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Bain & Company Assess The Use Of Management Tools 

Bain & Company is one of the world's leading global business consulting firms, serving clients across six continents on issues of strategy, operations, technology, organization and mergers and acquisitions.

In 1993, Bain & Company launched a multiyear research project to gather facts about the use and performance of management tools. The objectives included providing managers with an indication of how they compared with others in the use of these tools, and some basic information they need to identify, select, implement and integrate the right tools to improve their own company's performance.

Bain's 2015 Management Tools survey offers a window into what companies around the globe believe is important right now. They looked at how important the following tools were to companies, and how satisfied they were with them.

In past reports, they have also provided the following great recommendations:

1. Get the facts. Every tool has its own strengths and weaknesses. To succeed, you must understand the effects (and side effects) of each tool, then combine the right tools in the right ways at the right times. Use the research. Talk to other tool users. Don’t naively accept hyperbole and simplistic solutions.

2. Champion enduring strategies, not fleeting fads. Managers who promote fads undermine employees’ confidence that they can create the change that is needed. Executives are better served by championing realistic strategic directions—and viewing the specific tools they use to get there as subordinate to the strategy.

3. Choose the best tools for the job Managers need a rational system for selecting, implementing and integrating the tools that are appropriate for their companies. A tool will improve results only to the extent that it helps discover unmet customer needs, helps build distinctive capabilities and helps exploit the vulnerabilities of competitors— or a combination of all three.

4. Adapt tools to your business system (not vice versa) No tool comes with prepackaged instructions and a guarantee. All must be adapted to a company’s particular circumstance.

For more information, follow this link to more information about the survey and the tools described Bain's Top 25 Management Tools


© 2015 John B Voorpostel
CPA, CA, CMB
iaccountant.ca


 
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