In the history of business and professional management a great range of decisions have been taken in the last one hundred years or so that brought forward great changes in the modern quality of life and our thinking practice. There are some of the management decisions in the world history of business that practically turned the history and became an instrumental part in shaping the modern civilization and scientific thought process. The greatest management decisions that made the history turn in a most unprecedented are as diverse and varied as the contour of human intellect and emotion. When some of these decisions are accidental, there are a lot of decisions that took place from the compelling circumstances and there are many great management decisions in the business history that were well thought of and visionary in their objectives of doing something of great importance and value to the mankind. We would introduce here some of the greatest management decisions that made the history.
Hanging on the Telephone: The management decision of Bell & Co. to stick to their invention despite odds
We all know about the great discovery of telephone by Alexander Graham Bell, but we hardly harbored any interest on the business potential of the instrument that made great many companies to fight and the as one of the greatest management decisions that made the history, Alexander Graham Bell and his company's decision to persistently hang on their discovery of telephone. This business decision of sticking to the invented device whose functional properties were not at all satisfactory at that point of time and had been discouraged by the other big companies and from all social backgrounds, had been taken by the company to be the most popular device of communication for millions.
The decision of Bank of Italy to start the modern consumer banking
In the beginning of nineteenth century banking was not like what it is today. When an earthquake shook San Francisco in 1906, one of the founders of the bank, A. P. Gianni thought it to be a great business idea to deposit the gold and money of disaster ravaged people in the vaults of the bank and by that way to spread the bank's service to the common people. In the following process he convinced the working people the importance of savings and he also backed the Hollywood film business and other business houses with loans that further made the bank progress in its business. Within years the bank had been renamed as the Bank of America which is not only one of the largest banks in the world but is the leader in the modern day banking practice and innovation in customer interface. Gianni's decision is considered to be one of the greatest management decisions that made history of the banking industry turn towards a new dimension of consumer market in the mass scale.
Henry Ford's business decision to spread the production facilities and worker's base through lucrative remuneration
We all know this legendary businessman's charismatic role in discovering and developing the first consumer automobile for the mass use and history has reminded of his pioneering role in the development of the automobile industry and his fatherly role in bringing put the American industry on the development path of technology, but what remained largely into the shadows of ignorance and oblivion is the great decision of Henry ford to offer an astounding remuneration package to the workers in his automobile factories. Henry Ford decided to pay $5 a day to the worker and at that time it was much above the industry rate of worker's remuneration. This decision supplied ford the biggest number of workers for his mass production units and the decision paid Ford hugely through the astounding production of mass models of automobiles and a mass market for it.
The decision of Americas one of the most popular shopping catalogue producers to come up with their own chain store
Sears retail store is one of the largest retail stores in the American history that now became world renowned Amazon store. For almost 30 years it had went through many shifts in business and finally in the beginning of nineteenth century it became one of the most popular consumer catalogue producing companies that almost influenced the buying behavior of a generation and it was in 1925, that the company first envisaged the tremendous potential of the retail business sector and founded its first chain store and within the middle of the previous century it became the largest retail chain store brand in the country. Just look at the Amazon company, the latest avatar of the company in retail and you would not doubt about our decision of considering the decision of Sears to found chain store as one of the management decisions that made the history of business take a different experience, in especially retail segment.
Merrill Lynch's 1929 investment decision to sell large amount of stocks
In 1929 the founder of the invest company Merrill Lynch, with the stock market in full swing to produce one of the most optimistic investment scenario, told his investors to sell their stocks. The decision was in a way unusual to many investors in the company but in the end it proved to be one of the shrewdest ideas to sale the stocks at that point of time, because of the prevailing high prices at that time and which soon came down with the crashing speed of a rocket and in the month of October when the country experienced one of the cruelest downfall of the stock market causing millions of investors losing huge sum of money, Merrill Lynch's decision proved to be decisive and wisest. That decision consolidated the reputation of the firm as a great investment company and the reputation paid the company in a most unprecedented way by making it to be among the most sought after company for investment consultancy, portfolio management and other investment decisions.
The decision of the Japanese industry to promote the 'Made in Japan' tag
In the 1950's Japan was as underdeveloped in industry and technology as any other country in the east. The country ravaged by the disastrous effects world war and the most haunting memory of atomic attacks on Hiroshima and Nagasaki was drastically searching for its own identity in every sphere of national interests, like industry, technology, consumer goods and innovations, agriculture, living standard and reputation of the country as the producer of most astounding technological brilliances. Japanese industrialists and businessmen in a meeting with the consultancy of a American statistician named Edward Deming decided to use the tag 'Made in Japan' in their produced goods and at that time the decision was one of the most unusual ones as many of the Japanese goods producers started to run their factory in America for the better salability of the tag mentioning their production origin to be in U.S.A. That decision though was not received with much appraisal made great influence on the Japanese companies to become world leaders in various categories of goods and technologies. Today 'Made in Japan' is considered to be the most valuable and respected tag that denotes the consumer's appreciation and high estimation regarding the quality of Japanese products.
IBM's decision to found computer compatibility system for the solution of its own problems
In the beginning of 60's decade IBM had decided to find completely compatible system to address the issues regarding the transfer of files, sharing of vital data between computers or compatibility between computers and accessories. Until that time to purchase a computer means you no longer can use the data in your previous computer simply by transferring them to your present one and this is the precise reason why the computer hardware industry could not become public. When the problem became acute in many respects, IBM decided to work on the issue and gradually developed IBM/360 as the new computer range that is completely compatible with one another and can share and transfer the data without any hassle. Definitely with this new technology in computing the whole computing experience and the industry became revolutionized and IBM with this new range of computers became the largest producer of computer hardware in the world.
Citi Bank decided to launch Automated Tailor Machine
In 1975, the founder of Citi Bank, Walter Wriston decided to introduce new technology in the banking that revolutionized the whole banking experience in an unthought-of way. According to his own comment and observation regarding the status of bank deposits in his own bank, for many years the business has been static and for finding the growth path establishing a customer friendly new system was necessary. When Citi bank came up with the automated system as the alternative tailor counter the idea was absolutely new and in 1978 when the whole New York City was walloped with more than two feet of snow, Citi Bank ran an advertisement showing the citizen walking towards the nearest Citi bank ATM for their banking needs and the catch phrase 'Citi Never Sleeps' spread the reputation of the bank along with its new technology in banking, ATM machine. After the introduction of the ATM machine, virtually overnight it had come up with more than 400 branches in New York itself and within a few years it came up with the widest present of the banking facility through ATM machines all over the country. That decision not only changed the modern banking experience forever but it is one of those management decisions that made the history of banking to be written in a different way.
Wal-Mart introduced the private satellite network for its own internal communication across branches
It was almost a repeated query from the customers of Wal-Mart stores that how they can handle such huge customers and stuffs when the store really grows big to encompass various regions and global locations under its business operations. So when a data processing manager approached the founder Sam Walton regarding the establishment of a private satellite network, though he was not decided at first, ultimately he had to take the idea as the most viable option for better customer reach, store supervision across various locations and better inventory management. With the launch of private satellite network the whole retail industry changed and paved the way for numerous technological developments as well as updating in different business fronts.
AT&T's decision to invest in research and development of the long distance communication as a focus area
When Graham Bell invented telephone and gradually telephone became the most modern means of communication, it was not clear how one day the technology of telephone would find the computer technology as its greatest alley and in the process the modern network of long distance communication would be founded. So AT&T decided to shrug off its local telephony business and mainly focus on the evolving technology of long distance communication and computer applications, the picture was still not clear to the global audience regarding the fate of the huge investment that the company was pouring in the research and development of the technology. Now in the modern era of technological innovations and dependence we can understand the value of that decision in finding the greatest technology for the most advanced level development in the communication field.
Julius Reuter's decision to introduce latest technology in information flow and sending
In 1850's Julius Reuter famously used to use the service of doves for sending the financial information between Belgium and Germany and in the following years he became one of the very few initiators to introduce latest technology in the passing of information, the first instance of which is the news wire service that completely revolutionized the news business and it is still considered to be one of the foundations of modern information business.
As mentioned above the greatest management decisions that made the history of the business world appear in its present avatar is not all inclusive and definitely run the chances of excluding many great business decisions in the history that had been instrumental in changing the role of modern business and technology and bringing impressive changes in our life style.