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The development of international competitiveness has started questioning the practice of traditional theories in modern management systems. With the growth of digitalisation, the entire approach to doing business is taking a large leap, especially in terms of gaining global accessibility. It is under this pressure that the implementation of traditional theories for management appears to be a matter of doubt. The fundamental approach of this essay is to argue that traditional management theories are still relevant in the business management domain. Amidst innumerable debates regarding the significance of traditional management theories in the modern management system, the purpose of this essay is to check the relevance of traditional management theories in the modern world. The essay will look into the role of digitalisation, the evolution of traditional theories for modern usage, and the exemplary status of Nigeria for following traditional approaches.
Era of Digitalisation
According
to many scholars, traditional theories of management emphasized competitive
advantage, which can be achieved by utilising the unique resources and
appropriate positioning of the company in the market (Barney,
1991; Porter, 2008). However, these theories were meant for traditional
businesses sans digitalisation. According to Bharadwaj et al (2013), there is a
need for a modern perspective to handle concerns related to the functioning of
digital channels, interactive platforms with customers, worldwide availability
of products and management on the global periphery. The traditional theories of
management indeed fail to meet the competitive edge developed by the
digitalisation of businesses. Irrespective of these pitfalls, it is interesting
to note that these theories were developed about human behaviour and psyche. As
appropriately stated by Labrecque (2013), a business management system should
be able to generate user-generated content, which in return can
offer the power to gain a strong consumer base. There cannot be a denial of the
fact that to generate a strong consumer base, the management system must
understand consumer behaviour. Thus, though the traditional theories never
addressed digitalisation, the ways to understand consumer behaviour remained an
integral part of its competitive advantage. So, digitalisation should be
considered as the convenient way to know the consumer, but to gain their
loyalty traditional theories must be considered seriously.
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Evolution of Traditional Theories
The
contemporary approaches of business management are consistently struggling to
excel in the international competitive environment. As identified by Stoner et
al (2004), the core elements of any business management are the maintenance of
human relationships, along with the management of organisational goals. These
scholars further identified that with the development of business management
proceedings in new eras, the traditional theories attained reformations. As
observed by Stoner et al. (2004) and Cole (2004) traditional management
theories were dealing with six specific areas of management and these are
related to management for quality, organisational growth through inventions,
maintenance of a positive workplace, maintenance of ethics for multiculturalism
and traditional cultures, considerations of social responsibility, and meeting
demands of globalisation. Following the same thread Lawal (2012) derived that
the aforementioned six management areas are even very vital in the modern era.
Though there are additional responsibilities like the process of developing
strategic thinking, handling consumerism, maintenance of corporate governance,
growth through e-business, etc. yet the foreground for all these aspects lies
in the traditional theoretical interpretations (Lawal, 2012). In a way the
modern management system needs many additional skills, however, the achievement
of these skills is possible when these managers have an adequate hold over the
traditional theories. Thus, traditional theories are still implemented, just
that they are further evolved following the demands of modern management
systems.
Nigeria: A Case
Research
led by Ifechukwu (2010), about the management approaches in Nigeria derives
that traditional theories are still followed and are the root causes of success
for Nigerian businesses. The scholar establishes that the management
decision-making styles are related to the genuine process of production and the
demands of the people. It has been discovered that Nigerian businesses are
still attached to their traditional values and follow traditional theories of
understanding these business values. The success of businesses in Nigeria is
like an achievement for modern management studies. The most interesting part is
the variation of 250 ethnic groups in Nigeria that demands varied choices
(Oghojafor, et al, 2012). It is the effective consideration of traditional
theories of management that holds cultural values in Nigeria and hence the
management system is successful in achieving business goals in due course of
time.
Conclusion
From
the analyses noted above, it can be established that traditional theories of
management are still relevant in the changing workplace. The reason is their
ways to remain more concerned about humanitarian values and approaches. At the
end of the day, it is the traditional way of gaining knowledge management from
the traditional management theories, which makes modern managers understand the
evolutionary ways of these theories for modern purposes. It is the core
visionary feature of these theories that makes modern businesses more humane
and hence more valuable for future business prosperity.
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