In contemporary business environments, the efficacy of management systems is pivotal for sustained organizational success. The dynamic landscape of global markets necessitates adaptive and versatile management frameworks. Discuss the theoretical underpinnings of a holistic business management system, outlining its core components, functions, and the interplay among various elements to achieve organizational objectives. Further, elucidate the significance of integrating technological advancements, human capital development, and strategic planning within this system to foster innovation, competitiveness, and long$-$term growth in an ever$-$evolving business ecosystem. Provide relevant examples and analyze potential challenges that businesses might encounter when implementing and maintaining such multifaceted management systems in the face of disruptive market forces and rapidly changing consumer demands.