Management tools worldwide compared to olomouc region, utilization and trends in industrial companies

Abstract

The aim of the paper is to analyze and describe recent application of management tools in the enterprises worldwide including their utilization and trends in timeline compared to industrial companies in Olomouc region, Czech Republic. The main data source for presented paper is the research performed by Bain & Company, Inc. (BC) which concentrates on surveying of management tools in companies worldwide since the year 1993, while primary research was performed by authors in companies that produces and customizes metal parts for automotive and aerospace industry. The motivation behind this paper is based on effort to make students and academics in management focus on most recent and powerful management tools to boost successful business. The latest survey of BC has more than 14,700 respondents from more than 70 countries in North America, Europe, Asia, Africa, the Middle East and Latin America, and is probably the most comprehensive systematic long-term study in the world. The management tools in the top ten list vary in time, but four of them remain since 1993 (however some of them temporarily disappeared): Benchmarking, Customer satisfaction, Total quality management and Vision and mission statement.