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.