Modern management tools usage: Empirical analysis in select companies in Bosnia and Herzegovina

Abstract

The main purpose of this paper is to present the finding of a research into modern management tools usage in companies in Bosnia and Herzegovina, in the climate of economic downturn. In trying to reduce uncertainty of business conditions in recession, and to create a sustainable competitive advantage, the necessity of an adequate response to changes and challenges for companies through the usage of management tools is gaining momentum. In this paper, we have presented research results of modern management tools usage and the level of satisfaction for companies that are operating in Bosnia and Herzegovina, in the context of financial crisis and economic downturn, and against the backdrop of the set targets of these companies. Results stem from a survey conducted among 46 executives in companies of all sizes, sectors, forms of organization and ownership. Regarding practical implications, the paper points to the usage of modern management tools in companies, following the global trends of tried-and-true management tools, positively correlated with the satisfaction coming from their implementation. We must emphasize that companies in Bosnia and Herzegovina are focusing more on usage of management tools that are promoting improved customer relationship management and customer segmentation, in the climate of persistent economic downturn. We believe that building stronger management capacities is under way for companies doing business in Bosnia and Herzegovina, as well as the implementation of some new data management tools. In this process of implementing new tools, additional managerial training of the staff is needed, which is supported by our survey findings.