With the ramified economic changes and complex business structure, every organization should indulged in implementing the effective business operation and management. Operation is defined as process or methods which are used in organization to accomplish the set objectives and goals. Operational management is related to effective and efficient management of business operations irrespective of the business physical activities. Operation is the part of the management which is concerned with the transformation of the range of the inputs into the required output of the business. In modern days, operational management is defined as completely different activities which is used by organization to create core competency and business outcomes in effective manner. Operational management set of different activities which focuses on the plans, activities and undertaken work which is done with a view to cater the organizational need and accomplishing the set objectives. This research report focuses on the Operations management in a global context and how operational management has been changed due to the globalised world. It is analysed that company should focuses on strengthen the operational management activities which assists in preparing the organization on global level and creating the core competency in cost leadership and product differentiation strategy. With the increasing completion, if company wants to survive in long run then it should focus on effectively manage the operational activities. This research report focuses on the challenges, issues and benefits of using the effective operational management in organization (Kiefer, et al. 2017).
This research report critically analyse the key global operational management methods and techniques adopted by the multinational organizations such as Wesfarmers, JB Hi-Fi and Tesco for its innovative business operational process and distinguish itself from the those of other rivals in market. The operational strategy of the organization focuses on offering the best quality goods and services to clients which strengthen the business outcomes and increasing the overall outcomes in effective manner. The main aim of this research is to identify the key issues and business challenges which might multinational organization face in its business operation management. It also helps in identifying the benefits and challenges of the operational management which could be faced by the multinational companies such as Wesfarmers, JB Hi-Fi and Tesco in their business operation (Mentzer, et al. 2011).
Operational management is integrated systematic approach to address all the problems and issues pertaining to the transformation process which is used to covert raw material into the finished goods. The operational strategy needs to be part of the organization to achieve the global dominance. The effective operation management in global context is related to improving the communication technologies and open financialoperational system in organization effective operation through efficient use of resources worldwide drive towards a globalized economic system (Mentzer, et al. 2011). Global market imposes new standards on quality and time requires operation managers to think domestic market and penetrate the global market. To achieve its objectives towards globalization, there should be improve communication technologies and open financial system. The company strategy should achieve adequate utilisation of resource and adequate customer service (Kiefer, et al. 2017).
With the globalised competition, multinational organizations are facing immense pressures in turbulent competitive environment that move forward by globalisation, and advance technological growth of the of the internet. The total quality management is imperative tool which surmount future challenges within the turbulent financial services environment. TQM provides effective strategic operations with the achievable goals and objective which could strengthen the overall objectives goals and objectives. On the globalised level, total quality management is considered as organized-wide process that revolves around the total quality triads showcase the state of the perfection in business. Hence, it is found that plans are developed in an integrated manner with the three integrated principles such as participation, commitment by the stakeholders and management of team. In many organizations, global total quality management in business operation management has resulted to strengthen the business quality, increasing the overall outcomes and implication of the continued improvement business plan in organization (Kiefer, et al. 2017).
It is also related to setting up of the long term client relationship on international level. Ideally, it is used to setting up the nexus between organizational development with the stakeholder’s needs and demand (Routledge, Cumbers, &Nativel 2016)
Operational management on international level also focuses on managing the inventory in the business and strengthen the control management program in organization. It is analysed that setting up of the economic order quantity, minimum and maximum stock level in organization is imperative points for reducing the overall costing of the business and creating core competency in cost leadership strategy (Bo?rner et al. 2017). It is considered that on international globalised level, inventory planning and control management is adopted with a view to strengthen the flow of inventory and system process in organization (Greene, 2016). Inventory planning and control in financial services industry on international level is method of organizing the differences between the demand and supply of the products and services in market. it helps in setting up of the optimum level of flow of goods and services on international level and also assists in meeting the clients demand on international level (Berghöfer, &Lucey, 2014).
The changes in the global management strategies are the basic requirements to operate the business on international level so that customized services and products could be offered to clients. It is analysed that if companies on global level focuses on the restructuring, re-engineering of the operational management to strengthen the business process and customizing the services and products offered to clients in market (Skirving, et al. 2017). however, there are several change strategies which could be used by companies on global level to make their operational management more effective such as changing the management, focus on employee oriented work culture, customized business strategies and implication of the advance technologies and system in organization process (Jingwei, Liyuan, &2015).
Global Operations Designs
The global operation must be designed to enable effectively and efficiently. However, in financial sectors, operational activities of the organization should focus on using the matrix project where employee from the different department come together to bring the customized products and services as per the client’s needs and demand. It helps in offering the customized financial products in context with the globalised interest rate, premium prices and related offers (Wilhelm, et al. 2016)
It is analysed that while operating business on international level it is required to set up international rules and policies which could assist organization to develop customized international globalised frameworks (Kauffeldt, et al. 2016). This supply networks design is based on the inventory supply chain and globalised logistic support channel. It is analysed that supply network design is based on the logistics supply chain work program which is developed to strengthen the import and export of the goods and services from one country to another. In addition to this, it also helps in remitting the capital and goods from one place to another. However, the supply network design of the company on international level should be backed by the strong communication and data base communication design program. It will help in setting up the strong coordination among the employees (Da Rocha, et al. 2016). The supply network design includes all the suppliers, customers in which operational process of the organization is defined. It is accompanied with the supply side, inventory management, client’s handling process and products and services managed by company in its operational activities. However, the operational supply network design needs to be customized as per the particular country and network design. On international level, it was formulated to reduce the time and cost involved in the process which could shorten the operational life cycle as it will also reduce the time involved in converting the goods into the capital (Kerzner, &Kerzner, 2017).
For an organization to center their thoughts on knowledge management, there are certain motivations to achieve that. Using KMP following are the benefits an organization can avail (Laudon, &Laudon, 2016).
Furthermore, in the current economic scenario, which has been shifted to the knowledge driven economy, it is vital for the organizations understand the development and the implementation of the strategies pertaining to knowledge in order to attract and retain the positive measurable results and outcomes in operational functions. Further, the knowledge has two major characteristics, Viz., Tacit and Explicit. For explicit knowledge, it is easily codified and disseminated to the end users. For example, manuals, facts, pictures, graphics, charts, graphs and diagrams. Therefore, it has also been called as the knowledge which is easily broadcasted in an official setting using a methodical language (Lasserre, 2017).
On the other hand, in tacit knowledge is intricate to codify and articulate the knowledge. In order to share tacit knowledge socialization becomes important. An organization operational process whose culture is based on knowledge and possess the following characteristics. The main focus is given to individuals and humans working in the organization doing manual and thinking and processing work rather on elements which are material in nature. However, the organization is open to stakeholders both open and closed, the entire focus remains on customer satisfaction, the organization supports the knowledge sharing. Since, it is about gaining, using and sharing knowledge, the entire focus must rely on the individual’s learning and overall organizational learning. The focus shifts to employee participation in decisions which impact their presence in the company, their performance and risk taking abilities. The organization also focuses on stakeholders and equality amongst all, meticulously on innovation in its operational work process while operating on international level. The organization becomes the change promoter in every activity of the company.The organization also cares for employees and their knowledge (Arntzen, Brown, Harrison, and Trafton, 2015).
Most of the organizations in financial sectors failed to plan and control their resources globally. This could be perceived by the global recession issues, complexities and errors in the process. Therefore, it is analyzed that if company wants to sustain in sluggish market then it should focus on lower down the complexity, increasing the productivity and efficiency of the business in effective manner. For instance, if organizations fails to manage its operational activities and adapting with the changing business process then it might lead to increase business costing and lower down the global operational planning cost. It is assessed that company should focus on flexibility of the resources utilization in the process which could strengthen the business efficiency and lower down the cost of the goods sold in market (Lambert, & Cooper, 2010).
Global operation management of the organizations indulged in the financial industry needs to evaluate internal and external factors before formulating the strategies and setting up the global supply chain management. The objective of these organization is to strengthen the quality, speed, dependability, flexibility and cost. These are the valuable factors for reducing the overall costing and increasing the business efficiency of the organization. If company wants to develop core competency in market then it should focus on lower down the business complexity and implement the training and development program in its process. This is the method which is adopted to strengthen the global supply chain process of organization to manage the capital and reducing the operational life cycle of the company (Manuj, &Mentzer, 2008). This global operation management is imperative to strengthen the business outcomes and efficiently managing the complex business activities in effective manner.
The challenges and issues of the operational management on international are several which includes impact of the globalized market, changing the view of the social responsibilities, environmental sustainability, technologies influence, tough competition, and failure to adapt with the international knowledge management program. These challenges may influence the business operational and sustainability if these are not taken efficiently. Nonetheless, the main major issues arise when company wants to migrate its highly experience expert employees on international expansion business operations. It might lead to high cost and mis- management and dis-satisfaction among other employees. Therefore, lack of planning and operational work may lead to destruction of the business while expanding on international level (Seuring, & Müller, 2008).
There are several recommendation for the multinational organizations to mitigate the international operational management issues. However, there are following recommendations are given as below which could assist organization to effectively manage the operational department on international level.
It is analyzed that there are several strategies which should be used by company to implement the business on international level such as restructuring of the business process, implementing the value supply chain process, hiring of the expert employees and staff members and setting up of the advance innovative technologies and system process in business. These strategies should be used to ease the process operational functions of the organization. It not only helps in reducing the international business complexity but also lower down the operational work functions. It is considered that these operational program of the organization should be customized on international level and should be backed by the advance technologies and system process to strengthen the overall output of the company. Nonetheless, consistent training and development program will also be needed with the regular meeting to resolve the issues and improving their work function in its operational activities (Mentzer, et al. 2011).
Conclusion
After assessing all the details and information on the global supply chain management, it could be inferred that global operational management requires utmost strategic planning and set structured work. If these issues are not taken effectively then it might lead to global process issues and may also result to business destruction. In addition to this, customized global operation helps in reducing the overall business issues and complexity in effective manner. Now in the end, it could be inferred that if company could align the international global supply chain then it should focus on hiring the expert employees in its operational department who should be accustomed to act as per the directions and instruction of the directors of the company.
References
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