BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage

Student Name

Capella University

BUS-FPX4014 Operations Management for Competitive Advantage

Prof. Name

Date

Operations Management for Competitive Advantage

In the fiercely competitive and continuously evolving business environment, organizations must adapt while upholding efficient operations to maintain a reputable standing in their industry. For an entity to achieve profitable and reliable operations, it must define its intentions and operational standards. Medora Bank, for instance, has opted to pivot its business strategy towards a customer-centric approach, necessitating significant organizational adjustments. This paper discusses recommended improvements and modifications in operations management to support this strategic shift.

Management Support

Leadership plays a crucial role in fostering a positive organizational environment. Consistency, defined parameters, and accountability are essential elements for success, which can be established through a clear mission, vision, and ethical framework. Research by Ferdowsian (2016) underscores the importance of a stable foundation for quality as the basis for daily operations, contributing to overall success.

Resource Allocation

With Medora Bank’s focus shifting towards customer service, efficient resource allocation becomes paramount. This may involve deploying additional manpower, enhancing technological infrastructure for better customer support, and expanding service offerings such as safety deposit boxes and improved ATM access.

Bundling Services

Service bundling can enhance efficiency and attract customers, thereby increasing profitability. Lacoma (2016) emphasizes operations as a critical component of business success, highlighting the role of efficiency, adaptability, and quality control. Implementing a service bundling system requires technological investments to facilitate accessibility and streamline processes, potentially incorporating rewards programs or niche service offerings.

BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage

Key Operations Management Decisions

Efficiency is central to operational success, directly impacting profitability. Hayes (2021) suggests that lean systems, supported by effective operations management, drive efficiency and profitability. At Medora Bank, key decisions regarding service bundling, technology investments, and payroll adjustments must be carefully evaluated in terms of their financial implications and potential revenue generation.

Recommendations: Operations – Change Management

Change management is essential for navigating organizational transitions effectively. By involving employees in the change process, organizations can mitigate resistance and foster a culture of inclusivity and transparency (Prosci). Utilizing employee surveys can provide valuable insights and drive decision-making, ultimately enhancing the success of strategic initiatives.

Conclusion

Consistency, flexibility, and efficient operations are crucial for achieving competitive advantage and profitability. In industries such as banking, a well-functioning operations team is essential for attracting and retaining customers, thereby increasing revenue potential. By implementing recommended improvements and embracing change management practices, Medora Bank can enhance its operational effectiveness and maintain its competitive edge.

References

Ferdowsian, M. C. (2016). Total business excellence – a new management model for operationalizing excellence. International Journal of Quality & Reliability Management, 33(7), 942-984.

Lacoma, T. (2016, October 26). The Key Elements of Business Success From an Operating Perspective. Small Business – Chron.com. https://smallbusiness.chron.com/key-elements-business-success-operating-perspective-21234.html

Hayes, A. (2021, April 19). Operational Efficiency Definition. Investopedia. https://www.investopedia.com/terms/o/operational-efficiency.asp

BUS FPX 4014 Assessment 1 Operations Management for Competitive Advantage