How Finance is Bringing Management Innovation from Reverse
What do we mean by management innovation?
A management innovation is a marked departure from traditional management principles, processes and practices or a departure from customary organisational forms that significantly alters the way the work of management is performed.
In the 1920s, for example, General Motors’ invention of the divisionalised organisation helped it overtake Ford to become the world’s leading automotive company. In the 1930s, Procter & Gamble’s development of brand management made it the dominant force in consumer goods markets. Toyota’s work on employee-based problem solving in the 1970s helped revolutionise manufacturing.
Successful management innovations like these change the way the world’s organisations are managed.