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The past dozen years in business have witnessed an explosion in the use of management tools and techniques. The tools range from broad processes such as strategic planning and benchmarking to highly focused initiatives such as the use of radio frequency identification (RFID) tags. Keeping up with the tools and deciding which ones to use have become an essential part of every executive’s responsibilities. But it’s a tough job. New tools appear every year, while others seem to drop off the radar screen. There is no Consumer Reports to help executives sort through what works best in any given situation. Without data, choosing and using tools becomes a risky and potentially expensive gamble. In 1993, Bain & Company launched a multiyear research project to get the facts about management tools. Our objective is to provide managers with the information they need to identify, select, implement and integrate tools that will improve bottom-line results. Every two years, we interview senior managers and conduct literature searches to identify 25 of the most popular and pertinent management tools. We define the tools in this guide, and then conduct a detailed survey to examine managers’ use of tools and success rates. The 2005 survey results are available in “Management Tools 2005: Global Survey Results”.
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