Management tools are technical or business administration or management tools that allow a company to meet the constantly changing market and ensure a competitive position in it.

Let’s look at what are the main tools of business management:

Empowerment

The empowerment and this tool is part of  management tool or technique that is to delegate, give or transmit power, authority, autonomy and responsibility to employees or teams of a company so they can make decisions, solve problems or perform tasks without consult or obtain the approval of his superiors.

Through the implementation of empowerment, employees or teams have greater decision making power, more authority to solve problems, greater autonomy in carrying out their duties and greater responsibility for the execution of the tasks, goals and for results.

Outsourcing

Outsourcing, also known as outsourcing or outsourcing, is a management tool or technique that involves outsourcing (other companies) to carry out activities, functions or complementary processes that are not part of the main line of business.

Through the application of outsourcing transfer activities, functions or processes to specialized companies that make them better than us and at lower cost, thus achieving greater efficiency and effectiveness.

But also, its application allows us to focus on the activities, functions or other essential processes that are part of the main line of business, achieving greater quality and competitiveness.

Benchmarking

Benchmarking is a management tool or technique that consists in following companies similar to ours or market-leading companies, in order to evaluate their products, services, processes and other aspects, compared with ours and with the Other company, identify the best, and adapt to our company, adding our improvements.

Apply benchmarking is not just about spying or copy, but to refer the best aspects of other companies, including its products, services, work processes, business practices, policies, strategies, methods, etc. And then apply them in our own, but always adding our creativity.

Downsizing

The downsizing is a management tool or technique that is to restructure or reorganize a company by reducing its size in terms of structure, work processes, hierarchical levels and human resources.

Apply the downsizing would involve, for example, eliminating a department that does not add value to the company, making a shorter, simpler process, giving greater decision making power to workers, or make a reduction in staff.

Some concepts related to downsizing:

Resizing, is to re-measure the size of a company.
Rightsizing: is the ideal size to give a company.

Joint Venture

The joint venture is a management tool consisting of a long-term partnership between two or more companies combine to make a business alliance in order to achieve a common goal.

Through a joint venture the companies involved could be aimed at creating a new business, new product development, providing a service, the venture into a foreign market, and so on.

And the goal the companies involved could provide or share resources such as raw materials, capital, personnel, distribution channels, technology, market knowledge, and so on.

More information: the joint venture.

Balanced Scorecard

The balanced scorecard (BSC) is a management tool consisting of a control system based on software that can measure through indicators, the overall performance of a company.

The balanced scorecard focuses exclusively on measuring the performance of the company’s strategic objectives, for example, measuring how well they are meeting the strategic planning and strategies.

The main issues are controlling the finances balanced scorecard (revenues, costs, etc..), Quality (product, customer, etc..), Internal processes and staff training.

Re engineering

Re engineering or business process re engineering (BPR for its acronym in English) is a management tool or technique that is reinvent or redesign a business process in a radical way, so it is able to achieve dramatic improvements in critical measures such as cost, quality, service and speed.

Re engineering is not to make improvements, corrections or amendments, not to improve what is already installed, edit the parts of the process, or making superficial changes in it, but is making a radical change.

Total Quality

Total quality, also known as total quality management (TQM for its acronym in English) is a philosophy, culture and management style that involves all members of an organization in continuous quality improvement in all aspects of the company.

In total quality all members of the organization seeking to improve the quality of a continuous and gradual, not only in products but also in all aspects of the company such as, for example, workers in the inputs, processes in customer service, and suppliers.

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