With the change of the nature of business from a somewhat stable environment to a competitive environment, management has gradually become a vital tool for achieving the organizational objectives, especially in the modern business world.
Organizations are the important organs of the modern society hence the society depends on the quality of the organizations. Modern organizations have pervaded all parts of human lives. Whether it is education or hospital or any other business, you are never far from any organizational body. To achieve the goals set by the enterprises and organizations to function effectively, they need to have means to achieve their purpose. This is where management comes into the picture.
Management invigorates initiative. Initiative means to do the right thing at the right time. Employees should be encouraged to make their own plans and implement them as well. This gives confidence to the employees and success to organization.
Management gives force to innovation. And innovation brings new ideas, technology, methods, products and services on the floor.
Management helps in maximum utilization of available resources. Moreover, it reduces wastage and improves energy efficiency. As a result, management helps in the growth, expansion and diversification of the organization.
It is the quality of the management that improves the quality of the products and services. Therefore, management helps in improving the corporate image of the organization. This also facilitates added advantages to the organization.
Management improves relation between individuals, groups, departments, and between levels of management. Better relation leads to better team work, thereby contributing in the success of organization.
Management is vital to reduce absenteeism and labour turnover. Thus, management is useful in smooth functioning of an organization.
The importance of management has increased tremendously in recent years due to increase in the size and complexity of organizations, turbulent environment and growing responsibilities of business. Management is not only essential at organizational level but at national and global level also. Management is an agent of positive change and economic growth.
Better management is essential to push the organization to convert the tremendous latent energy of people into wealth. Management is the crucial factor in socio-economic development of the world. Business management enables to promise the abolition of the grinding poverty. which has been mankind’s gravest concern for ages.