Business operations and processes

Business Operations

Business operations refer to the activities that businesses perform on a daily basis to run their firm efficiently.
These activities can include purchasing, supply chain management, manufacturing, marketing, finance, human resources and more.
Ensuring smooth business operations is crucial to delivering customer value, maintaining profitability and overall business stability.

Manufacturing and Production

Manufacturing or production is the process of transforming raw materials or parts into finished goods that can be sold in the market.
Efficiency in production is key. This means producing high-quality goods in the least possible amount of time and with minimum waste.
Different manufacturing processes include batch production (producing in large quantities), job production (made-to-order goods), and flow production (continuous, like in car assembly plants).

Supply Chain Management

Supply Chain Management includes managing and overseeing the supply chain’s activities, from sourcing raw materials to delivering the finished product to the customer.
A well-managed supply chain ensures cost-effectiveness, increases speed of delivery, and improves overall customer satisfaction.
Supply chain efficiency is affected by factors such as logistics, inventory management, and the relationship with suppliers.

Quality Control & Assurance

Quality control is the process of inspecting products to ensure they meet the desired quality.
Quality assurance is the systematic process of checking whether a product or service meets specified standards.
Both these processes are vital to maintain the company’s reputation and to ensure customer satisfaction.

Inventory Management

This refers to the process of ordering, storing, and using a company’s inventory. This includes raw materials, components, and finished products.
Effective inventory management can prevent overstocking or understocking, ensuring goods are available for sale when needed.
Techniques like just-in-time (JIT) inventory management minimise stock level and streamline processes.

Cost Management

Cost management involves the process of planning and controlling the budget of a business.
It helps to determine the price of products, balance the income and expenditure, and set strategic goals.
Cost management strategies include reducing production costs, improving efficiency, and effectively pricing products.

Customer Service

Customer service refers to the support provided to a customer both before and after they buy and use your products or services.
Excellent customer service can create loyal customers for life who will refer your business to friends, family, and colleagues.
Providing this level of service is vital to maintain competitive advantage and high levels of customer satisfaction.