The nature of management encompasses all kinds of profit and non-profit organisations. Managers had to deal with humans, machines, materials and information. They also make decisions amid a changing business environment. In this article, we will discuss five broad aspects of management.
Management is universal
The application of management theories is not limited to developing nations. They are universal and are applied in every business and government establishment. For example, the principle of agility is applied to ensure that managers make necessary adjustments in response to a change in the business environment.
It deals with people
Humans are the most important resource of a business. This is true despite the invention of artificial intelligence. However, they are the most difficult to manage. This is because humans are not machines, so they cannot be easily predicted from time to time.
Managers, like all humans, must interact with people to achieve their business goals. They direct and control people through various forms of motivation, including salary and allowances to achieve the organisation's goals.
Managers are goal-oriented
The purpose of the management process is to achieve goals and objectives. Managers direct the organisation to achieve these planned goals and objectives.
For example, a company might have the goal of becoming the market challenger within the next ten years. To achieve this, there is an advertising budget of 50 million Naira every year. These goals and objectives can be achieved through managers' efforts to direct the available resources towards the attainment of the stated goals and objectives.
Management is about decision-making
The management process includes decision-making. Successful managers' decisions usually lead to the right result. Daily, managers have to make one or more decisions. In addition, business strategy decisions are made annually to ensure that the right methods are applied to achieve organisational goals.
It is dynamic
The environment in which businesses operate is dynamic in various ways. There is dynamism in risk, technology, the economy, and people. It is the responsibility of managers to understand these business dynamics and adapt to them.
For example, the introduction of artificial intelligence has led to the use of Agentic AI for fraud prevention by fintech companies. This implies that managers notice the changes in technology and adapt by using it to solve a specific operational issue.