovation” by Eric von Hippel, The Best Networks Are Really Worknets by Christopher Meyer and “Innovation & Growth – Size Matters” by Geoffrey West:
In an array of industries, producer-centered innovation is being eclipsed by user-centered innovation—the dreaming up, development, prototyping, and even production of new products by consumers. These users aren’t just voicing their needs to companies that are willing to listen; they’re inventing and often building what they want. (Von Hippel)

The assumption is that if you build a network platform, people will come. If you expect to get real value from your initiative, though, you must think hard and in advance about exactly what function you want the network to perform. That will help you choose the participants, the nature of their experiences, and the technology. In other words, put the work in “network” first. (Meyer)

By almost any measure, the larger a city’s measure, the larger a city’s population, the greater the innovation and wealth creation per person. (Geoffrey B.West)

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