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Peter Drucker, the father of modern management, was a prolific writer and speaker on business and management. His views on exploiting new realities remain relevant nearly two decades after his death. And we have more than a few new realities to exploit.
Embrace Change
Drucker believed companies should embrace change and find opportunities in new realities rather than resisting them by hanging on to the status quo. He argued that companies must constantly adapt to new and unique circumstances to remain competitive. This requires a deep understanding of the changing business landscape and the ability to think creatively and take calculated risks. It involves reading, networking, and listening broadly.
Knowledge Work
One of the key new realities that Drucker identified was the rise of knowledge work. He believed that knowledge workers, such as engineers, scientists, and managers, would become the most valuable employees in the modern economy. Does this remain true in the AI world? He argued that companies must focus on creating a work environment fostering creativity, innovation, and collaboration to attract and retain the best knowledge workers.
Technology
Drucker also recognized the importance of technology in the modern business landscape. He believed that companies need to embrace technology as a tool for efficiency and to create new products and services. He argued that companies must be technologically literate and invest in research and development to stay ahead of the curve. So true in today’s world.
Think Global Act Local
Another new reality that Drucker recognized was the globalization of the economy. He believed companies must be globally oriented to seize new markets and opportunities. This requires a deep understanding of different cultures and adapting to business environments. Even if you don’t offer a product globally, you can apply the learnings locally.