In the 21st century they consist of various barriers that prevent managers and leaders from achieving their goals and improving their organizations work. Managers constantly try tackle this issues that drive towards lowering productivity. Challenges of management include :
Keeping up with technology is difficult, tiresome, and firms find it very costly to keep at pace with it. Technology rapidly and constantly keeps on changing. Being at par technologically requires extensive research and strategic analysis of acquiring new innovation. Enforcing new technology requires staff retraining and in some cases making employees redundant.
Managers should take note of the value in inquiry, development, and forecasting future technological innovations in order to keep ahead of their competition.
Managers must understand how to achieve efficiency internally through applying new technology to operational processes. Managing new technology requires a thorough understanding of business technology management.
Ethics is simply doing the right thing. In the business situation ethics are the moral concept of a firm getting through it organizational duties ethically.
Business nowadays encounter with a lot of moral challenges in today’s global economy. Everyone is thriving to be more successful than their competitors, to make their next profits, to keep their job, to earn a big bonus, or to compete effectively. There exists temptation to bend lines, omit information, and do whatever it takes to get ahead of their competition. Many business employees and executives succumb. Sadly, the theme becomes...
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...ultures. Examples of sociocultural factors include culture, language, religion, values, attitudes, social organizations.
Technological factors include being able to keep up technologically in the market. A manager has to be able to look at what kind of technology their firms are using. They need to be able to be better than their competitors. This furthermore leads to research and development to see the current trends. This is costly.
Environmental factors cater for the protection of the environment. A business must carefully be able to look at its surroundings to see for benefits and ensure that its daily production does not interfere with society.
Legal factors involve the laws that a firm has to abide by, i.e consumer laws, employee laws…Understanding the varying laws and regulations in a given region of operation is critical to avoiding unnecessary legal costs.
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