Business Operation

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20 Terms

1
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The activities, processes, and functions involved in running a business effectively to produce and deliver products or services, aiming to generate value for customers and achieve strategic objectives.

Business Operations

2
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Optimizing resources, reducing waste, and improving productivity to minimize costs, impacting profitability and competitiveness in the market.

Efficiency and Cost Management

3
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Directly influenced by operations, meeting customer expectations enhances satisfaction, loyalty, and drives revenue growth.

Customer Satisfaction

4
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Ensuring business activities are aligned with strategic goals, translating plans into actionable processes efficiently.

Strategic Alignment

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Excelling in operations through innovative processes, superior quality, or faster delivery times to differentiate in the marketplace.

Competitive Advantage

6
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Mitigating risks associated with disruptions, quality issues, or compliance failures for long-term sustainability.

Risk Management

7
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Optimizing workflows, reducing bottlenecks, and improving decision-making processes for growth and scalability.

Organizational Efficiency

8
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Involves continuous evaluation and improvement of processes to foster innovation and adaptation to market conditions.

Continuous Improvement

9
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Overseeing the process of converting raw materials into finished goods, including planning, scheduling, and quality control.

Production Management

10
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Coordinating the flow of goods, information, and finances throughout the supply chain, including sourcing, procurement, logistics, and inventory management.

Supply Chain Management

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Ensuring the right amount of stock is available at the right time to meet customer demand while minimizing costs and avoiding stockouts.

Inventory Control

12
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Ensuring products or services meet or exceed customer expectations in terms of performance, reliability, and durability.

Quality Management

13
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Planning, implementing, and controlling the transportation and storage of goods and services efficiently.

Logistics Management

14
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Providing assistance and support to customers before, during, and after a purchase to maintain relationships.

Customer Service

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Designing, analyzing, and improving workflows and processes to achieve operational efficiency.

Business Process Management (BPM)

16
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Supporting operations through software, hardware, and networks for data management, communication, and decision-making.

Information Technology (IT) Systems

17
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Recruiting, training, and managing personnel essential for executing business activities effectively.

Human Resources Management

18
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Minimizing waste while maximizing productivity and efficiency through continuous improvement.

Lean Manufacturing

19
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Receiving goods only as needed to reduce inventory holding costs and waste.

Just-in-Time (JIT) Inventory Management

20
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Holistic approach to improving product and service quality through continuous improvement and customer focus.

Total Quality Management (TQM)