The report provides greater details on the operational performance best practices employed in several sectors. In a company organization, operations management is crucial since it aids in the efficient administration, control, and supervision of products, services, and employees. The article provides further details on how to run our enterprises and describes how JBH may utilize operations management to improve performance in his enterprise. The article provides operational metrics that one may use to gauge success and makes suggestions for improvements to corporate operations. The phrase operations management rules, which encompasses the planning, implementation, and supervision of the production of goods or services, is also discussed in the study.
The Industry Best Practices Used in Operational Performance
In order to achieve operational efficiencies, it is vital to identify and organize best practices in accordance with organizational context. The best practices on which a business may concentrate to operate successfully include customer focus, management, people interaction, process approach, evidence-based decision making, and relationship building. The goal of operations management is to transform resources into high-quality goods and services. It entails managing the company’s production procedures to achieve the best level of effectiveness (Taouab & Issor 2019). It provides optimal productivity while assisting organizations in increasing earnings while decreasing expenditures. The quality management standards and systems, inventory control, delivery and procurement, purchasing and ordering rules, and information management are some of the best practices employed in operational performance in a particular sector.
A leader must inspire workers to seek out information about the context of the business in order to begin operational excellence. A charming leadership approach encourages excellence in the growth and conduct of each employee in every area. Stakeholder alignment with the strategic goal of operational excellence is ensured via process management. Numerous managers and supervisors have investigated and updated the creation and maintenance of procedures between operations and customers (Dalenogare et al., 2018). The management’s role in defining strategies is highlighted by a process that creates quality goals with choices to meet the objectives. In order to improve plans, leaders must recognize operational excellence and reinforce activity priority with actions and resources.
How JBH Could Use Operations Management to Streamline Its Performance
In order to produce products and services, it is necessary to manage a variety of resources, including people, tools, technology, and information. Operations management aids in effective inventory management by anticipating potential long-term issues. Operations management actions can improve the efficiency of inventory flow inside a business. To maintain the smooth operation of the company, JBH might utilize his managerial authority to control all personnel and ensure that all laws and regulations are obeyed. Operation and implementation of operations play a crucial role in how material resources are used to produce goods or provide services, ensuring there is sufficient inventory to satisfy client demand (Tortorella et al., 2019). A clearly defined operations strategy increases the likelihood that orders will be processed and sent on schedule, delighting consumers and boosting your business’s success. To guarantee that quality work is completed at the appropriate time, JBH might also examine internal circumstances and think about whether he has the right personnel in the proper jobs. JBH may also make sure that his electronics are made of appropriate quality components to guarantee that clients are satisfied with his products. JBH might also make sure that all the necessary resources are available to prevent client loss. This may aid in customer management by making sure all products are available and motivating them by providing them with high-quality goods.
The Operational Measurements That JBH Can use to Measure Performance
The compass that directs management in the direction that will yield significant outcomes at the process level and results that will directly relate to the company’s goals is effective performance measurement. Accounts receivable turnover, which serves to determine how successfully a firm is able to collect on its receivables, is one of the operational measures that JBH might use to measure performance. Operating cash flow provides information to the corporation about the amount of cash flow produced by ongoing business activities. Net profit margin is a measure of a company’s profitability that is calculated by deducting all expenditures from revenue. This is perhaps one of the most crucial measures for operations managers to consider when assessing the financial health of a firm (Taouab & Issor 2019). Companies utilize demand forecasting to determine how much raw material will be required to fulfill future consumer demand. The operational metrics of profit or losses gained and stock are additional ones that JBH may use to assess success. This may enable him to assess and understand how his company is doing. There is potential to utilize a larger range of metrics in addition to resource and income measurements to determine what the organization is accomplishing, how well it is carrying out its predetermined goals and objectives, and how effectively it is running. These could include, but are not limited to: financial performance, product and service delivery, customer service quality, customer satisfaction, performance of key processes, health and safety, adherence to legal and regulatory frameworks, and training and development of the organization’s workforce.
The Best Practices for Operations Management and Organizational Performance to Support JBH Electronics’ Success
A company’s internal best practice standards can result in more consistent work output, more efficiency, and higher employee satisfaction when they are established and communicated. When JBH employs effective channels of communication with his staff, the company would not face many issues, which will enhance production. When JBH recognizes places where best practices should be implemented, his electronic system will succeed since business-related issues will have been averted. The primary best practices that JBH may employ to guarantee the success of his electronic firm were quality assurance standards and procedures, stock control, purchasing and ordering procedures, and information management. One may undertake the required modifications to ensure that the changes do not unnecessarily disrupt company while keeping employees, suppliers, and customers informed of what is being done (Dalenogare et al., 2018). Key performance indicators are a useful tool for keeping an eye on JBH’s operations. Using key performance indicators, he can monitor how well his business objectives are being met across a variety of activities and spot problem areas. An organizational structure’s primary concern is the customer, whose requirements and expectations must be met by all activities and procedures. JBH needs to put a lot of effort into customer certification to make sure he achieves his aims and objectives. When the market starts to change its focus, keeping an eye on consumer happiness and figuring out what needs to be done might be helpful. Customers may develop tighter ties with businesses by looking into and assessing consumer perceptions and culture to build more enduring partnerships.
In conclusion, when leaders adhere to quality practices, the best practices for quality management will happen successfully. Results are attained through encouraging knowledge, hiring, and training through suitable and simple procedures. The most important thing is to keep the demands and expectations of the consumers in mind while encouraging staff to strive for greatness. Getting information and data as soon as you can aids in weeding out the finest concepts and creating frameworks that welcome adjustments and comments. Strategies are strengthened by creating knowledge and execution frameworks, which also provide leaders the ability to promote and recognize excellent practices. T hese procedures must be subjected to ongoing critiques, evaluations, and modifications in order to preserve excellence after it has been attained.
References
Dalenogare, L. S., Benitez, G. B., Ayala, N. F., & Frank, A. G. (2018). The expected contribution of Industry 4.0 technologies for industrial performance. International Journal of production economics, 204, 383-394. https://www.sciencedirect.com/science/article/pii/S0925527318303372
Taouab, O., & Issor, Z. (2019). Firm performance: Definition and measurement models. European Scientific Journal, 15(1), 93-106. https://www.academia.edu/download/58353550/6.pdf
Tortorella, G. L., Giglio, R., & Van Dun, D. H. (2019). Industry 4.0 adoption as a moderator of the impact of lean production practices on operational performance improvement. International journal of operations & production management. https://www.emerald.com/insight/content/doi/10.1108/IJOPM-01-2019-0005/full/html
BYD Energy Company VRIO And Collaboration Analysis Sample Essay
BYD Energy Company leads the global production of rechargeable batteries such as NCM, lithium-ion, and NiMH (BYD.Com, 2020). The company owns the whole layout of the supply chain of battery packs and mineral battery cells. Their battery products are used for various purposes, including new energy vehicles, consumer electronics, and energy storage. The company has significantly cut down the cost of producing solar modules creating an equivalent in the total cost of coal-fired electricity and solar power. The aspect has increased solar power popularization and availed clean energy to the public in general. The following is a VRIO and collaboration analysis of the main factors that form the company’s strengths.
Human resource
BYD has intellectual property rights that have been bought from the owners. The company also recruits and trains highly innovative workers who are part of such intellectual resources. The expertise is applied in manufacturing, risk management, labor, and innovation (EMBAPro, 2020). The resource is valuable since it helps shape brand and future revenue. Besides, it is not rare as most companies prefer highly qualified teams. It is not hard to imitate because competing firms can apply the same strategies. It can be organized through more training after recruitment.
Market share
At the same time, the company enjoys a robust domestic market which acts as both a roadblock and a source of strength for innovation and general growth (BYD.Com, 2020). According to information concerning the company, the firm can experience continued growth in the domestic market with little or no innovation required. However, it needs to invest more in development and research to enter the global market. The growth in the domestic market is a temptation among the managers to focus on it only (BYD.Com, 2020). The resource is valuable as the company can get more revenue by making sales. It is not rare based on the ability of new company entry in the market for the same products. It is imitable, and companies can enter and initiate competition within the market. It can be organized by dominating the battery energy market and diversifying operations to the global arena. Domestically the resource can be maintained through customized services that make customers loyal and recommend more to buy the company products.
Brand and Awareness
Also, the BYD Company has strong brand awareness and brand equity. It enjoys some highly recognized product brands, especially in the local market. The aspect serves to attract more customers who seem to look for new solutions in labor, risk management, innovation, and manufacturing services from other firms (BYD.Com, 2020). The resource is highly valued based on the ability of the company to use it to win more customers, make more sales, and generate revenue. It can also help the company expand into other avenues and use the name to sell new services and products, bringing in more money for the company. It is not rare, and new companies with the same level of innovation can develop a brand (Ponnam, Sreejesh, and Balaji 2015, p. 5). Besides, it is not imitable and requires much effort and strategic management to achieve it. A brand is not attained within a day. However, it requires methodologies such as product and market development, quality services and products, and good marketing strategies to achieve it, and therefore it develops for years.
Products and services
The company has superior services and products, whose quality is excellent and serves as tangible resources. These can be used to expand its market share based on customer loyalty. With this level of quality, the company can venture into the global market. It is the largest firm for rechargeable LiFePO4 (lithium iron phosphate) batteries (BYD Energy. 2020). The resource is of great value to the company. The company’s ability to sell more of the batteries and offer services to many people generates income. It is not rare, and companies can come up with a new design of the batteries and still sell them for huge money. Additionally, the resource is not imitable. Due to innovation, the company comes up with unique and differentiated batteries that other firms cannot imitate. The organization is possible for the resource that involves maintaining quality and increasing the level of uniqueness (BYD.Com, 2020). It can also be developed to store more power and consumer loyalty.
Salient factors
Two of the most important factors include a perfect competition structure and sustainability trends in the global business. The market structure has enabled BYD to collaborate with firms such as Olectra Greentech from Mumbai, India, leading the production of electric vans and passenger vehicles in the market (Chaliawala, 2020). Additionally, the company’s production of energy storage batteries supports sustainability trends in the market of reducing fuel-dependent vehicles with little or no carbon emissions. The new strategy helps the company to create revenue from environmentally friendly automobiles.
Conclusion
From the analysis, the BYD Company is already a successful brand in the market. It enjoys a large domestic market and has the potential to succeed in the global industry. Its batteries are strong and of high quality, and plans of expanding in other avenues are already visible, as in the phone and automobile industries. Also, the company has strong financial stability, which can help it in future expansion plans of the business. All its resources are valuable and can be organized but not rare or non-imitable. Market share, brand, revenue, and products are not rare. Its unique batteries are not imitable, but other market players can achieve other resources.
References
BYD Energy. (2020). BYD Energy Storage; Renewables & Environment. [online] Available at: <https://www.linkedin.com/company/byd-es> [Accessed 30 April 2020].
BYD.Com, (2020). Batteries-BYD. [online] Byd.com. Available at: <http://www.byd.com/en/NewEnergy.html> [Accessed 30 April 2020].
Chaliawala, N., 2020. Olectra Greentech, BYD In Talks For Electric Passenger Vehicle Venture In India. [online] The Economic Times. Available at: <https://economictimes.indiatimes.com/industry/auto/auto-news/olectra-byd-in-talks-for-electric-passenger-vehicle-venture-in-india/articleshow/71073462.cms?from=mdr> [Accessed 2 May 2020].
EMBAPro, 2020. MBA SWOT: BYD Company, Ltd. SWOT Analysis & Matrix. [online] EMBA Pro for Executive MBA Professionals. Available at: <https://embapro.com/frontpage/swotcase/19446-byd-s-byd> [Accessed 30 April 2020].
Ponnam, A., Sreejesh, S. and Balaji, M.S., 2015. Investigating the effects of product innovation and ingredient branding strategies on the brand equity of food products. British Food Journal.
The Nature Of The CAM Practitioner Practice Sample Essay
This paper reports the findings of an interview conducted with a CAM practitioner based in Miami, Florida. CAM involves a more holistic approach and healing systems that differ from conventional Western medicine. It aims to find the physical cause of a specific condition or disease and treat it. For instance, a conventional doctor may prescribe an antibiotic to an individual with an infection to kill the bacteria. However, CAM practitioner takes a holistic approach to such a situation because they believe that disease and health involve a complex interaction of spiritual, physical, emotional, environmental, mental, social, and genetic factors (Olsson Möller et al., 2019). As a result, to treat a disease, a CAM practitioner treats the whole individual.
Interpersonal Collaboration
CAM practitioners collaborate with other CAM practitioners and conventional doctors to ensure positive patient outcomes and quality care. For example, a diabetic patient may require a collaborative effort from a physician, nurse, cardiologist, and CAM practitioner, depending on the patient’s lifestyle and recovery. Each of these professionals has valuable and unique insights into the patient’s condition. They recognize different symptoms and consider various possibilities. These individuals establish a more holistic and comprehensive view of the patient. Interpersonal collaboration also minimizes medical errors and enhances job satisfaction and staff relationships.
Environments where CAM Practitioners Practice
CAM practitioners practice can practice in diverse healthcare settings. Some environments include mental health facilities, nursing homes, palliative care, and long-term care facilities. They also practice in antenatal care and physiotherapy facilities.
Requirements for Becoming a CAM Practitioner
Training, education, licensure, and certification for various CAM practitioners vary depending on their specialization. For instance, no national licensure standards are established for alternative medicine practitioners in the U.S. However, there is a National Certification for Acupuncture and Oriental Medicine and State Licensing Board (“Selecting a complementary health practitioner: Credentialing, licensing, and education,” 2018). Even though not all states have alternative medicine regulations, licensing is managed at the state level. Therefore, licensure standards vary significantly from one state to another and across different practices. For example, in D.C., all chiropractors must pass special state examinations and be accredited Doctor of Chiropractor (“Selecting a complementary health practitioner: Credentialing, licensing, and education,” 2018). Chiropractors must also be registered under the General Chiropractic Council. In most states, massage therapists must have a certification, license, and registration. However, training requirements and standards vary by state. In most cases, a CAM practitioner must have a master’s or bachelor’s degree in a healthcare-related course and specialization training in the preferred CAM field.
Types of Health Conditions they Provide Care for
CAM practitioners provide care for diverse health conditions, including chronic diseases like cancer and diabetes. For instance, they help individuals with cancer cope with treatment side effects, such as fatigue, pain, and nausea (Olsson Möller et al., 2019). In addition, they recommend a special diet for cancer patients instead of undergoing chemotherapy, surgery, or radiation. Moreover, CAM practitioners provide care for arthritis, allergies, neck or back problems, lung problems, frequent headaches, digestive problems, anxiety attacks, chest pains, and heart problems. For example, meditation approaches, yoga, and biofeedback help in treating insomnia, depression, ADHD pain, and headaches, reducing the risk of suicidal thoughts and self-harm among mental health patients (Roberts et al., 2020). Acupuncture also helps in treating chronic pain.
References
Olsson Möller, U., Beck, I., Rydén, L., & Malmström, M. (2019). A comprehensive approach to rehabilitation interventions following breast cancer treatment – a systematic review of systematic reviews. BMC Cancer, 19(1). https://doi.org/10.1186/s12885-019-5648-7
Roberts, K., Dowell, A., & Nie, J. (2020). Utilising acupuncture for mental health; a mixed‐methods approach to understanding the awareness and experience of general practitioners and acupuncturists. Complementary Therapies in Clinical Practice, 39, 101114. https://doi.org/10.1016/j.ctcp.2020.101114
Selecting a complementary health practitioner: Credentialing, licensing, and education. (2018, August 9). BrainLine. https://www.brainline.org/article/selecting-complementary-health-practitioner-credentialing-licensing-and-education