Every business runs on several processes or operations, such as financial operations, resource management, lead management, etc. The logistics and supply chain are also an integral part of operations management. A company that has all these processes in place ensures better customer experience, brand reach and revenues. Each such process needs proper management to establish a smooth business flow. However, managing these operations haven’t been too easy. Most businesses have suffered severe deathblows due to improper management of the business operations.
Realising this (especially after the pandemic), companies are paying importance to hire the best talent and giving preference to those with an advanced certification in operations management. The scope of operations management in India today is great. According to Payscale, an Entry-level operations manager earns around 3L-4L annually, with 1-4 years experience, one can earn around 4L-5L annually. At the middle level with 5-9 years experience, he can earn around 7L annually. With 10-20 years’ experience, one can earn 10L to 20L annually.
Understanding Operations Management & Operations Strategies
Operational management is about the production and distribution of goods with enhanced efficiency. It covers the entire systematic process by which the resources and raw materials can be converted into desirable services and products to match the market and the audience expectations. For managing operations with excellence, businesses need to have a detailed operations plan or strategy.
At an external level, this strategy must focus on developing the business strategy of a business, capturing new markets (market penetration), developing products that customers demand, engaging them through various schemes, and creating excellence in the supply chain through on-time deliveries.
At a company level, it covers devising strategies and implementing them for project management, optimal resource allocations to different business processes, managing inventory and warehouses, ensuring quality control, and forecasting the revenues against the budget plans.
Functionalities of Operations Management that Makes it Lifeblood of Business
Operations and corporate management handle several functionalities that make it one of the most important business functions.
Products/Service planning
Operations management is responsible for product designs or service plans. If it’s a product-based company, the operational manager will be responsible for designing the products based on the resources available. In addition, the manager also needs to think about the costs and ensure that the funds for the designing of the products don’t exceed the budget. Similarly, if it’s a service-based company, the OM team needs to plan the various services and ensure quality within the minimum budget
Business forecasting
Forecasting means analysing the available data and the related information sets and then draw various reports about the future results and business performances. The Executive Programme in Operations Management equips the student with the right tools and methodologies that ensures better data assessment and accurate inferences. This will help the analysts to forecast different aspects of the business.
Supply Chain Management
One of the fundamental business processes is supply chain management that the operations managers need to oversee. From production to delivery, it is the responsibility of the operations manager to ensure best that each of the Supply chain processes works seamlessly.
Delivery Management
In delivery management, several functions like logistics and warehouse management, resource allocation, shipment tracking, and a collection of data sets from different POS is involved. The operational management team is responsible for ensuring that all these processes involved in delivery management are executed successfully.
Data-driven decisions
Lastly, operations management also involves data-driven decision making that eventually helps in boosting the business operations. A manager needs to rely on the real-time information collected after data mining and big data analysis. Hence, an OM manager must upskill his competence to endure he is adept in all the advanced concepts for intelligent decisions based on data.
Demand For Operations Managers & In-Demand Skills and Job Titles
India is seeing a surge in the demand for operation managers in 2021 with an increasing number of startups hiring competent operations managers. Top companies offering high-paying operation manager jobs are Amazon, HP, Shell, Accenture, Ford, Goldman Sachs, IBM
To become an operational manager, one needs to upskill in operations management. With the skillset employers are looking for combined with experience, one can sure grow in your career by getting selected for senior job roles. Some in-demand operations managers skills are technical proficiency (e.g., production automation), product development, risk analysis and mitigation, strategic planning and critical thinking, managing finance, managing teams, decision-making skills, communication skills, organisational skills, time management, leadership skills, adaptability, etc. (https://www.indeed.com/career-advice/resumes-cover-letters/operational-management-skills)
Several top courses in operations management aim to help both graduates and working professionals to learn the dynamics of business operations and imbibe the in-demand operations managers skills for career advancement.
Some demanding job titles are Operations Assistant, Operations coordinator, Operations Manager, Business Operations Manager, Senior Manager Business Operations, Office Operations Manager, Operations Supervisor, Operations analyst, General Manager of Operations, At the senior level, the job titles are Chief Operating Officer, Chief Legal & Operations Officer, Executive Vice President (EVP) of Global Operations, Senior VP of Operations, Director of Operations, Operations Management Lead, etc.
How an Advanced Certification in Operations Management Help in Breaking New Grounds
IIM Calcutta’s Executive Programme in Operations Management is one of the best courses where one can learn about the various business processes, resource management and establishing a smooth operational flow for enhancing the overall productivity of the business. Following are some of the skills that the candidates develop during this corporate training programme from IIM Nagpur.
The organisational skills-The first skill that needs to be present in the OM manager is organisational ability. The project manager should ensure seamless project execution and meet the client or customer expectations without fail.
People Management Skill- Coordination is the second skill present in the operational manager working for any company or business. He/she should establish proper coordination between different employees or teams responsible for varied business processes. Without proper coordination, there will be a lack of communication and a huge gap in understanding the processes.
Fair approach- An operational manager should converse with employees and clients equivocally without any biased mindset. The way one deals with other people defines his/her capabilities of overseeing the business operations and increasing productivity at the individual level.
Conclusion
With proper education and the course plan for operational management, one will understand the dynamics of the business operations and how to deal with them. It will help an individual grow and prosper within the business and pave the path for business growth.
IIM Calcutta’s Executive Programme in Operations Management covers all the key aspects of operations management like feasibility and risk analysis, quality output, waste reduction, optimal resource utilisation and learning about newer technologies like Blockchain.
To know more: https://timestsw.com/course/iim-calcutta-executive-programme-in-operations-management/
