Organisations will be suported with continous renewal processes for managing emerging paradigm of industry UN secretary-general Kofi Annan told UN General Assembly that ‘the most important lesson of the 20th centaury was that Centrally Planned Systems do not work”. The world economies are transforming and increasingly, political and economic decisions are based on people (beneficiaries) participa
tion. Similar changes are now evident in the corporate world too. The linearity that was the hallmark of the past is no longer applicable in today’s context as the market trends are increasingly becoming discontinuous. Globalization of markets combined with technological innovations are leading to formation of new zones of intense economic and customer centric activities. The corporate leaders are no more competing on the basis of quality, price or technology but by introducing new products, new services, and new brands that change the lives of people constantly all over the world. Organizations are experiencing new challenges from unexpected events (such as the 9/11 attack) and from unknown sources. The intangible assets are now being taken as key success indicators of corporations and their long-term sustainability. The corporate world is now increasingly becoming composed of networked enterprises and therefore performance of the current corporation cannot be managed through the traditional organizational systems of hierarchy, order, and instructions but rather through integration of knowledge and empowerment of its people. The traditional organizational system based on hierarchy, and authority relationship, is being replaced by internal marketing dynamics – internal units and individuals within a corporate family compete with each other through quality, innovation, speed, and cost. This is becoming a way of life for the corporate members to sustain and grow in the face of uncertainty in the future. In the changing context of the macro and micro environment of organizations, Organizations need to develop groom managers to think out of the box and commit themselves to invent the future of their company rather than just trying to predict it by using age old techniques and methods; create intangible values through their value oriented services rather than focus on profit alone(so called bottom line); work in diverse cultural settings and respond to the needs of customers in a broad range segment; generate original knowledge about the consumers rather than using well tried out models developed by the popular management gurus.
