Abstract Essay Example | Topics and Well Written Essays - 250 words - 5

Abstract - Essay Example Modern management will have to adapt to the challenges of the present as well as the future, according to change brought in by rapidly evolving technologies such as the internet. The conventions and rules created by theorists back in the 20th century, although redundant and inefficient, still continue to drive the management strategies of almost all business organizations. Hamel asserts that management is now out of date because there have been no great breakthroughs in management practices that have revolutionary impact on business. It is not the operating or the business model but its management model that limits the performance of a business. Innovation in management practices has the potential of generating long-term advantages for a business. Thus, it is concluded that business organizations have to rework their management practices in line with the changing demands of the 21st century and with the current technological and economic