The history of modern management is largely one of managing tangible assets, not intangible ones. Many of the older organizations that exist today became successful because of their ability to manage tangible assets, most frequently natural resources and cash. Making the transition from excellence in managing tangible assets to excellence in managing intangible assets is an enormous challenge. In fact, it seems likely that many if not most organizations that need to make this transition to survive will never make it. Instead, they will fall prey to the creative destruction imperative that characterizes capitalist societies.

Creative destruction means that organizations that don't adapt to changes in their environment ultimately lose out ...

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