BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage
Phillip March 6, 2024 No Comments

BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage

BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage

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Capella university

BUS-FPX4014 Operations Management for Competitive Advantage

Prof. Name

Date

Operations Management for Competitive Advantage

In today’s highly competitive and ever-changing business landscape, organizations must adapt and maintain efficient operations to remain competitive in their respective industries. Achieving profitable and reliable operations requires clear strategic direction and operational standards. For example, Medora Bank has chosen to transition its business strategy towards a customer-centric approach, necessitating significant organizational adjustments. This paper aims to discuss recommended improvements and modifications in operations management to support this strategic shift.

Management Support

Effective leadership is paramount in fostering a positive organizational environment. Consistency, well-defined parameters, and accountability are essential for success, which can be established through a clear mission, vision, and ethical framework. Ferdowsian (2016) emphasizes the importance of a stable foundation for quality as the cornerstone of daily operations, contributing to overall success.

Resource Allocation

With Medora Bank’s emphasis shifting towards customer service, efficient resource allocation becomes crucial. This may involve deploying additional manpower, enhancing technological infrastructure for improved customer support, and expanding service offerings such as safety deposit boxes and improved ATM access.

Bundling Services

Service bundling can enhance efficiency and attract customers, thereby increasing profitability. Lacoma (2016) underscores operations as a critical component of business success, emphasizing efficiency, adaptability, and quality control. Implementing a service bundling system requires technological investments to facilitate accessibility and streamline processes, potentially incorporating rewards programs or niche service offerings.

BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage

Key Operations Management Decisions

Efficiency is central to operational success, directly impacting profitability. Hayes (2021) suggests that lean systems, supported by effective operations management, drive efficiency and profitability. At Medora Bank, key decisions regarding service bundling, technology investments, and payroll adjustments must be carefully evaluated in terms of their financial implications and potential revenue generation.

Recommendations: Operations – Change Management

Change management is crucial for navigating organizational transitions effectively. By involving employees in the change process, organizations can mitigate resistance and foster a culture of inclusivity and transparency (Prosci). Utilizing employee surveys can provide valuable insights and drive decision-making, ultimately enhancing the success of strategic initiatives.

Conclusion

Consistency, flexibility, and efficient operations are essential for achieving competitive advantage and profitability. In industries such as banking, a well-functioning operations team is crucial for attracting and retaining customers, thereby increasing revenue potential. By implementing recommended improvements and embracing change management practices, Medora Bank can enhance its operational effectiveness and maintain its competitive edge.

References

Ferdowsian, M. C. (2016). Total business excellence – a new management model for operationalizing excellence. International Journal of Quality & Reliability Management, 33(7), 942-984.

Lacoma, T. (2016, October 26). The Key Elements of Business Success From an Operating Perspective. Small Business – Chron.comhttps://smallbusiness.chron.com/key-elements-business-success-operating-perspective-21234.html

Hayes, A. (2021, April 19). Operational Efficiency Definition. Investopediahttps://www.investopedia.com/terms/o/operational-efficiency.asp

BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage