Management and knowledge
Management is a vital process to determining the successful of any business. Management entails gathering all available resources to enhance productivity. Resources involved in different managerial units include the firm’s assets, all inputs and other third parties employed. A part from the breaking down of units to facilitate functionality, planning is crucial. More so, necessary knowledge and skills to internalize all processes constitute to the big share of the firm’s management. This reflection paper discusses how to maximize outputs out of available assets and resources through effective managements. I will the ideas in accordance to Davenport’s book and article entitled “extracting value from intellectual assets”.
Firms rely on assets as the primary resources to determine their worth and significance to their business environment. As a basic resource, a firm’s market threshold may be valued. However, assets alone cannot guarantee success. There are many other factors to consider. These include labor, the inputs or raw materials and the eligibility of the products to the targeted market. Ultimately, all these mean nothing when the firm lacks a good management. Yes, management. In this view, the other aspects, though vital, become secondary. This is because running a firm entails much to do with proper coordination, planning and supervision. This requires the appropriate knowledge and skill. Many companies have gone from maximum heights to ashes simply because of bad management. Therefore, I can say that it does not matter whether resources are adequate, strong asset base, revenues or even the company’s financial position; one is doomed to fail without the proper management.
In supporting this idea, I can draw a clear picture from the article that knowledge and a perfect business environment is what counts most. Nothing else comes before knowledge. I see it from this perspective. For instance, a firm, name it X, has been enjoying monopoly for some time and builds a very strong asset base. Firm X’s fortune entirely relies on the current management. The past has a minimal impact on the future endeavors of the firm. When the management takes on a different direction, the effects will be felt within the ranks of the firm’s business environment. Here, let us say that firm X has long term assets that include adequate machinery, buildings, office space and so forth. Machinery is useless without the knowledge to run them. The same applies to all other assets.
Management mechanisms
Installing the right management mechanism is the ultimate solution for the stability of a firm. A good mechanism entails utilizing every resource effectively to realize the management’s core objectives and goals. Successful firms always put their efforts towards excellence. The leadership of such organizations is committed to delivering. This has to do with getting the best out of what is possible and available to them. There is the need of allowing different managerial units function independently and towards the organizational goals. I can take the examples of the managerial units such as the human resource among others is given the freedom described under the organizations core values. All functions at every unit are geared to generating revenues and substantial financial returns. The coordination co-operation between managerial units is of equal importance. This means that cooperation is relevant to champion for the good future of any organization. The human resource should work hand in hand with strategic plan unit. This applies to the other units. More so, dedication, hard work and sound decision making is important.
Apart from the aspect of working collectively for a common goal between the sub-units of an organization, the question of the required skill arises. Knowledge and skill does not count only at the lower ranks of the management system but also to the top management. This is critical to the well-being and efficiency of operations. At the top management, directors should be professional persons of high integrity. These people should be guided by the general welfare and interest of the organization. They should never, at any point, take a personal interest at stake in their managerial positions. According to the article, I can say that it is absolutely clear that the failure to go by the defined norms and ethics an organization is an abuse of the office. It is unprofessional and shows a lack of accountability and dedication. At the middle and lower management, defined structures should be in place to avoid any stance of confusion. This bureaucracy is essential to providing a proper chain of command and authority. This enhances effective communication and delegation of duties from the top to the lower management.
It is the responsibility of the management to make sure that a firm meets its goals. This means putting efforts together to realizing high yields. The technique required here may be an exceptional one. Performance is directly related to motivation. Motivation carries about ninety percent of the determination of success. The management functions are entitled to put adequate motivation structures, possibly, at every level and functional unit. I can suggest that all employees should be given freedom regardless of their ideological undertakings. The logistic structure should be comprehended to meet the expectations of all employees. It should not favor some of them and oppress others. An organization has to maintain its obligation to safeguard the rights of employees and other stakeholders. Fairness and equity is a philosophy that generates a work efficient workforce to any organization. Openness and equal opportunities to all stakeholders motivates them to work responsibly with minimum supervision. From the article, the above measures are critical and essential to the development of a successful organization.
Communication also greatly matters in determining the performance. A good and effective communication creates room for employees to understand themselves in a better way. It enables them install some high levels of respect among them. A good communication structure is well defined and set from the top management coming down to the lower level. Categorically, I suggest that effective communication is the perfect environment to learning new things. For the use of new technology, people, or rather, employees have to be updated. From the article, the author describes the need take the advantage of technology in management. However, this is only possible through adequate and effective communication. Employees will be more willing to utilize all available resources when they are at a free will. My example is that a message from upper management is effectively received enacted upon when the communication structure is effective enough. In a situation where poor communication is practiced by management units, realizing the set goals will be almost impossible. Many firms have failed and even close their business due to the lack of effective communication structure.
Challenges
Managements usually face rough times in addressing challenges. The crucial part is the time to identify and categorize a situation as a challenge. Then putting up a mechanism to address such challenges follows. From my experience, challenges arise hugely due to inappropriate planning. Poor decision making at earlier stages of management also results to adverse challenges in the future. Decision making is not a day’s or person’s responsibility. It requires the intervention of all the organizations stakeholders. This is geared towards the general good of all associated stakeholders. From the article, it is evident the managers encounter challenges of legal issues even before an organization grows. Legal issues are vital to define the nature of existence of an organization and its life period. On my opinion, I could initiate appropriate measures to include every member concerned with the progress of an organization. I think that, this may be a good practice to curb matters of illegality. More so, firms could benefit from intervening and involving experts in legal issues.
Firms engage in making decisions guide by individual interests at some point. For instance, the decisions to sale an asset at later stages of an organization’s existence may be guided by poor decision. The article is, however, limited to matters of corruption as a challenge of management. Corruption could be the bias acts on dealing with certain issues or even misappropriation of resources. I can state that ineffective communication is the origin of all sorts of corruption and evil to management. People tend to favor or do things at their favor when the top management of a firm lags behind in initiating its duties effectively. In addressing corruption issues, it becomes the responsibility of the top management of an organization to keep automatic measures that eliminate this menace.
Conclusion
The ideas from Davenport’s article can be relied on to monitor and supervise the progress of any organization. The ideas are of great benefit when put under practice in an appropriate way. However, Davenport fails to discuss the limitations of certain management situations and practices such as corruption legal and communication barriers. Therefore, I could insist that it is important for such barriers to be critically discussed for the well-being of an all-rounded organization.
