The theories presented by Fayol and depicted above were able to revolutionize the way businesses operate in the industry. He provided specific initiatives which could be taken by the businesses in order to improve their operations as well as effectively manage the personnel and the business processes. “Henry Fayol and Frederick Taylor are generally credited with making the greatest contribution to the development of management as a science. Fayol proposed the concept of horizontal communication between two separate hierarchical levels rather than strict compliance to the chain of command.” (Pietri, 1974)
Even today the strategies and initiatives proposed by Henry Fayol are extensively used. While the context in which they are used now has considerably changed, the underlying principle for the operation of most businesses in America, Europe as well as in Asia is based on the fourteen principles proposed by Henry Fayol. Conclusively it can be provided that the essence of Fayol’s theories and philosophy can still be applied to the workplace, businesses and the economies of today. However the method of application has to change as the new case scenario is much different in context, behavior as well as mannerism. This is mostly due to the result of the massive technological investment in the economies, and the integration of technology in the lives of the people. Moreover the characteristics of the consumers and the market has also changes resulting in a diverse product and service offering provided by a diverse groups of companies and businesses.