Category: Management Doubts

  • What are the Talent management strategies?

    What are the Talent management strategies?

    Talent management strategies refer to the systematic process of attracting, developing, and retaining high-performing employees.

    Talent Management Strategies: A Comprehensive Guide for Business Success

    In today’s rapidly changing business environment, effective talent management is crucial for any organization that wants to stay competitive and achieve long-term success. In this article, we will discuss some of the most effective talent management strategies that can help your organization reach new heights.

    The Importance of Talent Management Strategies

    Before we dive into the specific talent management strategies, let’s first understand why they are essential. Here are some reasons:

    • Attracting Top Talent: Effective talent management strategies can help you attract the best talent in the industry, which can significantly impact your organization’s success.
    • Developing Employees: It enables you to identify your employees’ strengths and weaknesses and provide them with the necessary training and development opportunities.
    • Retaining Top Performers: Losing top-performing employees can be costly for any organization. They can help you retain your best employees by creating a positive work environment and providing them with opportunities for growth and advancement.
    • Improving Performance: They can help you identify areas where your employees need improvement and provide them with the necessary support and resources.
    • Driving Business Growth: Effective talent management can lead to increased productivity, improved employee engagement, and ultimately, better business outcomes.

    Talent Management Strategies to Implement

    Now that we understand the importance of talent management strategies let’s look at some of the most effective ones:

    1. Succession Planning

    Succession planning involves identifying potential leaders within your organization and providing them with the necessary training and development opportunities to prepare them for future leadership roles. This strategy can help you ensure that your organization has a steady supply of qualified leaders who can take on key roles as they become available.

    2. Performance Management

    Performance management involves setting clear expectations for your employees, providing regular feedback, and measuring their progress against predetermined goals. This strategy can help you identify areas where your employees need improvement and provide them with the necessary support and resources to succeed.

    3. Employee Engagement

    Employee engagement involves creating a positive work environment that encourages employees to be more productive, committed, and satisfied with their jobs. This strategy can help you retain your top performers and reduce turnover rates.

    4. Diversity and Inclusion

    Diversity and inclusion involve creating a workplace culture that values and respects individual differences. This strategy can help you attract a more diverse pool of candidates, improve employee morale, and increase innovation and creativity.

    5. Learning and Development

    Learning and development involve providing your employees with the necessary training and development opportunities to enhance their skills and knowledge. This strategy can help you improve employee performance, increase productivity, and promote career growth and advancement.

    6. Compensation and Benefits

    Compensation and benefits involve providing your employees with competitive salaries and benefits packages that are in line with industry standards. This strategy can help you attract and retain top talent, improve employee morale, and increase productivity.

    7. Recruitment and Hiring

    Recruitment and hiring involve identifying the right candidates for the right roles and providing them with a positive candidate experience. This strategy can help you attract top talent, reduce time-to-hire, and improve the quality of your hires.

    Tables

    To help you better understand the talent management strategies discussed in this article, we have created the following tables:

    Talent Management StrategiesBenefits
    Succession PlanningEnsures a steady supply of qualified leaders
    Performance ManagementIdentifies areas for improvement and provides support
    Employee EngagementIncreases productivity, commitment, and satisfaction
    Diversity and InclusionAttracts diverse candidates, improves morale, and increases innovation
    Learning and DevelopmentEnhances skills and knowledge, improves performance, and promotes career growth
    Compensation and BenefitsAttracts and retains top talent, improves morale, and increases productivity
    Recruitment and HiringAttracts top talent, reduces time-to-hire, and improves quality of hires

    Conclusion

    Effective talent management is essential for any organization that wants to stay competitive and achieve long-term success. They discussed in this article can help you attract, develop, and retain top talent, improve employee performance, and drive business growth. By implementing these strategies, you can create a positive work environment that values and respects individual differences, encourages employee engagement, and provides opportunities for growth and advancement.

    FAQs

    1. What are talent management strategies? Talent management strategies are a systematic process of attracting, developing, and retaining high-performing employees.
    2. Why are talent management strategies essential? Effective talent management strategies can help you attract the best talent, develop employees, retain top performers, improve performance, and drive business growth.
    3. What is succession planning? Succession planning involves identifying potential leaders within your organization and providing them with the necessary training and development opportunities to prepare them for future leadership roles.
    4. What is performance management? Performance management involves setting clear expectations for your employees, providing regular feedback, and measuring their progress against predetermined goals.
    5. What is employee engagement? Employee engagement involves creating a positive work environment that encourages employees to be more productive, committed, and satisfied with their jobs.
    6. What is diversity and inclusion? Diversity and inclusion involve creating a workplace culture that values and respects individual differences.
    7. What is learning and development? Learning and development involve providing your employees with the necessary training and development opportunities to enhance their skills and knowledge.
    8. What is compensation and benefits? Compensation and benefits involve providing your employees with competitive salaries and benefits packages that are in line with industry standards.
    9. What is recruitment and hiring? Recruitment and hiring involve identifying the right candidates for the right roles and providing them with a positive candidate experience.

    References

    • Society for Human Resource Management (SHRM)
    • Harvard Business Review
    • Forbes
    • Deloitte Insights
    • McKinsey & Company
  • What is an asset management system?

    What is an asset management system?

    An Asset Management System (AMS) is a software solution that enables businesses to manage their assets’ lifecycle, from acquisition to disposal, enhancing their overall performance.

    Understanding the Asset Management System: A Comprehensive Guide

    Introduction: In today’s fast-paced business environment, managing various assets efficiently and effectively is crucial to the success of any organization. This article will explore the concept of an asset management system, its benefits, features, and best practices.

    What is an Asset Management System?

    An Asset Management System, also known as an Enterprise Asset Management (EAM) system, is a software application that helps organizations manage their physical, financial, and IT assets. It provides a centralized platform to track, monitor, and maintain assets, ensuring they are utilized to their full potential, reducing costs, and minimizing risks.

    Key Features of an Asset Management System

    1. Asset Tracking: AMS enables businesses to track their assets’ location, status, and maintenance history, ensuring they are accounted for and utilized effectively.
    2. Maintenance Management: It allows organizations to schedule, track, and manage preventive and corrective maintenance tasks, reducing downtime and increasing asset availability.
    3. Work Order Management: AMS enables businesses to create, assign, and track work orders, ensuring maintenance tasks are completed on time and within budget.
    4. Inventory Management: It helps organizations manage their spare parts and consumables, reducing inventory costs and ensuring maintenance teams have the necessary resources to perform maintenance tasks.
    5. Financial Management: AMS provides a centralized platform to manage asset-related financial transactions, such as procurement, depreciation, and disposal.
    6. Reporting and Analytics: It offers real-time data and insights into asset performance, enabling businesses to make data-driven decisions and optimize their asset management strategies.

    Benefits of an Asset Management System

    1. Improved Asset Utilization: By tracking and monitoring assets’ lifecycle, organizations can ensure they are utilized to their full potential, reducing costs and increasing productivity.
    2. Reduced Maintenance Costs: By scheduling preventive maintenance tasks, organizations can minimize downtime and extend asset life, reducing maintenance costs.
    3. Improved Compliance: AMS enables businesses to maintain accurate records of asset-related transactions, ensuring compliance with regulatory requirements.
    4. Better Decision-Making: Real-time data and insights into asset performance enable businesses to make data-driven decisions and optimize their asset management strategies.
    5. Increased Accountability: By providing a centralized platform to track and monitor assets, organizations can ensure accountability and transparency in asset management.

    Best Practices for Implementing an Asset Management System

    1. Define Your Asset Management Strategy: Before implementing an AMS, businesses should define their asset management strategy, including goals, objectives, and key performance indicators.
    2. Identify Your Assets: Businesses should identify and categorize their assets, including physical, financial, and IT assets, to ensure they are managed effectively.
    3. Choose the Right AMS: Businesses should choose an AMS that aligns with their asset management strategy, budget, and requirements.
    4. Train Your Team: Businesses should provide training to their team members to ensure they understand how to use the AMS effectively.
    5. Monitor and Optimize: Businesses should monitor their AMS’s performance and optimize their asset management strategies based on real-time data and insights.

    Conclusion

    An Asset Management System is a crucial software solution that enables organizations to manage their assets’ lifecycle efficiently and effectively. By providing a centralized platform to track, monitor, and maintain assets, businesses can improve asset utilization, reduce maintenance costs, ensure compliance, and make data-driven decisions. By following the best practices outlined in this article, businesses can ensure a successful AMS implementation and optimize their asset management strategies for long-term success.

    Tables

    Table 1: Comparison of Different Asset Management Systems

    Asset Management SystemFeaturesBenefitsPricing
    Asset PandaAsset tracking, maintenance management, work order management, inventory management, financial management, reporting and analyticsImproved asset utilization, reduced maintenance costs, increased accountability, better decision-makingStarting from $1.35 per asset per month
    SamanageAsset discovery, IT asset management, service desk, inventory management, reporting and analyticsImproved compliance, reduced downtime, increased productivity, better decision-makingStarting from $25 per user per month
    ManagerPlusAsset tracking, maintenance management, work order management, inventory management, reporting and analyticsImproved asset utilization, reduced maintenance costs, increased accountability, better decision-makingStarting from $35 per user per month

    Table 2: Key Performance Indicators for Asset Management

    KPIDescription
    Asset UtilizationThe percentage of time an asset is in use compared to its total availability
    Mean Time Between FailuresThe average time between asset failures or breakdowns
    Mean Time to RepairThe average time it takes to repair a failed or broken asset
    Total Cost of OwnershipThe total cost of acquiring, maintaining, and disposing of an asset
    Return on InvestmentThe financial return on an asset investment, calculated as the net profit divided by the total investment

    Lists

    Ul

    • Physical Assets: Tangible assets, such as machinery, equipment, and vehicles.
    • Financial Assets: Intangible assets, such as stocks, bonds, and cash.
    • IT Assets: Computer hardware, software, and peripherals.
    • Asset Tracking: The process of monitoring and maintaining accurate records of asset location, status, and maintenance history.
    • Preventive Maintenance: Scheduled maintenance tasks designed to prevent asset breakdowns and failures.
    • Corrective Maintenance: Maintenance tasks performed to repair failed or broken assets.
    • Work Order Management: The process of creating, assigning, and tracking maintenance tasks.
    • Inventory Management: The process of managing spare parts and consumables used for maintenance tasks.
    • Financial Transactions: Procurement, depreciation, and disposal of assets.
    • Real-Time Data: Data that is available and updated immediately, providing up-to-date insights into asset performance.

    Ol

    1. Define Your Asset Management Strategy
    2. Identify Your Assets
    3. Choose the Right AMS
    4. Train Your Team
    5. Monitor and Optimize
  • What is wealth management?

    What is wealth management?

    Wealth Management is a comprehensive, client-centered approach to managing and growing an individual’s or family’s financial resources. It integrates financial planning, investment management, tax strategies, estate planning, risk management, and legacy planning to achieve long-term financial goals.

    Unlike basic financial advice, wealth management addresses the complex needs of high-net-worth individuals (HNWIs) or those with multifaceted financial lives. Below is a detailed breakdown:

    Key Components of Wealth Management

    1. Financial Planning
      • Goal setting: Retirement, education funding, philanthropy, or business succession.
      • Cash flow analysis: Budgeting, debt management, and liquidity planning.
    2. Investment Management
      • Portfolio construction: Diversified asset allocation (stocks, bonds, alternatives).
      • Risk assessment: Aligning investments with risk tolerance and time horizon.
      • Performance monitoring: Rebalancing portfolios to stay on track.
    3. Tax Optimization
      • Tax-efficient investing: Using strategies like tax-loss harvesting or Roth conversions.
      • Estate tax mitigation: Trusts, gifting strategies, and charitable giving.
    4. Estate Planning
      • Wills and trusts: Ensuring assets transfer smoothly to heirs or charities.
      • Power of attorney: Designating decision-makers for financial/healthcare matters.
    5. Risk Management
      • Insurance planning: Life, disability, long-term care, and liability coverage.
      • Asset protection: Shielding wealth from lawsuits or market downturns.
    6. Legacy and Philanthropy
      • Family governance: Educating heirs on wealth stewardship.
      • Charitable trusts: Structuring donations for tax efficiency and impact.

    The Wealth Management Process

    1. Discovery and Goal Setting
      • Assess current financial status, values, and aspirations.
    2. Data Collection
      • Analyze income, expenses, assets, liabilities, tax returns, and insurance policies.
    3. Strategy Development
      • Create a customized plan addressing all financial facets.
    4. Implementation
      • Execute strategies (e.g., opening trusts, reallocating investments).
    5. Monitoring and Adjusting
      • Regular reviews to adapt to life changes (marriage, inheritance, market shifts).

    Who Needs Wealth Management?

    Choosing a Wealth Management Firm/Advisor

    1. Credentials: Look for certifications like:
      • CFP® (Certified Financial Planner) for holistic planning.
      • CFA® (Chartered Financial Analyst) for investment expertise.
      • CPA/PFS (Tax and financial planning).
    2. Fiduciary Duty: Ensure they’re legally bound to act in your best interest.
    3. Fee Structure:
      • Assets Under Management (AUM): 0.5%–2% of portfolio value annually.
      • Flat or hourly fees: For project-based planning.
      • Avoid commission-based models (potential conflicts of interest).
    4. Specializations:
      • Cross-border wealth (expatriates, dual citizens).
      • ESG/SRI (ethical investing).
      • Family office services (for ultra-high-net-worth clients).

    Wealth Management vs. Financial Planning

    AspectWealth ManagementFinancial Planning
    ScopeHolistic (investments, tax, estate)Focused on specific goals (e.g., retirement)
    Client BaseHNWIs, complex financesBroad (all income levels)
    CostHigher fees (customized services)Lower fees (standardized plans)

    Challenges in Wealth Management

    • Market Volatility: Balancing growth and capital preservation.
    • Regulatory Complexity: Navigating tax laws and compliance (e.g., FATCA, CRS).
    • Family Dynamics: Managing conflicts over inheritance or business control.
    • Behavioral Biases: Overcoming emotional decisions (e.g., panic selling).

    Emerging Trends

    1. Digital Wealth Management
      • Hybrid models combining robo-advisors (e.g., Betterment, Wealthfront) with human advisors.
    2. Sustainable Investing
      • Integrating ESG (environmental, social, governance) factors into portfolios.
    3. Cryptocurrency and Alternatives
      • Managing exposure to digital assets, private equity, or real estate.
    4. Generational Wealth Transfer
      • Preparing for the “Great Wealth Transfer” ($84T passed to millennials by 2045).

    Top Wealth Management Firms

    FirmFocusKey Strength
    UBSGlobal HNWIsCross-border expertise
    Morgan StanleyComprehensive planningESG and impact investing
    Vanguard Personal Advisor ServicesLow-cost hybrid modelFiduciary, tech-driven
    Northern TrustFamily officesLegacy and philanthropy planning

    Case Study: Managing Sudden Wealth

    A tech entrepreneur sells their startup for $50M. A wealth management team helps them:

    • Diversify investments to reduce reliance on company stock.
    • Set up trusts for children and charitable foundations.
    • Plan tax-efficient exits (e.g., QSBS exemptions).
    • Address lifestyle inflation with a sustainable spending plan.

    Why Wealth Management Matters

    • Preservation: Protect wealth from taxes, inflation, and poor decisions.
    • Growth: Strategically grow assets to meet generational goals.
    • Peace of Mind: Professional oversight frees you to focus on life, not spreadsheets.

    Whether you’re building, preserving, or transferring wealth, effective wealth management ensures your resources align with your values and aspirations. Partnering with the right advisor can transform complexity into clarity, empowering you to leave a lasting legacy.

  • How to value a wealth management firm

    How to value a wealth management firm

    Unlocking how to value a wealth management firm requires a nuanced approach that blends traditional valuation methods with industry-specific metrics. Here’s a structured breakdown:

    Explain; How to Value a wealth management firm

    Key Metrics and Factors

    1. Assets Under Management (AUM):
      • Primary revenue driver, typically 1-2% of AUM as fees.
      • Assess growth trends (organic vs. market-driven) and stability.
    2. Revenue Structure:
      • Recurring revenue (management fees) vs. volatile income (performance fees).
      • Fee rates and their competitiveness.
    3. Client Base:
      • Retention rates and demographics (e.g., high-net-worth vs. mass affluent).
      • Concentration risk (dependence on a few large clients).
    4. Operational Efficiency:
      • EBITDA margins (industry average ~25-35%).
      • Metrics like AUM per advisor and technology scalability.
    5. Regulatory Compliance:
      • Legal history and adaptability to regulatory changes.
    6. Human Capital:
      • Quality of advisors and succession plans to mitigate key-person risk.

    Valuation Approaches

    1. Income Approach (DCF):
      • Project cash flows based on AUM growth, fee rates, and cost structure.
      • Use a discount rate (WACC) reflecting firm-specific risks (e.g., client attrition, market volatility).
    2. Market Approach:
      • Multiples Analysis:
        • EV/Revenue (typical range: 2x–4x).
        • EV/EBITDA (common range: 8x–12x).
        • Price/AUM (0.5%–3%, depending on profitability and growth).
      • Compare with publicly traded peers or recent M&A transactions, adjusting for size and client mix.
    3. Asset-Based Approach:
      • Tangible assets (minimal) + intangible assets (client relationships, brand).
      • Often serves as a floor value.

    Industry-Specific Adjustments

    • AUM-Based Valuation: Apply a percentage (e.g., 2-3%) to AUM, adjusted for profitability and client stickiness.
    • Client Lifetime Value: Factor in retention rates and cross-selling potential.
    • Goodwill: Include intangibles like proprietary technology or strategic partnerships.

    Risks and Considerations

    • Market Risk: AUM sensitivity to market downturns.
    • Regulatory Changes: Impact on operational costs.
    • Competition: Pressure on fee structures and client acquisition costs.

    Steps for Valuation

    1. Analyze Financials: Focus on revenue streams, margins, and expense trends.
    2. Evaluate AUM Dynamics: Growth drivers, fee structure, and client sourcing.
    3. Profile Clients: Retention rates, segmentation, and concentration.
    4. Benchmark Operations: Compare efficiency metrics against peers.
    5. Select Methods: Combine DCF with market multiples for robustness.
    6. Adjust for Risks: Incorporate discounts/premiums for client stability or regulatory hurdles.

    Conclusion

    A comprehensive valuation integrates AUM stability, recurring revenue quality, and operational efficiency. Use DCF for intrinsic value and market multiples for relative benchmarking, while emphasizing client and regulatory risks. This dual approach ensures a balanced perspective, capturing both financial performance and intangible assets unique to wealth management.

  • What are the Benefits of a Debt Management Plan?

    What are the Benefits of a Debt Management Plan?

    Exploring the Benefits of a Debt Management Plan. A DMP is a structured program designed to help individuals manage and repay their unsecured debts, such as credit card debts, medical bills, and personal loans. Also, know about Tax Planning for Real Estate.

    10 Benefits of a Debt Management Plan

    DMPs are typically offered by credit counseling agencies, and they can provide several benefits for individuals struggling with debt:

    What are the Benefits of a Debt Management Plan Image
    Photo from doubt.biz

    Consolidated Payments:

    Under a DMP, you make a single monthly payment to the credit counseling agency, which then distributes the funds to your creditors according to an agreed-upon plan. This simplifies your payment process, as you no longer need to manage multiple payments to different creditors.

    Reduced Interest Rates:

    In many cases, credit counseling agencies negotiate with creditors to lower the interest rates on your debts. This can lead to lower monthly payments and faster debt repayment.

    Debt Repayment Plan:

    A DMP outlines a specific repayment plan, allowing you to see a clear path toward becoming debt-free. This structure helps you stay committed to the repayment process.

    Professional Guidance:

    Credit counseling agencies provide financial education and counseling to help you better understand your financial situation. They can offer personalized advice on budgeting, money management, and strategies for avoiding future debt.

    Creditor Relations:

    Credit counseling agencies often have established relationships with creditors. This can lead to more cooperative negotiations and potential fee waivers or reductions.

    One-On-One Support:

    DMPs often include personalized support from credit counselors who work with you to create a budget, manage your finances, and address any concerns.

    Avoid Collection Calls:

    Once you enroll in a DMP and your creditors agree to its terms, they generally stop calling you for payments. Which can reduce the stress and anxiety associated with collection calls.

    Faster Debt Repayment:

    With lower interest rates and a structured repayment plan. You may be able to pay off your debts more quickly compared to making minimum payments on your own.

    Improved Credit Score:

    While enrolling in a DMP may initially have a minor negative impact on your credit score, consistently making on-time payments and also reducing your debt load can improve your credit score over time.

    Avoid Bankruptcy:

    A DMP can be a viable bankruptcy alternative, allowing you to manage your debts without resorting to the more severe consequences of bankruptcy on your credit and financial stability.

    It’s important to note that while a DMP offers several benefits, it may not be suitable for everyone. What are the Pros and Cons of DMP? Before enrolling in a DMP, consider consulting a financial advisor to assess your specific situation and explore all available options, including potential impacts on your credit and financial well-being.

  • ERP system in Financial Management Essay

    ERP system in Financial Management Essay

    ERP system uses in various industries in China, such as accounting, financial management, and so on. There are some problems in the ERP application at this stage. The application cost is high, the system types are various, the enterprise selection is difficult, and the lack of universality, versatility, and standardization requires high requirements for the development of the enterprise and the quality of the employees. System data entry and update The accuracy rate is difficult to guarantee, and the construction period is long. Effective solutions to these problems are proposed to promote the smooth progress of ERP financial management.

    Here are the articles to answer, the doubts about the ERP system in Financial Management Essay!

    In simple terms, an ERP system integrates all resources within an enterprise and uses computers to replace all manual operation processes, thereby improving processing efficiency and enhancing the overall competitiveness of the enterprise. With the continuous development of computer technology, automatic processing of problems has become more and more popular. To cope with changes in the external environment and keep up with social development trends, more and more enterprises choose to apply ERP systems. The ERP system makes enterprise data electronic, information automation, and data sharing, but there are also a series of problems such as financial information leakage, management mode adjustment, low staff quality, and capital outflow.

    The application status of ERP systems in financial management

    In the process of enterprise development, logical and clear financial management is very important, and the automated ERP financial management module plays an important role in the entire system. There are interfaces between the financial module and other modules, and the whole is highly integrated, which can realize the integration of financial products and logistics. At the same time, the information data generated in the process of procurement, production, and sales can be automatically included in the financial module, and further general ledger and accounting statements can be generated.

    In this process, most of the operations are done automatically by the computer. The application of the ERP system in financial management can integrate all resources of the enterprise, allocate resources reasonably and adjust the work of various departments, basically realizing the dynamic, timely, and integrated data, electronic data input and storage, and authority of operation management responsibilities. , risk management systematization, and other functions. Everything has two sides. While the ERP financial system brings convenience to enterprises, there are also some problems, which affect the function of the ERP financial system.

    Problems exist in the application of ERP in financial management

    The enterprise management mode does not conform to the ERP management mode

    Applying ERP is not a simple process of purchasing information tools, but an important decision to re-change the business process of an enterprise. To implement ERP, we must experience great changes in the business model of the enterprise and the working habits of employees. ERP is a management model related to all parties involved. The application of the ERP system requires companies to sort out business processes in advance, then simplify and reorganize, and finally realize automated operations.

    The ERP construction cycle is long and the implementation cost is high

    The implementation and application of an ERP system is a rather long process. It usually takes 3 to 5 years from the installation of the software to the formal operation, but experts believe that 18 months is the best. This is because equipment and software systems are replaced very quickly, and the depreciation rate of the system is also very fast. Delays will lead to serious asset losses and reduce benefits. Some ERP systems cannot complete the instructions issued by customers in time in the application, thus increasing the workload and causing the operation management of individual enterprises to fall into a chaotic state.

    There are many types of ERP systems, and it is difficult for enterprises to select models

    At present, various software companies are continuously established. Although the ERP system modules are roughly the same, the project details are quite different, resulting in no unified standard for the entire ERP system. A large number of enterprises have failed in the selection stage before implementing ERP because they do not realize that the ERP system serves the development strategy and goals of the enterprise.

    The low professional quality of employees is not conducive to the application of ERP

    The computer operation ability of employees is also an important link to test whether the ERP system can be successfully implemented. The implementation and operation and maintenance of the ERP system require the promotion of compound talents with certain computer knowledge, familiarity with the ERP system, and enterprise management. Also, you may like Effect of Corporate Accounting on Internal Control.

    ERP system application lacks flexibility

    With the change in the external environment, the organization and management of the enterprise will also change. Companies need to adjust organizational processes and resource strategies promptly. This requires that the application process of the ERP system can be flexibly modified. You may like to know, What is Gynecomastia Surgery and Treatment?

    Lack of anti-corruption technology in the process of high-tech implementation

    Many enterprises have failed to implement ERP systems due to the influence of corruption. Some people take advantage of the pursuit of new technologies by enterprises and entrepreneurs and the urgent need to enhance the competitiveness of enterprises, to promote immature systems or systems that have failed many times to enterprises. This unhealthy atmosphere has resulted in a large loss of enterprise funds and the failure of ERP system applications.

    ERP system has hidden dangers to information security

    As information technology continues to mature, more and more information is stored in the form of electronic files. With the advancement of data Electronization and data sharing, the problem of information leakage has become more and more prominent. If a series of confidential documents such as the performance, assets, and liabilities of the enterprise applying the ERP system is mastered by competitors, it will increase the competitive pressure.

    Lack of research on risk aversion in the implementation of ERP systems

    Many people only know the advanced management concepts embodied in the ERP system, but do not understand the huge risks in the implementation of ERP. Due to the lack of awareness of ERP, many entrepreneurs invest blindly, which is an important reason for the high failure rate of ERP applications. In Western Europe, most small and medium-sized enterprises will carry out risk measurement and risk analysis according to the BS7799 standard when applying ERP, and formulate strategic warning lines and warning points to avoid implementation risks, which play an important role in avoiding ERP risks to a certain extent. effect.

    Solutions to the problem

    Improve the implementation basis of the ERP system

    When building an ERP system, an enterprise needs to have a reasonable management model and at the same time provide effective data support for the establishment of the system.

    Strengthen the integration of ERP systems with other information systems

    The ERP system has achieved the unification of logistics and capital chains. If you want to include more comprehensive business information, it will lead to too large data in the ERP system and greatly increase the cost. Combining other information systems in the ERP system-based framework can reduce the difficulty of system maintenance and upgrades.

    Strengthen the understanding of the ERP system

    Guide employees to understand and learn the ERP system, and let them realize that the ERP system is not only a financial management tool but also represents an advanced management concept. Enterprise managers need to formulate overall strategic goals and development directions. When an enterprise chooses the type of ERP system, it needs to analyze the characteristics of the product and the needs of the enterprise itself, to choose the ERP system suitable for the operation of the enterprise.

    Improve the quality of corporate financial personnel

    The computer technicians responsible for operating the ERP system need to master a certain knowledge of financial management, and the financial department needs to timely feedback on the relevant information and management requirements of financial management to the operation and maintenance department of the ERP system. The staff of the financial management department needs to learn certain computer knowledge, communicate with the operators of the ERP system in time, improve the implementation efficiency of the ERP system and play its role in enterprise management.

    Suppliers and enterprises work together to create a dynamic system

    Suppliers need to create a personalized system suitable for the enterprise according to the enterprise process. It is necessary not only to understand the outstanding sections and functions of the enterprise but also to confirm the enterprise process. After a detailed and comprehensive understanding of the management and production process of the enterprise, a dynamic system is created. Only by giving full play to the advantages of the universality and pertinence of the ERP system, can the ERP system be used better.

    Enterprises should screen out powerful suppliers that can promote their development, and have a full understanding of suppliers’ reputation, system quality, and later operation, maintenance, and upgrades. It is also necessary to understand the outstanding sections, powerful functions, follow-up operation and maintenance, and expansion capabilities of the supplier’s system. Do a good job in the overall planning, determine the future development direction of the company, and select a supplier that is not only suitable for the present but also conducive to future development.

    Implement an integrated and transparent fully automatic management system

    Enhancing the intelligence and automation of the enterprise ERP system can realize the comprehensive and intelligent operation of the company’s financial management, to achieve the purpose of preventing corruption and creating a more complete system integration. The key function of system integration is to share data.

    When the integration is established, it is necessary to focus on monitoring enterprise data to prevent information disorder or backward updating, so that the company can allocate procurement and sales more efficiently. Enterprises should fully consider the influence of suppliers and customers, implement “transparent” management, put an end to “rebates”, and win the trust of the public with a good image.

    Improve the accuracy of the information and ensure information security

    The ERP system needs to provide the input data to multiple organizational departments for use, and the use of an integrated data system can reduce the number of information input. To ensure the authenticity and reliability of the financial data of the enterprise, it is necessary to increase the internal communication of the enterprise, pay attention to the real-time status of the information at any time, and achieve the purpose of eliminating errors.

    When suppliers build systems for enterprises, they should pay more attention to the rigor and relevance of logic between functions and modules, to reduce the possibility of system loopholes and make “hackers” no chance. Enterprises should improve the security awareness of relevant personnel, strengthen information security system management, and establish a sound information security management mechanism.

    Conduct a careful feasibility study

    To avoid risks, companies should conduct a comprehensive risk assessment before deciding to implement ERP. In the early stage of the ERP project, a feasibility analysis should be carried out, and a warning line to avoid risks, defensive measures before the occurrence of risks, and efficient first aid measures after the occurrence of risks should be formulated, to effectively avoid risks.

    ERP system in Financial Management Essay Image
    ERP system in Financial Management Essay; Photo by ThisisEngineering RAEng on Unsplash.
  • 5 Improve Administrative Efficiency in Public Management

    5 Improve Administrative Efficiency in Public Management

    Improve Administrative Efficiency in Public Management; In the work of public management, to further improve the efficiency of administrative management and safeguard the legitimate interests of the public, it is necessary to solve the problems existing in administrative management, take effective measures to change the status quo of administrative management, and build a perfect management system. This paper first briefly expounds on the necessity of implementing administrative management in public management, then analyzes the factors that affect the efficiency of public administration, and specifically discusses the ways to improve the efficiency of administrative management.

    Here are the articles to answer, the doubts about What are the Measures to 5 Improve Administrative Efficiency in Public Management?

    State administrative agencies must effectively manage social and public affairs in strict accordance with the requirements of relevant laws and regulations, which is called public administration. Due to the complex division of labor in society, to promote the normal functioning of society, it is necessary to implement effective public administration services. As the population of major cities in my country continues to rise, the management concepts in some areas are relatively backward, which often leads to difficulties in improving the Administrative Efficiency in Public Management.

    It is necessary to carefully analyze the reasons that affect the Administrative Efficiency in Public Management, and then formulate effective improvement measures, introduce advanced technical means and management concepts, and increase supervision, to change the status quo, clarify the focus of work, provide better services for the public, and reasonably maintain the public. 25 best Case Studies for MBA management students.

    I. The necessity of implementing administrative management in public management

    my country’s administrative management agencies will use multiple resources and invest a lot of human, material, and financial resources to carry out effective administrative management. To improve management effectiveness, obtain good social benefits, and safeguard public interests, it is necessary to take effective means to improve the Administrative Efficiency in Public Management. Here are the Top 20 Definitions of Management.

    The improvement of administrative management efficiency is related to the responsibilities and scope of work of each department. It is necessary to incorporate administrative management into the public management system, and actively carry out reform and innovation. To further play the role of public management, it is necessary to improve the Administrative Efficiency in Public Management and integrate relevant laws and regulations to ensure the effective implementation of national policies.

    If the administrative management efficiency is relatively low, it will not only affect the implementation of policies but also affect social stability. To check and accept the work of the administrative department, it is necessary to take efficiency as an important content to measure the results of its work. That being said, it is imperative to ensure that each department is in coordination with each other to truly improve administrative efficiency.

    II. Reasons Affecting the Efficiency of my country’s Public Administration

    (1) The concept of work is more traditional

    Most of the public administration work in our country is in charge of various organs and units. In the process of carrying out the work, it is difficult for some staff to meet the needs of the masses and shirk their responsibilities from time to time, resulting in low work efficiency and dissatisfaction among the masses. When our country builds the public administration system, the existing work concept is no longer suitable for the current state of administration. The administrative management system contains many social functions, resulting in many types and levels of related departments, and each department cannot clarify its responsibilities, thus affecting the improvement of work efficiency.

    (2) The office system is relatively backward

    At present, some administrative units still use traditional office methods and cannot play the role of information technology. Some staff still use manual storage when keeping documents, and most of the documents are mainly paper, which not only takes up a lot of space but also brings many difficulties to the review of documents, thereby reducing work efficiency. The offices of some administrative units lack advanced computer tools, and the staff is not proficient in operating computer technology in their daily work, and still collect and organize various data through manual statistics, often resulting in inaccurate data and data loss.

    In addition, due to the inadequate construction of informatization, the communication between departments faces certain difficulties, which makes it difficult to share information and resources. Lack of effective supervision my country’s administrative management system is relatively closed, and it is difficult to be influenced by the outside world, resulting in insufficient supervision of various work.

    At present, the degree of information disclosure by administrative management is still insufficient, and it is difficult for the outside world to understand the actual situation. Even if there are major problems in the work, it is difficult to make a scientific evaluation. The internal evaluation system of administrative management is imperfect, and it is difficult for the outside world to participate in the evaluation work, resulting in the evaluation results are not objective enough to truly reflect the problems of administrative management.

    III. Countermeasures to improve the efficiency of administrative management in public management

    (1) Change the traditional management concept

    Since most enterprises are highly dependent on the government, if the status quo cannot be changed, it will affect the efficiency of enterprises. If the enterprise does not have real economic power, it cannot adapt to the challenges brought by the market economy environment, thus affecting the improvement of the competitiveness of the enterprise.

    Therefore, government functional departments should improve the existing administrative management concepts according to the requirements of the development of the market economy, empower enterprises with more power, and play the role of supervision by people from all walks of life.

    At the same time, the government should continue to innovate the concept of administrative management, appropriately weaken the dominance of the enterprise, establish a perfect service concept, provide strong support for the development of the enterprise, and not interfere with the various planning and decision-making of the enterprise, improve the subjective initiative of the enterprise, and enable the enterprise It has the creativity and a good sense of social responsibility, truly guarantees the return of social power to the society, plays the role of social groups and social organizations, and effectively improves the efficiency of public affairs.

    (2) Strengthen the construction of informatization

    1. Actively carry out top-level design and resource sharing

    It is necessary to attach great importance to the application of information technology, be good at building a complete information-based administrative management system, and ensure that the construction of administrative information-based management is further implemented through perfect top-level design. It is necessary to build a special administrative management platform to play the role of each department and make it work closely with each other.

    Multiple departments should have a unified understanding, attach importance to the collection and sorting of data, give full play to the advantages of information technology, actively communicate and exchange on a certain issue, and improve the level of information and resource sharing. To carry out the construction of management informatization through a top-down approach, all departments must obey the command and strengthen coordination.

    Set up a special information management team, actively introduce and develop information management software, clarify the work content and key points of each functional department, provide corresponding data from each department, build an information construction framework, and test this framework. Make sure the functionality is complete.

    2. Raise the information awareness of administrative staff

    It is necessary to actively build an administrative management database, continuously update the content of the database, and operate it reasonably. Administrative personnel should earnestly study the operation methods and key points of information technology, and update management concepts. It is necessary to strengthen the training of administrative personnel so that they can flexibly operate various hardware equipment, and use computer technology to handle various tasks, to effectively improve work efficiency.

    Information technology can not only optimize the administrative service system but also ensure the further implementation of various systems. Information technology can help administrators solve many difficult and miscellaneous diseases, perform accurate and efficient calculations on various data, and obtain reasonable statistical results. The staff of the administrative departments of the government must master advanced management tools, actively participate in various tasks, use the knowledge they have learned to solve problems, establish the idea of ​​serving the people wholeheartedly, and integrate them into practice.

    3. Carry out network and flat management

    The traditional organizational structure of administrative management is top-down. When transmitting information, it needs to be transmitted layer by layer, which will reduce the efficiency of information transmission. Building an information management system can ensure the timely delivery of information and reduce the link and time of delivery. By creating a flat and networked organizational structure, it is possible to share information resources, improve the efficiency of collaboration and communication between departments, and ensure that problems are dealt with promptly.

    In the traditional management mode, because the management method is relatively simple, it will affect the coordination between departments. By setting up an information-based administrative management system, the symmetry of information can be improved, data can be uploaded comprehensively and accurately, and relevant departments can analyze the data promptly and make reasonable decisions.

    IV. Innovate the administrative management system and supervision system

    (1) Innovating the administrative management system

    First, establish a hearing system. Further, improve the hearing system, listen to the people’s opinions on public administration, find out the deficiencies in the work promptly, and improve and perfect them.

    Second, formulate a public inquiry system. Citizens’ right to know must be respected, the transparency of administrative management must be improved, the information symmetry must be ensured, and issues related to administrative management must be explained to citizens and people from all walks of life promptly.

    Third, set up an administrative referendum system. Through this system, administrative management can be promoted towards the direction of democratization. Since the system still needs to be further improved, it is necessary to continuously optimize the content of the system according to the actual situation, and make it further promoted.

    (2) Give full play to the supervisory role of new media

    New media can be used to supervise administrative management to ensure that the work is more transparent and to implement supervision. It is necessary to further improve the laws and regulations related to the supervision of new media, and give full play to the role of new media. It is necessary to further improve the internal mechanism of new media and improve its supervision and management capabilities.

    Since the work efficiency of my country’s administrative departments still needs to be improved, and the staff lacks a sense of responsibility when carrying out management, it is necessary to further improve efficiency, give full play to the role of advanced technology, implement one-stop office, ensure that various resources are allocated reasonably, and also It can supervise the work process in real-time, effectively improve the efficiency of work, and meet the actual needs of the masses.

    (3) Promoting administration towards democratization and publicization

    There are many unreasonable points in the traditional administrative management system. Due to some asymmetry in decision-making and execution work, and they are independent in specific operations, once the decision-making is unreasonable, the execution effect will be affected. Most administrative management activities reflect the unilateral will of administrative organizations and personnel, do not fully consider the needs of the public, and are not democratic enough. Therefore, to ensure more rational decision-making and improve management efficiency, the voices of the people should be carefully listened to.

    It is necessary to give full play to the role of the Internet and big data, conduct statistics and analysis of various data, understand the thoughts of the people, and ensure that decision-making is more scientific and effective. Managers should play the functions of the information management system, understand the opinions of the public and social organizations, and give feedback on the opinions of the public promptly. Before making a decision, it is necessary to understand public opinion, pay attention to the openness of government affairs, and ensure that the public actively participates in it, so that the public can trust the government more, thereby improving the level of administrative management.

    To set up a special electronic public opinion mailbox, if the masses have their ideas, they can send their opinions to the mailbox. In this way, communication between the executive branch and the public can be achieved, and work can be properly monitored. If the policy has a wide range of influence, it must be explained to the public, and the public can be guided and encouraged to put forward better suggestions and practical solutions on the Internet, or actively collect suggestions and encourage the public to discuss.

    Due to the relatively large administrative management system, there will be a certain lag in the process of transmitting the information. Therefore, the government should establish a complete information management platform to ensure that the work of each department is efficiently handled on the platform. When relevant problems are collected, they can communicate on the platform at any time, and professional personnel is responsible for solving the problems, which can not only reduce management costs but also improve work efficiency and management quality.

    It is necessary to integrate advanced technology and knowledge, innovate management models and management methods, actively build hardware equipment and software, strengthen the training of personnel, and introduce high-quality talents to enable them to assume the responsibilities of administrative management. The government should reasonably coordinate various networks to reduce overlaps in work. By creating a flat management organizational structure, various tasks can be carried out more flexibly, the innovation awareness of the staff can be improved, and the administrative management work can be truly implemented.

    V. Application of New Public Management in Administrative Management Reform

    At present, my country’s administrative management is mainly dominated by traditional public administrative norms. Although the new public management concept can provide a corresponding reference for the reform of administrative management, it has not played a further role. To further improve the Administrative Efficiency in Public Management, our country has carried out system reform radically, carried out administrative management reform and innovation, and updated management concepts and thinking.

    Combined with the national conditions of our country, we should reasonably learn from the theory and experience of new public management, reform and innovate the administrative management, and ensure that its functions can be effectively played. The new public management includes modern enterprise management ideas. In the process of specific application, the following points should be paid attention to.

    (1) Improve the efficiency of administrative management

    It is necessary to actively introduce a modern enterprise management model and understand the methods and ways of improving the work efficiency of the enterprise, to better exert the advantages of the new public management and create an efficient administrative management system. When setting and implementing goals and related tasks, it is necessary to formulate a sound assessment and supervision mechanism, improve the deficiencies in the existing management work, set up reasonable institutions, and improve work efficiency.

    It is necessary to organically combine daily management with comprehensive management, decompose management objectives, formulate a sound incentive mechanism, stimulate the enthusiasm and initiative of staff to work, improve service awareness and personal skills, and effectively improve work efficiency. Due to the special national conditions of our country, the organic combination of new public management and administrative management can improve management efficiency.

    (2) Promoting the continuous deepening of administrative reforms

    To better exert the functions of new public management, it is necessary to introduce target management and market competition into administrative management, further optimize the administrative management system, conduct a comprehensive assessment of employees’ behavior, and understand their specific work performance and work quality. , to ensure that resources are fully utilized and the advantages of talents are effectively brought into play.

    It is necessary to introduce a sound competition mechanism, so that the majority of enterprises can fully realize the severity of market competition, continuously improve their comprehensive strength, provide consumers with satisfactory services and high-quality products, and promote administrative institutions to continuously optimize their management models. Management and service level to create greater benefits for the society.

    (3) Further improve administrative laws and regulations

    When applying the new public management theory, in addition to combining my country’s national conditions and the current state of administrative management, it is also necessary to play the role of laws and regulations, improve the authority and enforcement of laws, and escort the reform of administrative management. It is necessary to improve and perfect the existing laws and regulations, integrate advanced public management experience, constantly innovate management ideas and management models, adjust unreasonable content in-laws and regulations promptly, and give play to the supervisory role of the system.

    It is necessary to give full play to the functions of various departments so that they can cooperate while doing their work, ensure the coordinated development of various tasks, and effectively improve the Administrative Efficiency in Public Management. In addition, corresponding technologies are included in the new public management, which can be selected and used according to the actual situation to avoid and prevent the risks existing in the administrative management, optimize the functions of the administrative management, and comprehensively supervise and restrain the behavior of each unit.

    At present, the reform of administrative management in our country faces many obstacles. On the one hand, it is due to the increasingly fierce competition faced by our country; on the other hand, it is because the existing legal system needs to be improved. Therefore, only by fully combining my country’s national conditions, improving my country’s comprehensive national strength, and perfecting the legislative work, can the administrative reform work be carried out smoothly.

    (4) Improve the service level of administrative departments

    After the administrative department introduces a new concept of public management, it can not only clarify the direction of reform and reform ideas, but also draw on successful experience, learn successful practices, improve and optimize the functions of the department, and timely address the existing problems in the current stage of work. deficiencies are corrected. The staff of the administrative department will further understand the necessity of the implementation of the new public management in practice, change the traditional thinking, treat the work with a sense of responsibility, and establish the consciousness of serving society and the people wholeheartedly. 

    In summary;

    Although the Administrative Efficiency in Public Management still needs to be further improved, as long as relevant departments and personnel actively change their traditional work thinking and working methods, introduce advanced technology, build an information management system, and optimize the organizational structure, By integrating innovation consciousness, the status quo can be changed, the loopholes in management can be filled in time, and the people and the society can be truly benefited, and the Administrative Efficiency in Public Management can be steadily improved.

    What are the Measures to 5 Improve Administrative Efficiency in Public Management Image
    What are the Measures to 5 Improve Administrative Efficiency in Public Management? Image by Joseph Mucira from Pixabay.
  • Top 20 Definitions of Management

    Top 20 Definitions of Management

    What Doubts of the top 20 Definitions of Management? Management is the coordination and management of responsibilities to achieve an intention. Such administration sports consist of putting the enterprise’s strategy and coordinating the efforts of the body of workers to perform those goals thru the application of to be had sources. Management also can consult with the seniority structure of a group of workers contributors inside an enterprise.

    Here is the article to explain, How to define the Doubts about the top 20 Definitions of Management!

    To be an effective manager, you’ll need to develop a fixed of skills, together with planning, communication, corporation, and leadership. You will even need good-sized information about the organization’s goals and a way to direct personnel, income, and different operations to perform them.

    In nowadays’s global of complicated and speedy internationalization of business, maximum businesses are going international. Unless they may be correctly managed, they can not survive in the fast-changing international enterprise surroundings. Features of Management also help in doing and getting things carried out thru others. It is the method that optimizes the human, cloth, and economic sources of the organization for the effective fulfillment of its desires.

    Management may be defined in many different ways. Many eminent authors on the subject have defined the term “management”, some of these 20 Definitions of Management are reproduced below:

    1. According to Lawrence A Appley, “Management is the development of people and not the direction of things”.
    2. According to Joseph Massie, “Management is defined as the process by which a cooperative group directs action towards common goals”.
    3. In the words of George R Terry, “Management is a distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources”.
    4. According to James L Lundy, “Management is principally the task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective”.
    5. In the words of Henry Fayol, “To manage is to forecast and to plan, to organize, to command, to co-ordinate and to control”.
    6. According to Peter F Drucker, “Management is a multi-purpose organ that manages a business and manages managers and manages worker and work”.
    7. In the words of J.N. Schulze, “Management is the force which leads, guides and directs an organization in the accomplishment of a pre-determined object”.
    8. In the words of Koontz and O’Donnel, “Management is defined as the creation and maintenance of an internal environment in an enterprise where individuals working together in groups can perform efficiently and effectively towards the attainment of group goals”.
    9. According to Ordway Tead, “Management is the process and agency which directs and guides the operations of an organization in realizing of established aims”.
    10. According to Stanley Vance, “Management is simply the process of decision-making and control over the actions of human beings for the express purpose of attaining pre-determined goals”.
    11. According to Wheeler, “Business management is a human activity which directs and controls the organization and operation of a business enterprise. Management is centered in the administrators of managers of the firm who integrate men, material, and money into an effective operating limit”.
    12. In the words of William Spriegel, “Management is that function of an enterprise which concerns itself with the direction and control of the various activities to attain the business objectives”.
    13. In the words of S. George, “Management consists of getting things done through others. Manager accomplishes the objectives by directing the efforts of others”.
    14. In the words of Keith and Gubellini, “Management is the force that integrates men and physical plant into an effective operating unit”.
    15. According to Newman, Summer, and Warren, “The job of management is to make a cooperative endeavor to function properly. A manager gets things done by working with people and other resources”.
    16. According to John F M, “Management may be defined as the art of securing maximum results with a minimum of effort to secure maximum results with a minimum of effort to secure maximum prosperity and happiness for both employer and employee and give the public the best possible service”.
    17. In the words of Kimball and Kimball, “Management embraces all duties and functions that pertain to the initiation of an enterprise, its financing, the establishment of all major policies, the provision of all necessary equipment, the outlining of the general form of organization under which the enterprise is to operate and the selection of the principal officers. The group of officials in primary control of an enterprise is referred to as management”.
    18. In the words of E.F.L. Brech, “Management is a social process entailing responsibility for the effective and economical planning and regulation of the operations of an enterprise, in fulfillment of a given purpose or task, such responsibility involving: (A) judgment and decision in determining plans and in using data to control performance, and progress against plans; and (B) the guidance, integration, motivation, and supervision of the personnel composing the enterprise and carrying out its operations”.
    19. According to E. Peterson and E.G Plowman, Management is “a technique using which the purpose and objectives of a particular human group are determined, classified and effectuated”.
    20. According to Mary Cushing Niles, “Good management or scientific management achieves a social objective with the best use of human and material energy and time and with satisfaction for the participants and the public”.

    From the best 20 Definitions of Management quoted above, it is clear that “management” is a technique of extracting work from others in an integrated and coordinated manner for realizing the specific objectives through the productive use of material resources. Mobilizing the physical, human, and financial resources and planning their utilization for business operations in such a manner as to reach the defined goals can be referred to as “management”. If the views of the various authorities are combined;

    Definitions of Management, management could be defined as;

    “A distinct ongoing process of allocating inputs of an organization (human and economic resources) by typical managerial functions (planning, organizing, directing and controlling) to achieve stated objectives namely – output of goods and services desired by its customers (environment). In the process, work is performed with and through personnel of the organization in an ever-changing business environment”.

    Management is a universal process in all organized social and economic activities. It is not merely restricted to factories, shops, or offices. It is an operative force in all complex organizations trying to achieve some stated objectives. Management is necessary for a business firms, government enterprises, education and health services, military organizations, trade associations, and so on.

    Top 20 Definitions of Management Image
    Top 20 Definitions of Management; Image by Peggy und Marco Lachmann-Anke from Pixabay.
  • Top 18 Features of Management

    Top 18 Features of Management

    What Doubts of top 18 Features of Management? Management is a vital aspect of the monetary existence of man, that’s an organized institution interest. A crucial directing and controlling company is critical for an enterprise subject. The productive resources – are cloth, hard work, capital, and many others. Are entrusted to the organizing communication, ability, administrative ability, and enterprising initiative of the control.

    Here is the article to explain, How to define the Doubts about the top 18 Features of Management!

    Thus, control gives management to a commercial enterprise organization. Without able managers and effective managerial management, the assets of manufacturing stay simply sources and in no way end up manufacturing. Under an aggressive economic system and ever-changing environment, the best and overall performance of managers decides both the survival in addition to the achievement of any commercial enterprise agency.

    An analysis of the various definitions of management indicates that management has certain features. The following are the 18 salient features of management.

    1. Management aims at reaping rich results in economic terms: Manager’s primary task is to secure productive performance through planning, direction, and control. It is expected of the management to bring into being the desired results. Rational utilization of available resources to maximize profit is the economic function of a manager. A professional manager can prove his administrative talent only by economizing the resources and enhancing profit. Features of Management, According to Kimball, “management is the art of applying the economic principles that underlie the control of men and materials in the enterprise under consideration”.
    2. Management also implies skill and experience in getting things done through people: Management involves doing the job through people. The economic function of earning profitable returns cannot be performed without enlisting cooperation and securing a positive response from “people”. Getting the suitable type of people to execute the operations is a significant aspect of management. In the words of Koontz and O’Donnell, “Management is the art of getting things done through people in formally organized groups”.
    3. Management is a process: Management is a process, function, or activity. This process continues till the objectives set by the administration are achieved. “Management is a social process involving coordination of human and material resources through the functions of planning, organizing, staffing, leading and controlling to accomplish stated objectives”.
    4. Management is a universal activity: Management does not apply to business undertakings only. It applies to political, social, religious, and educational institutions also. Management is necessary when group effort is required.
    5. Management is a science as well as an art: Management is an art because there are definite principles of management. It is also a science because by the application of these principles predetermined objectives can be achieved.
    6. Management is a profession: Management is gradually becoming a profession because there are established principles of management that are being applied in practice, and it involves specialized training and is governed by an ethical code arising out of its social obligations.
    7. Management is an endeavor to achieve pre-determined objectives: Management is concerned with directing and controlling the various activities of the organization to attain the pre-determined objectives. Every managerial activity has certain objectives. Management deals particularly with the actual directing of human efforts.
    8. Management is a group activity: Management comes into existence only when there is a group activity towards a common objective. Management is always concerned with group efforts and not individual efforts. To achieve the goals of an organization management plans to organize, coordinate, direct, and control the group effort.
    9. Management is a system of authority: Authority means power to make others act in a predetermined manner. Management formalizes a standard set of rules and procedures to be followed by the subordinates and ensures their compliance with the rules and regulations. Since management is a process of directing men to perform a task, authority to extract the work from others is implied in the very concept of management.
    10. Management involves decision-making: Management implies making decisions regarding the organization and operation of the business in its different dimensions. The success or failure of an organization can be judged by the quality of decisions taken by the managers. Therefore, decisions are the key to the performance of a manager.
    11. Management implies good leadership: A manager must have the ability to lead and get the desired course of action from the subordinates. According to R. C. Davis, “management is the function of executive leadership everywhere”. Management of the high order implies the capacity of managers to influence the behavior of their subordinates.
    12. Management is dynamic and not static: The principles of management are dynamic and not static. It has to adapt itself according to social changes.
    13. Management draws ideas and concepts from various disciplines: Management is an interdisciplinary study. It draws ideas and concepts from various disciplines like economics, statistics, mathematics, psychology, sociology, anthropology, etc.
    14. Management is goal-oriented: Management is a purposeful activity. It is concerned with the achievement of pre-determined objectives of an organization.
    15. Different levels of management: Management is needed at different levels of an organization named the top level, middle level, and lower level.
    16. Need for an organization: There is a need for an organization for the success of management. Management uses the organization for achieving pre-determined objectives.
    17. Management need not be owners: Managers don’t need to be owners of the enterprise. In joint-stock companies, management and owners (capital) are different entities.
    18. Management is intangible: It cannot be seen with the eyes. It is evidenced only by the quality of the organization and the results, i.e., profits, increased productivity, etc.
    Top 18 Features of Management Image
    Top 18 Features of Management; Image by Mariakray from Pixabay.