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There was a follow-up piece of research done some years later (not by the authors) in a paper called "excellence revisited", which argued that excellence was basically a temporary phenomenon, and that even these companies reverted to the mean. This looked at the "excellent companies" subsequent performance and found that on average, they had deteriorated significantly in all measures of performance. They then picked a sample of "non-excellent companies" using the same ranking criteria as the original book did at the time that the original research was done. Sure enough, these on average improved significantly in performance.
Tom Peters is widely credited with having created themanagement guru industry. Before him it is said that "management thinkers wrote articles in academic journals, gave the occasional seminar, and worked as consultants for a few large corporations". The biggest blockbusters sold under five hundred thousand books.
'In Search of Excellence', co-authored with Bob Waterman, is Tom Peters first book and sold over 6 million copies. Its success surprised their colleagues at McKinsey, who had laughed at the idea that Peters and Waterman would keep the royalties, "should the book sell 50 000 copies".
Two decades later, 'In Search of Excellence' is still one of the most readable management books. The eight characteristics of excellent companies, a bias for action, close to the customer, autonomy and entrepreneurship, productivity through people, hands-on values driven, stick to the knitting, simple form and lean staff, simultaneous loose-tight properties are all still relevant and still ignored today. It is written clearly, painting vivid pictures with anecdotes and examples from real companies.
Peters went on to become a megastar in the field of management entertaining, able to charge up to $80 000 for a one day show. The management guru industry is estimated to exceed a billion dollars and management books, including several by Peters himself, now regularly find their way into the best seller list. Peters'later writings have sometimes inspired and sometimes puzzled a new generation of managers.
This book is a classic. Great companies struggle to remain on top over an extended period. But the lessons learned endure. END
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