Competing in the Third Wave: The Ten Key Management Issues of the Information Age Review

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Competing in the Third Wave: The Ten Key Management Issues of the Information Age ReviewThe two authors examine the top ten issues facing 'third wave' companies i.e. organisations of the information age and knowledge economy. In 'second wave' organisations (industrial economy), competitive advantage is built around efficient use of factors of production - land, labour, and capital. Third wave companies, on the other hand, compete firmly on the basis of knowledge deployment and the imaginative use of technology. According to the authors, 'second wave' managers and 'second wave' organisations (Editors note: and those teaching 'second wave' management principles and strategy) are at the crossroads. One road will lead to slow decline; the other to the prospect of long-term success. Achieving this success will require total organisational transformation in the areas of strategy; customer value; knowledge management; business organisation; market focus; management accounting; measurement and control; shareholder value; productivity and reward systems.
A good example of the main argument developed is in the area of customer value. 'Third wave' organisations are those who use information technology to understand the needs of customers and to match highly focused customer segments with their own core competencies thereby building long-term relationships. This emphasis on one-to-one relationships contrasts with the approach of 'second wave' companies who have an unbending faith in increasing scale and market share, despite a wealth of evidence showing that market share and net profits are not strongly correlated. While building market share has been the one of the primary driving forces of 'second wave' companies, 'third wave' managers will be more concerned with attracting the right customers; customers that represent a close strategic fit with the company or who have the potential to grow and therefore to be highly profitable. This has major implications for assessing company value. Traditional accounting statements show only results, but seldom tell how these results were achieved or how performance compares with competitors, and are a very poor guide to future performance because they give few clues to the changes in key processes and capabilities that determine business strength.Competing in the Third Wave: The Ten Key Management Issues of the Information Age Overview

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