Businesses today are driven towards launching sustainable and disruptive innovations due to fast pace/short life of their product(s) in the market. Invariably almost every organization across the globe is heavily dependent upon information systems to give them that competitive edge by increasing their business efficiency or provide scalable market opportunities at the right time.
An indispensable component of any business today is Operational Excellence- that provides for deeper insights into existing processes. As barriers across various business operations fade, companies compete with each other worldwide.Global business process operations will be asked to play an increasingly important role in the future of corporate competitiveness – and not be confined solely to supplying a cost-effective foundation. Global operations will need to support the quest for new markets, emerging or local, and adjust to an ever-changing marketplace and evolving regulatory requirements. The transformation will require operations to pay close attention to three trends related to talent, technology, and process management.
Achieving operational excellence involves introducing first class processes that meet or exceed market requirements and ensuring Supply Chain, Operations, Logistics and Services operational performance compares favorably with external best practices.
Apart from the need for efficient and effective key processes, the agility of Supply Chains & Logistics has become an increasingly important factor for operational success. Increased process efficiency and quality, eliminating non-value adding activities and reducing costs are key factors contributing to SCM & Logistics best practices.
Even companies in the “Service” business industry like Banks, Insurance corporations, Hospitals, Tour & Travels…. are using Operational Excellence tools & techniques to solve their problems which hamper their day to day operations i.e. low productivity, inadequate service level, high cost of customer care and too much “waste”, in order to be more competitive and maximize value for customers over time.
Thus, Operational Excellence is the need of the hour across the various sectors of global business. Through the sessions during the day, we will try to understand the sustainable operational initiatives that companies are undertaking to keep abreast of competition.
This conclave is fourth in series on the theme of operational excellence.