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BUSINESS MANAGEMENT TOOLS AND FIRM PERFORMANCE
Abstract
If companies want to succeed and achieve sustainable competitive advantage, especially on the contemporary global market, they have to pay attention on competitors’ behaviour and global best practice. The same requisite applies on trends in technology, product development, innovations, but also in adopting and mastering managerial practices. With the aim to investigate trends in organization of information system in firms, in this research, different instruments and systems of data gathering and analysis (with an idea to use it in decision making and business administration process), regardless of its source or purpose (i.e. communicating with stakeholders or designing organization), are referred to as business management tools. We conducted a research regarding the practice of using business management tools in the Croatian firms. In this paper, we explore the preference of using globally popular management concepts, methods and techniques, in one word – tools, in organizing business and preparing information databases for evidence based decision-making. For identifying global popularity as well as for easier comparison of domestic and foreign business practices, the questionnaire included the tools that appear in Bain management practice surveys. The analysis of trends in the use of business management tools aimed to determine the situation in the Croatian business practices regarding appropriateness and integration of implemented tools, level of management awareness of current global trends and their attitude towards the prospective use of business management tools. Research findings indicate that Croatian firms are late acquirers of worldwide prevailing solutions for managing businesses, which means that implementation of business management tools in Croatian companies is lagging behind the global trends. The results of analysis can be used for selection of business management tools, as well as for (re)thinking appropriateness and implications of specific tool implementation on the business performance of the firm.
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