IN SEARCH OF EXCELLENCE PDF
Editorial Reviews. Review. “One of those rare books on management that are both consistently thought-provoking and fun to read.” (Wall Street Journal). Bob Waterman, subsequently the coauthor of In Search of Excellence, bought my act. Big time. Became an avid student. We got into it. And given a whole series. The seminal management book In Search of Excellence, by Tom Peters and Robert Waterman, was published in , and remains one of the one of the.
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and discussed: Peters and Waterman's eight excellence attributes (), Peters and famous book In Search of Excellence - Lessons from America's Best-Run resourceone.info The "Greatest Business Book of All Time" (Bloomsbury UK), In Search of Excellence has long been a must-have for the boardroom, business school, and . In Search of Excellence Summary by Thomas J. Peters & Robert H. Waterman explain the greatness of America's economy that fuels the.
So, instead of firing employees during the s recession, the entire company took a ten percent pay cut. As a manager, what can you do to mimic highly successful companies?
Well, you might start by establishing some company values. The results showed that nearly all of the companies surveyed had well-defined guiding values. One such value at the Dana Corporation, for example, was an inclusive management style that prioritized simplicity.
Companies that performed less successfully shared two defining characteristics: The majority of these companies had no coherent beliefs or values. Those that did have distinct objectives focused predominantly on attributes that could be easily quantified — such as earnings per share. To that last point — and this may seem counterintuitive — the companies whose values were the most financially oriented and quantifiable actually fared worse than firms with broader qualitative values such as customer service, for example.
And this value is characterized by the understanding that innovation is a somewhat random and unpredictable element of business. The underlying belief here is that everyone is capable of innovation, not just the research and development departments.
In Search of Excellence Key Idea 7: When excellent companies branch out, they build on their core strengths. This is called diversification, and it can be done by creating a new products or buying a company in a different sector — with the ultimate hope of making more money. Apple is a diversification success story. Consider the fact that it expanded its product range from computers to music players to phones.
Although he did notice a mild positive correlation between the number of new products a company introduced and increases in sales, he saw absolutely no positive relationship between new product launches and actual profitability.
In Search of Excellence Summary
These companies would achieve a In Search of Excellence Key Idea 8: Even large companies run best with a simple, lean organizational structure.
Success has its own challenges.
And one of the drawbacks of growth is that as a company expands, it hires more people, ends up with larger departments — and finds itself with a super-complex organizational structure. So, imagine a small company with a functional organizational structure. Employees are grouped together according to whatever function they perform, such as marketing, legal work or sales. But as the company gets bigger, it outgrows this rigid structure.
In Search Of Excellence
And it becomes inefficient for everyone to report up the hierarchy all the time, because it prevents individual employees from dealing with unpredictable or time-sensitive issues. Companies try to cope with this issue by implementing a matrix organizational structure, creating discrete teams responsible for specific products and functions. But this gets complicated very quickly. Since there are many different managers running different teams, employees get confused about whom they should report to.
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But excellent companies find their way around this by embracing simple form — stable, unchanging organizational structures — and lean staff. So at these companies, there will be just one manager or department head, instead of multiple people for employees to report to.
The chairmen shield their divisions from unwanted bureaucratic interference. Furthermore, since each division controls its own marketing, distribution and research, it leads to better, more efficient decision-making, and ultimately requires fewer people.
Well, it turns out that excellent companies have a lot in common: Top businesses put a premium on customer service. They also sincerely care about their own employees and promote experimentation within the company.
Suggested further reading: Good to Great by Jim Collins Good to Great presents the findings of a five-year study by the author and his research team. NCR , Wang Labs , Xerox and others did not produce excellent results in their balance sheets in the s. Rick Chapman titled his book on high-tech marketing fiascoes, In Search of Stupidity, as a nod to Peters's book and the disasters that befell many of the companies it profiled.
He notes that "with only a few exceptions Rosenzweigh opines that it was not possible to identify the traits that make a company perform simply by studying already-performing companies which Peters and Waterman did. Most of the "confessions" were humorously self-deprecating remarks In Search of Excellence had been "an afterthought One of them, however, used the term "faked data:" This is pretty small beer, but for what it's worth, okay, I confess: We faked the data.
A lot of people suggested it at the time. The big question was, How did you end up viewing these companies as "excellent" companies? A little while later, when a bunch of the "excellent" companies started to have some down years, that also became a huge accusation: If these companies are so excellent, Peters, then why are they doing so badly now?
Which I'd say pretty much misses the point. How did we come up with them? We went around to McKinsey's partners and to a bunch of other smart people who were deeply involved and seriously engaged in the world of business and asked, Who's cool? The first and most important one is linked to the qualities embedded in the global brands by top-notch managers.
The sample consisting of 43 companies from the six major industries examines all the aspects needed for reaching the top. Nonetheless, the process of turning theory into practice was a lot harder than they foresaw.
As the study reached a certain point, there was no turning back. The project began with seven crucial and unique variables, which turned out to be the foundation for a new model.
None of them had ever assumed that a group of students could challenge the American economy , by designing a system that allows the companies to analyze all fields using well-defined metrics.
High expectations and trust, laid down the foundation for this seven-variable model. Generally speaking, this project produced a matrix consisting of multiple principles. You probably wonder what these students strived for? All carrying a different meaning, all conveying a unique message.
The usefulness of the model is beyond doubt, and yet without accurate information , the use of this matrix is counterproductive.
A dose of skepticism appears about whether Peters and Waterman, used some metrics to select their corporate models of excellence or not?
Probably, nobody can give an answer to that question, but you can look from their perspective and ask yourself — What would I do? The process starts with identifying a list of businesses that all of the stakeholders interpret as inventive, innovative and probably prosperous in years to come.
Although they conducted the study two decades ago, the freshness is intact. Companies these days, still rely on them due to trust, and transparency.Nonetheless, the process of turning theory into practice was a lot harder than they foresaw. The Black Swan: S Navy. For example, top companies would have a system in place to efficiently cope with a product issue that needed input from a variety of departments — such as the product, legal and advertising teams.
Tribe of Mentors. By creating small groups — task teams of fewer than ten people dedicated to solving specific problems — companies can nimbly deal with problems as soon as they arise.