OPEN BOOK APPLICATION AS A STRATEGIC MANAGEMENT TOOL

Abstract

Along with the information age accelerating its development towards the end of the twentieth century, rapid changes and innovations are being experienced in the business world. Several factors such as competition increasing with the influence of the globalization, changes in the customer characteristics, advances in technology and increasing uncertainty have made the businesses’ ensuring their continuity difficult day by day. Therefore, businesses should give importance to development and change and be open to new approaches in their administrative activities in order to have a structure which will get an edge over their competitors in the future. Strategic Management, one of these approaches, is a management process that enables the businesses to develop correct strategies for achieving their goals and assess the results applying these strategies effectively. There are some tools, techniques and approaches, prominent in the successful implementation of the chosen strategies, at different stages of the strategic management process. One of them is Open Book Management (OBM) which is new and quite a radical concept of management. OBM refers to the opening of the entity’s financial records, expenses and profitability sources to employees. In this study, Open Book Management’s being converted to a successful strategic management tool has been addressed.