Virtual Management: A Cross-Section Of The Management Process Illustrating Its Fundamental Functions Of Planning, Orga-nizing, Leading And Controlling In A New Era Organization

Abstract

In the age of the E-Economy, the process of management is undergoing radical changes in all dimensions of basic management functions. New solutions in information and communication technologies are constantly emerging in the forefront, changing and re-defining the current content of management. The traditional management process has built-in competitive advantages on the classic factors of production (land, labor, capital). In the New Economy, the production and distribution of information and knowledge is the main source of a company's assets. The aim of the paper is to present the impact of the New Economy on the management process through its fundamental functions in a new era organization. At the turn of the 21^st century, organizations are facing the Internet revolution, which imposes on top management new and different conceptual requirements. Therefore, the paper focuses on the new paradigm of virtual management, and enlightens different theoretical views of the 21^st century organization. The results, presented in the paper, can be applied to all companies, competing in todays extremely competitive environment.