Reengineering: competitive weapon or destruction tool?

The Greek philosopher Heraclitus noted in 500 BC that "There is nothing permanent except change." However change is no longer an issue of degree but of kind (Eisenberg, 1997). Until relatively recently, change has been predictable, incremental and evolutionary. However, modern society is experiencing unpredictable, rapid and revolutionary changes driven by sophisticated application of information technology (IT). Product life cycles, once measured in years, are shortening to months. Businesses, which not so long ago most valued natural resources and manual labor, increasingly value intellectual capital. IT enhances information gahtering and dissemintation as well as diminishes the need for narrow management hierarchies since automation often increases productivity, resulting in fewer employees. In response to these turbulent times and ever-increasing competition, management prescriptions for success are plentiful-- each being the one true means to achieving competitive advantage.