Operational Efficiency Is Most Important Factor in an Organization: Executive Sum-up Essay Example

crucial role in the service sectors. In the contemporary world, it is referred to as "Operation Management."

The contribution of this topic is making significant differences for concern maps. Both multinational and local companies have created separate departments to effectively manage their operations. For example, there is a banking and financial service company called "Nation Trust Bank" that is currently emerging in the industry. The daily operations of this bank are having a huge impact on its business performance. This is because the bank's performance depends on its operational capacity and approach. The satisfaction of employees and customers is the most important factor in demonstrating outstanding performance and attracting new clients.

The banking industry relies heavily on effective management of all business operations. If operations are poorly managed, it can lead to subpar performance. To improve business outcomes, it is crucial to have a well-defined operations strategy that meets various service-related demands. This assignment specifically focuses on the current practices of operation management in the banking industry.

In this assignment, we will define operation management and its role within the banking and financial service sector. We will evaluate whether goals and objectives are being met through proper operation management techniques. Additionally, we will describe the systems involved in daily activities and services related to operations.

Furthermore, we will identify the key resources, tools, and systems that support operations and maintain a high quality of service within the bank. We will analyze the significance of quality audits and implementing a quality management system in order to ensure optimal performance within the bank.

Identifying major weaknesses within the bank's services and opportunities for further research to enhance customer satisfaction will also be

discussed. Recommendations will be provided on how to capitalize on these opportunities while addressing any weaknesses identified.

Ultimately, this assignment aims to provide a comprehensive overview of operation management within the banking industry by covering various aspects such as defining concepts, evaluating achievements, identifying resources, analyzing audits, addressing weaknesses/opportunities,and providing recommendations for improvement.Based on literature production, the present comprehension of operation direction encompasses the design, execution, and control of a business's operations to convert resources into desired goods and services, while also implementing its business strategy. Operations Management includes overseeing, controlling, and improving organizational activities associated with the production of goods or services. This entails managing products, processes, services, and supply chains as well as acquiring, developing, and utilizing essential resources to meet customer demands.

The first definition can be described as the simple operation of any organization.