In the new business environment innovation is vital to sustain
a healthy economy. The source of innovation is intellectual
capital - working knowledge that employees carry
in their heads about products, customers and how
they work together. Managers translate this expertise into profits by
applying proven best business practices.
A business does not have to be an e-commerce or a dot com to reap the benefits
of the new economy. It does have to be fast - to have momentum and velocity
in bringing new products to market and responding to customers. In this
new business environment management dances with changing technologies and
engages nurturing the intellectual capital of the talent it controls.
Management is responsible for creating and sustaining the company reality.
If management is weak then employees will fill the vacuum with their own
agendas and fragment the company's performance.
Weak managers destroy viable companies by their inability to manifest
a cohesive reality.Staff talent is unused or dissipated and the enterprise
Recovery is difficult, expensive and sometimes impossible.
Staff talent is unused or dissipated and the enterprise loses momentum.
Recovery is difficult, expensive and sometimes impossible. In the current
marketplace where the talented employee has the advantage, management must
be wise, clearheaded and mature in their vision.
Intellectual capital, technology and management are three areas every successful
company applies focused attention to become profitable or attractive to
A new paradigm of internal business relationships is two fold. First, management
is the customers of the staff. Second, management provides opportunities
and technology for staff to apply talents, skills, expertise and knowledge
and demonstrate performance. Work is project-based where the resources are
managed for completeness, correctness, effectiveness and profitability by
both the management and the staff. Management and staff share customers
and are each others customers.
Successful companies embody best business practices, professional management,
distinct performance standards, provide current technology and proven systems
and procedures. In this new business environment manufacturing, construction,
trade, services and even government is being called on to evolve in order
to attract and retain the best talent.
The purpose of management is to support the staff who serves the customers.
Enterprises in this new business environment do not have time for, nor will
a talented staff tolerate petty grievances, power politics or mismanagement.
So-called brain drain is seldom about money, it is more often about lack
of challenges or management shortsightedness.
Having the right team is more critical than ever. Management must treat
every employee as a unique set of skills and applications. Every employee
must be disciplined, focused and capable of initiating, following through
and completing projects within parameters. Both management and staff are
team oriented - they share common goals.
The challenge for management and staff is in thinking about intellectual
capital. Concurrent with the relentless drive of new technology is the exponential
growth of knowledge and application. Management must encourage, support
and reward employees expanding their expertise. Employees need to maintain
an appetite for new knowledge and apply it for the enterprise. In this new
work environment company culture is built on the context that if you are
what you know, you're obsolete. The continuous- learning/beginners-mind
is addressed by management as a strategy to sustain economic viability.
Expertise can be translated into investment cash in this new business environment.
A fast company creates and effectively applies new knowledge or new technology
first. We live in the electronically mediated global economy where geographic
and many cultural boundaries have been erased. Location is no longer a barrier.
The company with a concentration of smart management comfortable with technology
and nurtured intellectual capital will attract global challenges and opportunities
and be enormously profitable.