Applications of Operations Management Concepts - 3067 Words

Introduction The world’s leading economies are ostensibly heading towards a recession with plummeting stock markets and soaring crude oil prices as consumers are beginning to feel the pinch of the credit crunch. According to analysts, the financial slumps of the past nine months seem to be unmatched since the Great Depression (Elliot, 2008). Unstable and unpredictable market turmoil from various sectors of industries with particular reference to the UK has seen major companies battling the slowdown in consumer spending due to the ongoing effects of the credit crunch which threatens job security (Harding Elliot 2008). The snowball effect of the faltering economy has caused companies and establishments to redesign their marketing†¦show more content†¦Reservations procedures are also scheduled to be made a week in advance which allows demand forecasts and estimates to be far more accurate and enable better inventory management. By doing this, the management is able to supply the demand more efficiently and save on organic wastage. This concept creates the opportunity to fix the demand and supply to maximize capacity in a balanced and controlled method. Employees thus know exactly what to expect and are well equipped to handle demands making the service operation far more efficient and effective. This concept which determines the demand to manage capacity and supply is a cost-effective method which could be applied to many smaller scale restaurant establishments in the tight economic circumstances faced today. Service Innovation Service innovation has exploded in the last decade for the global hospitality industry where innovation in designs, themes, concepts and services have brought a whole new challenge to the industry, fuelled by the emerging consumer market. Trends and consumer patterns evolve at such an alarming speed that certain establishments are required to be innovative just to stay in business and maintain market positions. Victorino et al. (2005) consider service innovation as an essential element in the marketing concept because it creates an opportunity for the firm to stayShow MoreRelatedCrm and Scm Essay659 Words   |  3 PagesCRM and SCM are both different management concepts: one focusing on concepts used by companies to manage relationship with their customers while the other focuses on planning, implementing and controlling the operations of supply chain. Both the concepts are similar in the way that they can be used to improve organizations functionality in the respective departments. Both management tools can be integrated with the ERP software. Both CRM and SCM can offer benefits in terms of lower costs, higherRead MoreOperation Management1673 Words   |  7 PagesWhat is Operations Management? 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