Modern Management: The Biggest Challenge of an Era Full of Changes

Ionela Petruta Stanca – National Institute of Research Development and Testing in Electrical Engineering, Craiova, Romania

Tudor Tarbujaru – University of Craiova, Craiova, Romania

Abstract: The 21st century was marked by countless changes and upheav­als around the world that very much revealed a new age. This era of fast, sudden, and omnipresent change has serious implications for our future. In today’s fast-paced world, each organization needs new tools and methods to strengthen its effectiveness. Strong competition in the worldwide mar­ketplace requires organizations to figure out ways to be competitive. Com­petitive advantage is achieved only by organizations that are ready for ex­treme changes and employ techniques and concepts of non-stop improve­ment. In order to obtain a competitive advantage, the context of continu­ous quick globalization, change, and development drives fresh ideas about the modes of activity and roles of organizations. One of the most crucial hu­man activities is management. Since the beginning of time, when humans formed social organizations to achieve goals and objectives that they could not achieve as individuals, management played a vital role in ensuring that individual efforts were coordinated. What is now happening compels man­agers to employ more modern, contemporary techniques and manners of management to meet current issues. New management strategies, such as a process-oriented approach, are necessary. Modern management is the foundation for creating a successful, market-competitive organization. To answer these issues, the study will focus on analyzing management theories and particular elements that separate today’s management from previous eras. Therefore, managers in modern businesses must recognize the critical role they play in helping their organizations accomplish their objectives. For this goal to be achieved, it is vital to apply modern achievements and tech­nology in organizational management. Our paper’s purpose is to demon­strate how management has grown up in an ever-changing organization­al environment. To solve these challenges, researchers need to broaden and expand their attention to the process approach as a way of enhancing the organization’s management system and developing recommendations for maximizing crucial business processes. These events have had an impact on the organizational world, and it is up to management to refresh, modernize and rise to face the challenges.

8th International Scientific ERAZ Conference – ERAZ 2022 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Online-Virtual (Prague, Czech Republic), May 26, 2022

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; AMBIS University, Prague – Czech Republic; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia

ERAZ Conference 2022 Conference Proceedings: ISBN 978-86-80194-60-8, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.2022

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

Sugested citation

Stanca, I. P., & Tarbujaru, T. (2022). Modern Management: The Biggest Challenge of an Era Full of Changes. In V. Bevanda (Ed.), ERAZ Conference – Knowlegde Based Sustainable Development: Vol 8. Conference Proceedings (pp. 133-143). Association of Economists and Managers of the Balkans. https://doi.org/10.31410/ERAZ.2022.133

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