Operations Management An Integral Part Of Any Type Of...

Operations management is an integral part of any type of business and industry. Operation management is making sure the daily operations of the business are conducted to achieve its goals. It is that crucial part of the company that makes the wheel spin and makes the goals achievable. Operations management deals with every aspect of the company – all the way from development, manufacturing and production of the goods and services to the marketing, logistics and sales in the market to generate revenue and profit (Jacobs, 2014). Operations management also deals with research and development of new products and services according to the customers’ preferences and behavior. To do so, it is important to be acquainted with newer†¦show more content†¦Products being sold to the customers need to be constantly innovated to make the product sellable to customers. This is very important to be competitive in a market in any type of industry. Thus, it is very importa nt for a company to understand the customer’s needs and preferences and make constant innovations to its products and services to meet customers’ expectations and desires (Schiffman, Kanuk, 2010). But, innovation does not stop at the production of a new product. Constant innovation is required to make the operations management more efficient. Utilizing newer technologies can be very important for the business as this can help the company attain competitive advantage in the market against its competitors. Thus, understanding and utilizing new technologies and innovation can help a company become more profitable and successful in the competitive market. Understanding customer preferences is another important aspect that needs to be considered in operation management. Understanding the demand and supply equilibrium of the market will help a company understand the total amount of products they need to produce. Having a technology which can evaluate these numbers by understanding and analyzing the market will be an asset for the company. It is a fact that technology and innovation is very important to have a competitive advantage in all sectors of a business. Technology also helps companies understand the best possible price for a product accordingShow MoreRelatedImportance of Managerial Accounting1005 Words   |  5 PagesIntroduction The purpose of management accounting in the organization is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. 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