Digitalization of work and production processes demands radical changes of management tools as to ensure bigger flexibility, development of competencies and business growth and improvement of business operations. In this final paper recent literature in the field of management is critically reviewed and the knowledge of the differences between traditional and radically new approaches to management is systemized. The paper questions the evolution of traditional approaches to management and identifies and values one of the newer management directions which meets the management challenges of the 21 st century. The point of this paper is to show and examine management as it is, and to show its basic theories, as well as to define the newest management 3.0, and to examine the ways it is used, what purpose does it serve and how efficient it is in organizations and companies. Central part of the paper represents a theoretical framework for identifying the differences between the traditional and the new approach to management, interprets conceptual framework of management 3.0 in the context of Republic of Croatia, its significance and protentional benefits. At the same time this final paper discusses the new discoveries and guidelines. Meaning of new technologies and new management for managers in Republic of Croatia is critically appraised. Furthermore, the paper explains the implications and recommendations regarding new management, new economy and the manner of doing business in the 21 st century. This finalpaper encourages understanding of managing tasks, purpose and features, as well as ways in which a manager can successfully improve business activities of any organization or business system in the present.