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  • Management in the 21st-Century World: How Has the Domain Evolved?

    In the earlier half of the last century, management science came into existence. A top-down approach was incorporated where optimum efficiency and productivity were prioritized. It was carried out by the centralization and hierarchy of power. In the latter half of the 20th century, organizations started becoming more complicated. It saw the upbringing of the movement involving Human Resources, which took note of the quality and quantity ofthe hired workforce. Slowly, managers started realizing the concepts of productivity and efficiency.

    You might remember that the following decade saw the market ergonomics shifting to resource tools from measuring functions.The following two decades saw an increase in competition in different industries. Business process reengineering and benchmarking started gaining popularity by the end of the 1990s. The start of the 2000s saw the rise in Big Data in organizations. Proper management of resources started to become necessary. This is the time when companies began to focus more on innovation.

    So, how has the domain of management and delegation of power evolved in the 21st century? Let’s find out.

    Increase in Communication within the Organization

    There were times when minimum interaction and a considerable communication-gap between the Board of Department and the employees often used to lead to huge losses for the businesses. The lack of or even absence of communication had even increased the number of unethical practices, which was not only harming the corporate houses but also the entire economy of a nation. With minimum communication, executives and managers were unable to provide any leadership. It resulted in minimum productivity and maximum cost incurrence. But the 21st-century gifted the professional world with many tools and techniques to improve communication between departments and staff. The 21st-century organisations have better tools in place to improve the conversation, which shows up in the overall working efficiency.

    Decentralization of Power in the 21st century

    In the 18th and 19th century, management generally comprised of taking business decisions that were made at the very top of a company. With time, the volume of resources increased. It resulted in slow-moving and quite complicated environments in industries. As a result, any decision-making process in these companies took a significant chunk of time.

    In the 21st century volatile world, ambiguous and uncertain situations have resulted in the decentralization of leadership and controls. In layman’s terms, one person or a small group of people is unable to handle and supervise such a significant amount of data. So, to make sure that the process of information flow and efficiency don’t come to a standstill, management is now taking place at every level. Particularly in markets that witness cut-throat competition, this type of decision making and delegation are incorporated. Not only successful organizations, but start-up organizations are implementing this approach as well. The responsibility now is not only centralized in the upper management but is divided equally amongst junior-managers also.

    How Technological Revolution Triggered Management Evolution in Companies?

    Managers in companies started to understand modern problems. They began to comprehend that technology is now able to connect employees thousands of miles away. And also, with this, they can connect others via space, time, and emotion. Revolution in technology has transformed a strong understanding and learning to successful accessibility of resources. The evolution of management in this century has also resulted in quick learning rather than subjective learning. It has been made possible by the efficiency of information penetration from a massive amount of data. 

    If you want to make your mark in the management colleges in mp realm and wish to emerge as a successful management professional, it is necessary that you delve into the nitty-gritty of 21st-century management practices and trends. This is the reason why we, at the Indore Institute of Management & Research (IIMR), one among the mba clg in Indore, have always ensured that the curriculum of our management program remains updated and in line with the latest industry practices. Management education at the Indore Institute has been designed to provide the aspirants with the most practical and industry-relevant concepts. Students are not only taught the concepts in theory but are also made to attain hands-on experience through working on live projects. Our aim at IIMR is to expose the ambitious students to the 21st-century global economic practices, and we are indeed proud of the fact that we have been able to do that successfully.

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