According to a survey of more than 1,200 international executives by the global business management consulting firm, the top-10 "most used" management tools globally in Bain's Management Tools & Trends 2007 study are:
- strategic planning (1st place)
- customer relationship management (2nd)
- customer segmentation (3rd)
- benchmarking (4th)
- core competencies, mission & vision statements (tied for 5th)
- outsourcing (7th)
- and business process reengineering, knowledge management, and scenario & contingency planning (tied for 8th)
Other interesting findings from the 2007 study:
- 87% of the 1200 surveyed executives agree that information technology can create significant competitive advantage, but not all are as confident about achieving that potential. One in three agreed that they rarely achieve paybacks from their IT investments.
- 79% agreed that innovation is more important than cost reduction for long-term success
- Just over half (53%) said that "unclear decision making authority is hurting our performance." This figures climbs to 58% among small businesses (less than $600M in sales)
- Strategic planning is the most commonly used management tool, with 88% of respondents using it. It also rated highest in satisfaction, at 3.93 out of 5.
Over the past 14 years, 11 Bain Management Tools and Trends surveys have been completed - assembling a database that now includes 8,504 respondents from more than 70 countries in North America, Europe, Asia, Africa, the Middle East and Latin America.
(Hat tip to Chris Fox for providing more detail about the Bain study)
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