The document discusses workforce productivity and how it is important for a company's profitability and competitiveness. It defines productivity as a measure of how efficiently a company converts inputs like labor and capital into outputs like goods and services. The document outlines common challenges to productivity like too much email, meetings, and manual processes, and emphasizes the importance of identifying metrics and using technology to measure and improve productivity.
This document discusses productivity tools and metrics for measuring workforce productivity. It defines productivity as a measure of how efficiently a company converts inputs like labor and capital into outputs like goods and services. Key metrics for measuring productivity include labor productivity, capital productivity, employee turnover rate, labor utilization rate, and gross profit margin. The document also outlines common challenges to productivity like inefficient meetings, excessive email, poor time management, and manual processes, and how companies can address these challenges to increase productivity.
Unit 5 E-BUSINESS OPERATIONS AND PROCESSESNishant Pahad
The document discusses factors that affect business competitiveness and productivity. It states that competitiveness is a multidimensional concept that involves generating competitive advantages through assets, capabilities, processes, knowledge and implementing strategies to improve efficiency and effectiveness. Productivity refers to how well a business converts inputs like labor, materials and capital into outputs like goods and services. Some ways to improve productivity mentioned include using technology to improve operations, reviewing processes, and implementing continuous improvement approaches. The key operations performance objectives for businesses are listed as low cost, high quality, speed, dependability and flexibility.
This document provides an overview of a guide to measuring productivity published by SPRING Singapore. It discusses why measuring productivity is important, how to measure outputs and inputs to calculate productivity indicators, and what value added is as a key measure of organizational output. Value added represents the wealth created through production or services and is a better measure than sales alone. It can be calculated using either the subtraction method (sales minus costs of inputs) or addition method (summing distributions of value added like wages and profits).
This document outlines three steps to driving business efficiency: 1) identify warning signs that current systems are outdated, 2) understand how shifting to a modern integrated system can provide agility and insights, and 3) take action to replace manual processes with a complete business management solution. Key warning signs include spending too much time on reports and reconciling spreadsheets, lacking visibility into data for strategic decisions, and having systems that don't fit unique business needs. Integrated solutions can automate processes, improve collaboration, and provide better reporting and decision making to streamline operations and focus on growth. Companies that upgrade systems can reduce costs, focus on strategy, and gain a competitive advantage.
The document discusses key concepts related to efficiency in business. It begins by explaining that efficiency, productivity, and competitiveness are linked, as better productivity leads to increased efficiency and competitiveness. It then defines efficiency as making the best use of resources to maximize outputs and minimize costs. Improving efficiency can reduce costs and improve competitiveness. The document also differentiates between production and productivity, and provides an example to demonstrate how to calculate productivity. It explains that productivity can be improved through training, investment, and better management. Finally, it outlines other methods businesses can use to cut costs besides improving productivity.
The 3 Most Important Factors of Productivity (and How to Improve Them)Time Doctor
Your employees’ productivity depends on a variety of factors, and you can’t pin it down to just one or two aspects. Unfortunately, you can’t afford to leave out any of these factors either, or else you’ll have an inaccurate picture of employee productivity.
This document covers everything you need to know about the factors of productivity. It highlights the most important factors of productivity and how you can improve them easily.
Original Blog: https://biz30.timedoctor.com/factors-of-productivity/
The relationship between operational management and business profitRichard N. A. Blades
The document discusses how operational management impacts business profit through five key operational decisions: production processes, quality, capacity, inventory, and human resource management. It explains that effective operations strategy focuses on adding value for customers through cost, quality, delivery, flexibility, and service. By improving technological, employee, and managerial productivity, operations management can increase sales and lower costs, positively impacting a company's net income and profit. The conclusion emphasizes that savings from efficient operations should be reinvested in new products, markets, or doing things better than competitors through an operations strategy aligned with the overall business strategy.
5 keys to digital transformation for small businessesSameerShaik43
Digital transformation is crucial for small businesses to overcome competition and derive benefits like reduced costs, improved efficiency and profits. There are five keys to effective digital transformation for small businesses: (1) Provide data to empower employees to make better decisions, (2) Break down silos and boost collaboration across departments, (3) Involve all levels of employees to develop the right business culture and vision, (4) Integrate business systems seamlessly for improved workflows and collaboration, (5) Partner with technology experts to optimize resources and implement the right strategies.
This document discusses productivity tools and metrics for measuring workforce productivity. It defines productivity as a measure of how efficiently a company converts inputs like labor and capital into outputs like goods and services. Key metrics for measuring productivity include labor productivity, capital productivity, employee turnover rate, labor utilization rate, and gross profit margin. The document also outlines common challenges to productivity like inefficient meetings, excessive email, poor time management, and manual processes, and how companies can address these challenges to increase productivity.
Unit 5 E-BUSINESS OPERATIONS AND PROCESSESNishant Pahad
The document discusses factors that affect business competitiveness and productivity. It states that competitiveness is a multidimensional concept that involves generating competitive advantages through assets, capabilities, processes, knowledge and implementing strategies to improve efficiency and effectiveness. Productivity refers to how well a business converts inputs like labor, materials and capital into outputs like goods and services. Some ways to improve productivity mentioned include using technology to improve operations, reviewing processes, and implementing continuous improvement approaches. The key operations performance objectives for businesses are listed as low cost, high quality, speed, dependability and flexibility.
This document provides an overview of a guide to measuring productivity published by SPRING Singapore. It discusses why measuring productivity is important, how to measure outputs and inputs to calculate productivity indicators, and what value added is as a key measure of organizational output. Value added represents the wealth created through production or services and is a better measure than sales alone. It can be calculated using either the subtraction method (sales minus costs of inputs) or addition method (summing distributions of value added like wages and profits).
This document outlines three steps to driving business efficiency: 1) identify warning signs that current systems are outdated, 2) understand how shifting to a modern integrated system can provide agility and insights, and 3) take action to replace manual processes with a complete business management solution. Key warning signs include spending too much time on reports and reconciling spreadsheets, lacking visibility into data for strategic decisions, and having systems that don't fit unique business needs. Integrated solutions can automate processes, improve collaboration, and provide better reporting and decision making to streamline operations and focus on growth. Companies that upgrade systems can reduce costs, focus on strategy, and gain a competitive advantage.
The document discusses key concepts related to efficiency in business. It begins by explaining that efficiency, productivity, and competitiveness are linked, as better productivity leads to increased efficiency and competitiveness. It then defines efficiency as making the best use of resources to maximize outputs and minimize costs. Improving efficiency can reduce costs and improve competitiveness. The document also differentiates between production and productivity, and provides an example to demonstrate how to calculate productivity. It explains that productivity can be improved through training, investment, and better management. Finally, it outlines other methods businesses can use to cut costs besides improving productivity.
The 3 Most Important Factors of Productivity (and How to Improve Them)Time Doctor
Your employees’ productivity depends on a variety of factors, and you can’t pin it down to just one or two aspects. Unfortunately, you can’t afford to leave out any of these factors either, or else you’ll have an inaccurate picture of employee productivity.
This document covers everything you need to know about the factors of productivity. It highlights the most important factors of productivity and how you can improve them easily.
Original Blog: https://biz30.timedoctor.com/factors-of-productivity/
The relationship between operational management and business profitRichard N. A. Blades
The document discusses how operational management impacts business profit through five key operational decisions: production processes, quality, capacity, inventory, and human resource management. It explains that effective operations strategy focuses on adding value for customers through cost, quality, delivery, flexibility, and service. By improving technological, employee, and managerial productivity, operations management can increase sales and lower costs, positively impacting a company's net income and profit. The conclusion emphasizes that savings from efficient operations should be reinvested in new products, markets, or doing things better than competitors through an operations strategy aligned with the overall business strategy.
5 keys to digital transformation for small businessesSameerShaik43
Digital transformation is crucial for small businesses to overcome competition and derive benefits like reduced costs, improved efficiency and profits. There are five keys to effective digital transformation for small businesses: (1) Provide data to empower employees to make better decisions, (2) Break down silos and boost collaboration across departments, (3) Involve all levels of employees to develop the right business culture and vision, (4) Integrate business systems seamlessly for improved workflows and collaboration, (5) Partner with technology experts to optimize resources and implement the right strategies.
What Workplace Decision-Makers Can Learn from Lean Manufacturing TechniquesMileyJames
Lean manufacturing techniques developed for streamlining production processes can also benefit office environments and workflows. Some key lean strategies include eliminating waste, creating a culture of continuous improvement, respecting employees, mistake-proofing work, implementing just-in-time production, and leveling production schedules. Office managers can look for ways to reduce transport, inventory, motion, waiting times, over-processing and defects. They can also engage employees in submitting process improvement ideas and make business decisions with employee impact and satisfaction in mind.
A firm is an institution that hires factors of production to produce and sell goods and services. A firm's goal is to maximize profit in order to survive. Accountants measure accounting profit to calculate taxes and show investors returns, while economists measure economic profit to predict firm decisions and maximize opportunities. A firm's opportunity costs include resources bought, owned, and supplied by owners.
This document discusses various methods for measuring employee productivity. It begins by explaining the importance of measuring productivity and outlines some challenges. It then explores quantitative methods like output per hour, objectives-based methods by setting goals aligned with company targets, and time management tracking task time. For different industries it examines manufacturing output, services like tasks completed, and sales metrics. Overall productivity, quality of work, profits, and customer feedback are also discussed as measures. The document provides details on implementing different approaches and factors to consider to most accurately measure productivity.
Operations management can significantly impact a business's financial performance. Three options are presented to boost earnings: 1) increase sales 30% through marketing, 2) reduce operating expenses 20% through process improvement teams, 3) invest in flexible machinery to allow faster response times and 10% higher prices. Analysis shows option 2 of reducing operating expenses increases earnings the most without requiring investment, and options 2 and 3 both involve improving operations. Improving operations can equal or exceed the benefits of just increasing sales volume.
What is employee productivity ratio & How do you Calculate it Time Doctor
Good employee productivity goes a long way in boosting your company’s revenue and profits. But how do you quantify productivity? The ratio considers different outputs (like the number of units produced) and inputs (like labor hour values) to determine how well your organization uses the resources. This document discusses what the employee productivity ratio is, its formula, and the steps to calculate it.
Source: https://biz30.timedoctor.com/employee-productivity-ratio/#how-to-calculate
Operations management involves planning, organizing, and controlling the processes required to produce goods or services. The key goals of operations management are to fulfill quality standards, attract more customers through positive customer feedback, and maximize profits. Operations management transforms various inputs like materials, labor, and equipment into finished products and services through efficient processes. It works closely with other departments like marketing, finance, and human resources.
This document discusses four ways for manufacturers to unlock hidden manufacturing capacity when facing increasing demand. It describes reducing downtime, minor stops, production variability, and establishing improvement priorities based on cost analysis. Implementing real-time manufacturing monitoring systems can help identify areas for efficiency gains without costly new investments.
This white paper discusses how organizations can optimize business productivity by increasing the productivity of customer-facing employees through the use of CRM solutions. It provides examples of how CRM tools can streamline workflows, automate repetitive tasks, and provide role-tailored tools to sales, marketing, and service professionals. When implemented effectively, CRM can improve customer experiences and relationships while driving significant returns and productivity gains for organizations.
Companies often struggle to fully realize the benefits of reducing complexity in their operations. This document discusses how companies can plan from the start to capture these benefits. It recommends explicitly considering benefit capture as part of complexity reduction efforts. Companies should identify which benefits, such as reducing costs or improving customer service, will provide the greatest value. They should also understand what changes are needed internally to achieve these benefits. With a clear plan to convert reduced complexity into financial gains, companies can better ensure the benefits of their efforts materialize.
The document discusses a project plan for managing call center operations during busy holiday periods like Christmas. It identifies four types of accounts based on whether they have staffing issues, call volume issues, or both. For each account type, it recommends an action plan to address issues like absenteeism, adherence, attrition, average handling time, and not ready time that could impact key performance indicators. The action plans focus on motivation, monitoring productivity metrics, managing overtime, and maintaining transparency with clients. The goal is to have the right workforce management strategies in place to absorb increased call volumes without additional costs and deliver expected service levels during busy times.
Since the economic downturn, many retailers cut staffing levels to bare minimum in order to weather the storm. As the economy turnaround continues and consumer spending starts to increase, there is a renewed opportunity to enhance brand image with both old and new customers. Execution is as important as ever. Quality service levels are required to convert foot traffic to sales while perfect field execution must be achieved to implement corporate strategies to capitalize on the investment of targeted marketing campaigns.
This document provides guidance on establishing priorities and obtaining leadership approval for implementing IBM Connections Cloud. It recommends defining the problem, quantifying current costs, researching savings and benefits, and finding examples of success. It also discusses creating a clear and inspirational vision statement, and conducting an exercise to define specific problems to address. The document outlines questions to ask leadership about objectives, metrics, and comparisons to others. It provides examples of metrics for different roles. Finally, it provides instructions for building a business case by quantifying current costs and potential savings.
Top 10 most important manufacturing performance indicators in 2019MRPeasy
mrpeasy.com
In manufacturing, there are many outside influencing factors, tracking the performance of an operation with KPI metrics means the difference between success and failure. Here are the most important manufacturing performance indicators.
The document discusses how many companies view cost reduction as a strategic imperative rather than just something done during tough times. It provides reasons why companies adopt cost reduction as an ongoing strategy, including meeting profitability expectations, funding growth initiatives, funding annual employee pay increases, offsetting required price reductions, and being better prepared for downturns. The document outlines frameworks for reducing internal costs like salaries and purchased costs like materials. It recommends setting higher annual cost reduction goals for internal costs that are more controllable.
Process excellence being efficient & effectiveSumit K Jha
This document discusses process excellence and how it can be applied holistically across an organization's key processes to improve efficiency and effectiveness. It provides examples of how processes in areas like product development, marketing, sales, finance, HR, outsourcing, and innovation can impact business performance if not managed effectively and efficiently. The document also introduces two common frameworks used for process excellence - Lean and Six Sigma. It notes that while these frameworks overlap, they differ in their underlying philosophies and both have been adopted by many global and Indian companies to improve processes.
Major Questions You Should Be Able to Answer16.1Control Whe.docxcroysierkathey
Major Questions You Should Be Able to Answer
16.1
Control: When Managers Monitor Performance
Major Question: Why is control such an important managerial function?
16.2
Levels & Areas of Control
Major Question: How do successful companies implement controls?
16.3
The Balanced Scorecard, Strategy Maps, & Measurement Management
Major Question: How can three techniques—balanced scorecard, strategy maps, and measurement management—help me establish standards and measure performance?
16.4
Some Financial Tools for Control
Major Question: Financial performance is important to most organizations. What are the financial tools I need to know about?
16.5
Total Quality Management
Major Question: How do top companies improve the quality of their products or services?
16.6
Managing Control Effectively
Major Question: What are the keys to successful control, and what are the barriers to control success?
16.7
Managing for Productivity
Major Question: How do managers influence productivity?
Page 511
the manager’s toolbox
Improving Productivity: Going beyond Control Techniques to Get the Best Results
How, as a manager, can you increase work productivity—get better results with what you have to work with?
In this chapter we discuss control techniques for achieving better results. What are other ways for improving productivity? Following are some suggestions:1
Establish Base Points, Set Goals, & Measure Results
To be able to tell whether your work unit is becoming more productive, you need to establish systems of measurement. You can start by establishing the base point, such as the number of customers served per day, quantity of products produced per hour, and the like. You can then set goals to establish new levels that you wish to attain, and institute systems of measurement with which to ascertain progress. Finally, you can measure the results and modify the goals or work processes as necessary.
Use New Technology
Clearly, this is a favorite way to enhance performance. With a word processor, you can produce more typed pages than you can with a typewriter. With a computerized database, you can store and manipulate information better than you can using a box of file cards. Still, computerization is not a cure-all; information technology also offers plenty of opportunities for simply wasting time.
Improve Match between Employees & Jobs
You can take steps to ensure the best fit between employees and their jobs, including improving employee selection, paying attention to training, redesigning jobs, and providing financial incentives that are tied to performance.
Encourage Employee Involvement & Innovation
Companies improve performance by funding research and development (R&D) departments. As a manager, you can encourage your employees, who are closest to the work process, to come up with suggestions for improving their own operations. And, of course, you can give workers a bigger say in doing their jobs, allow employee flextime, and reward people for learn ...
This document provides an overview of operations management concepts and functions. It discusses that operations management involves transforming inputs into outputs through a controlled process. Key concepts covered include the objectives of operations management being customer service and resource utilization. It also discusses operations decision making, productivity measurement, developing an operations strategy focused on competitive priorities like cost, quality, time, and flexibility.
The document contains a pre-test for an employee orientation covering various topics in organizational management. It includes 30 multiple choice questions addressing concepts like organizational structure, the roles of different managers, leadership styles, organizational culture and communication, performance management, and theories of management. The pre-test aims to evaluate the employee's basic understanding of key terms and frameworks commonly used in organizational management.
What Workplace Decision-Makers Can Learn from Lean Manufacturing TechniquesMileyJames
Lean manufacturing techniques developed for streamlining production processes can also benefit office environments and workflows. Some key lean strategies include eliminating waste, creating a culture of continuous improvement, respecting employees, mistake-proofing work, implementing just-in-time production, and leveling production schedules. Office managers can look for ways to reduce transport, inventory, motion, waiting times, over-processing and defects. They can also engage employees in submitting process improvement ideas and make business decisions with employee impact and satisfaction in mind.
A firm is an institution that hires factors of production to produce and sell goods and services. A firm's goal is to maximize profit in order to survive. Accountants measure accounting profit to calculate taxes and show investors returns, while economists measure economic profit to predict firm decisions and maximize opportunities. A firm's opportunity costs include resources bought, owned, and supplied by owners.
This document discusses various methods for measuring employee productivity. It begins by explaining the importance of measuring productivity and outlines some challenges. It then explores quantitative methods like output per hour, objectives-based methods by setting goals aligned with company targets, and time management tracking task time. For different industries it examines manufacturing output, services like tasks completed, and sales metrics. Overall productivity, quality of work, profits, and customer feedback are also discussed as measures. The document provides details on implementing different approaches and factors to consider to most accurately measure productivity.
Operations management can significantly impact a business's financial performance. Three options are presented to boost earnings: 1) increase sales 30% through marketing, 2) reduce operating expenses 20% through process improvement teams, 3) invest in flexible machinery to allow faster response times and 10% higher prices. Analysis shows option 2 of reducing operating expenses increases earnings the most without requiring investment, and options 2 and 3 both involve improving operations. Improving operations can equal or exceed the benefits of just increasing sales volume.
What is employee productivity ratio & How do you Calculate it Time Doctor
Good employee productivity goes a long way in boosting your company’s revenue and profits. But how do you quantify productivity? The ratio considers different outputs (like the number of units produced) and inputs (like labor hour values) to determine how well your organization uses the resources. This document discusses what the employee productivity ratio is, its formula, and the steps to calculate it.
Source: https://biz30.timedoctor.com/employee-productivity-ratio/#how-to-calculate
Operations management involves planning, organizing, and controlling the processes required to produce goods or services. The key goals of operations management are to fulfill quality standards, attract more customers through positive customer feedback, and maximize profits. Operations management transforms various inputs like materials, labor, and equipment into finished products and services through efficient processes. It works closely with other departments like marketing, finance, and human resources.
This document discusses four ways for manufacturers to unlock hidden manufacturing capacity when facing increasing demand. It describes reducing downtime, minor stops, production variability, and establishing improvement priorities based on cost analysis. Implementing real-time manufacturing monitoring systems can help identify areas for efficiency gains without costly new investments.
This white paper discusses how organizations can optimize business productivity by increasing the productivity of customer-facing employees through the use of CRM solutions. It provides examples of how CRM tools can streamline workflows, automate repetitive tasks, and provide role-tailored tools to sales, marketing, and service professionals. When implemented effectively, CRM can improve customer experiences and relationships while driving significant returns and productivity gains for organizations.
Companies often struggle to fully realize the benefits of reducing complexity in their operations. This document discusses how companies can plan from the start to capture these benefits. It recommends explicitly considering benefit capture as part of complexity reduction efforts. Companies should identify which benefits, such as reducing costs or improving customer service, will provide the greatest value. They should also understand what changes are needed internally to achieve these benefits. With a clear plan to convert reduced complexity into financial gains, companies can better ensure the benefits of their efforts materialize.
The document discusses a project plan for managing call center operations during busy holiday periods like Christmas. It identifies four types of accounts based on whether they have staffing issues, call volume issues, or both. For each account type, it recommends an action plan to address issues like absenteeism, adherence, attrition, average handling time, and not ready time that could impact key performance indicators. The action plans focus on motivation, monitoring productivity metrics, managing overtime, and maintaining transparency with clients. The goal is to have the right workforce management strategies in place to absorb increased call volumes without additional costs and deliver expected service levels during busy times.
Since the economic downturn, many retailers cut staffing levels to bare minimum in order to weather the storm. As the economy turnaround continues and consumer spending starts to increase, there is a renewed opportunity to enhance brand image with both old and new customers. Execution is as important as ever. Quality service levels are required to convert foot traffic to sales while perfect field execution must be achieved to implement corporate strategies to capitalize on the investment of targeted marketing campaigns.
This document provides guidance on establishing priorities and obtaining leadership approval for implementing IBM Connections Cloud. It recommends defining the problem, quantifying current costs, researching savings and benefits, and finding examples of success. It also discusses creating a clear and inspirational vision statement, and conducting an exercise to define specific problems to address. The document outlines questions to ask leadership about objectives, metrics, and comparisons to others. It provides examples of metrics for different roles. Finally, it provides instructions for building a business case by quantifying current costs and potential savings.
Top 10 most important manufacturing performance indicators in 2019MRPeasy
mrpeasy.com
In manufacturing, there are many outside influencing factors, tracking the performance of an operation with KPI metrics means the difference between success and failure. Here are the most important manufacturing performance indicators.
The document discusses how many companies view cost reduction as a strategic imperative rather than just something done during tough times. It provides reasons why companies adopt cost reduction as an ongoing strategy, including meeting profitability expectations, funding growth initiatives, funding annual employee pay increases, offsetting required price reductions, and being better prepared for downturns. The document outlines frameworks for reducing internal costs like salaries and purchased costs like materials. It recommends setting higher annual cost reduction goals for internal costs that are more controllable.
Process excellence being efficient & effectiveSumit K Jha
This document discusses process excellence and how it can be applied holistically across an organization's key processes to improve efficiency and effectiveness. It provides examples of how processes in areas like product development, marketing, sales, finance, HR, outsourcing, and innovation can impact business performance if not managed effectively and efficiently. The document also introduces two common frameworks used for process excellence - Lean and Six Sigma. It notes that while these frameworks overlap, they differ in their underlying philosophies and both have been adopted by many global and Indian companies to improve processes.
Major Questions You Should Be Able to Answer16.1Control Whe.docxcroysierkathey
Major Questions You Should Be Able to Answer
16.1
Control: When Managers Monitor Performance
Major Question: Why is control such an important managerial function?
16.2
Levels & Areas of Control
Major Question: How do successful companies implement controls?
16.3
The Balanced Scorecard, Strategy Maps, & Measurement Management
Major Question: How can three techniques—balanced scorecard, strategy maps, and measurement management—help me establish standards and measure performance?
16.4
Some Financial Tools for Control
Major Question: Financial performance is important to most organizations. What are the financial tools I need to know about?
16.5
Total Quality Management
Major Question: How do top companies improve the quality of their products or services?
16.6
Managing Control Effectively
Major Question: What are the keys to successful control, and what are the barriers to control success?
16.7
Managing for Productivity
Major Question: How do managers influence productivity?
Page 511
the manager’s toolbox
Improving Productivity: Going beyond Control Techniques to Get the Best Results
How, as a manager, can you increase work productivity—get better results with what you have to work with?
In this chapter we discuss control techniques for achieving better results. What are other ways for improving productivity? Following are some suggestions:1
Establish Base Points, Set Goals, & Measure Results
To be able to tell whether your work unit is becoming more productive, you need to establish systems of measurement. You can start by establishing the base point, such as the number of customers served per day, quantity of products produced per hour, and the like. You can then set goals to establish new levels that you wish to attain, and institute systems of measurement with which to ascertain progress. Finally, you can measure the results and modify the goals or work processes as necessary.
Use New Technology
Clearly, this is a favorite way to enhance performance. With a word processor, you can produce more typed pages than you can with a typewriter. With a computerized database, you can store and manipulate information better than you can using a box of file cards. Still, computerization is not a cure-all; information technology also offers plenty of opportunities for simply wasting time.
Improve Match between Employees & Jobs
You can take steps to ensure the best fit between employees and their jobs, including improving employee selection, paying attention to training, redesigning jobs, and providing financial incentives that are tied to performance.
Encourage Employee Involvement & Innovation
Companies improve performance by funding research and development (R&D) departments. As a manager, you can encourage your employees, who are closest to the work process, to come up with suggestions for improving their own operations. And, of course, you can give workers a bigger say in doing their jobs, allow employee flextime, and reward people for learn ...
This document provides an overview of operations management concepts and functions. It discusses that operations management involves transforming inputs into outputs through a controlled process. Key concepts covered include the objectives of operations management being customer service and resource utilization. It also discusses operations decision making, productivity measurement, developing an operations strategy focused on competitive priorities like cost, quality, time, and flexibility.
The document contains a pre-test for an employee orientation covering various topics in organizational management. It includes 30 multiple choice questions addressing concepts like organizational structure, the roles of different managers, leadership styles, organizational culture and communication, performance management, and theories of management. The pre-test aims to evaluate the employee's basic understanding of key terms and frameworks commonly used in organizational management.
The document discusses the Universal Declaration of Human Rights which was adopted by the UN General Assembly in 1948. It establishes fundamental human rights that everyone is inherently entitled to, such as the right to life, liberty, security, freedom from discrimination, and more. It describes the characteristics of human rights and several specific rights protected in various articles. It also discusses some human rights issues in the Philippines and lists several local and international human rights organizations.
This document outlines the Flag and Heraldic Code of the Philippines which establishes regulations for proper use and display of the national flag. Some key points:
- It prescribes the design of the flag including the colors, sun, and stars.
- It mandates display of the flag in all government buildings and provides guidelines for half-mast and funeral use.
- It establishes flag days and ceremonies including rules for conduct during anthem and raising/lowering of the flag.
- Pledge of allegiance to the flag is also outlined.
- Technical specifications for dimensions and colors of the flag are defined.
This document provides information about voter citizenship and the voting process in the Philippines. It discusses the right to suffrage according to the Philippine constitution and international agreements. Citizens aged 18 and older who have lived in the Philippines for at least a year have the right to vote. The document outlines voter qualifications and disqualifications. It also describes how Filipino citizens vote and provides action points for voters before, during, and after elections, including registering to vote, being informed on issues and candidates, protecting vote integrity, and civic participation post-election.
The document defines reorder point (ROP) and safety stock, and provides formulas to calculate each. ROP is the inventory level at which replenishment is needed, and is calculated as the lead time multiplied by average daily sales plus the safety stock. Safety stock provides a buffer for fluctuations in demand, and is calculated as the maximum daily sales minus average daily sales, both multiplied by their respective maximum and average lead times. Several examples are provided to demonstrate calculating ROP using given sales volumes and lead times.
The document defines and provides formulas for calculating days of inventory outstanding (DIO) and sell-through rate (STR). DIO measures the average number of days inventory is held before being sold, with a lower number being better. STR measures inventory sold as a percentage of inventory available. The document then provides examples of calculating DIO and STR based on various company inventory and sales data.
Here are the steps to solve this example:
1) Given: FC = $6,000, VC per unit = $2, Revenue per unit = $7
2) To find breakeven point (QBEP):
QBEP = FC / (Revenue per unit - VC per unit)
= $6,000 / ($7 - $2)
= $6,000 / $5
= 1,200 units
3) If units produced = 1,000 units:
TR = Units * Revenue per unit = 1,000 * $7 = $7,000
TC = FC + Units * VC per unit = $6,000 + 1,000 * $2 = $
This chapter discusses key concepts in product and service design including:
1. The strategic importance of design and identifying reasons for redesign like market opportunities.
2. The main questions, sources of ideas, and considerations in design like legal issues, ethics, and sustainability.
3. The phases of product design and key issues in manufacturing and service design.
4. Characteristics of well-designed service systems and challenges in service design.
The document discusses forecasting techniques. It outlines the learning objectives which include listing elements of a good forecast, describing qualitative and quantitative forecasting approaches, and explaining measures of forecast accuracy. The document also describes various forecasting techniques such as qualitative judgmental forecasts, quantitative time-series forecasts including naive forecasts, moving averages, weighted moving averages, exponential smoothing, and linear trend analysis. It provides examples and discusses advantages and disadvantages of each technique.
The document discusses capital budgeting techniques used to evaluate investment projects. It covers net present value (NPV), internal rate of return (IRR), and discounted cash flow analysis. NPV is calculated by taking the present value of future cash inflows and subtracting the present value of cash outflows. IRR is the discount rate at which NPV equals zero. When evaluating projects, firms seek to accept projects with positive NPV or IRR higher than the required rate of return or cost of capital. The examples demonstrate calculating NPV and IRR for sample projects at different discount rates to determine if the projects should be accepted or rejected.
This document discusses project selection and management. It covers key topics like strategic management and criteria for selecting projects, project selection models, dealing with uncertainty and risk, and using a project portfolio process. Numeric models for project selection include those based on factors like profitability, payback period, net present value, and internal rate of return. Non-numeric models include those based on necessity, fit with product lines, and comparative benefits. The document also addresses balancing project portfolios, developing project proposals, and evaluating selection factors like production, marketing, finances, personnel and administration.
This document discusses key concepts related to costing and pricing for a women's group. It explains that calculating costs is essential to determine the costs of products, control expenses, and make pricing decisions. Variable costs vary with production while fixed costs remain the same. The break-even point helps with decisions about production levels and pricing. Understanding these costing concepts and applying them to pricing will help the group ensure profitability.
This document discusses project selection and management. It covers key topics like strategic management and criteria for selecting projects, project selection models, dealing with uncertainty and risk, and using a project portfolio process. Numeric models for project selection include those based on factors like profitability, payback period, net present value, and internal rate of return. Non-numeric models include those based on necessity, fit with product lines, and comparative benefits. The project portfolio process aims to identify and prioritize projects that meet strategic needs and balance organizational resources and risks.
The document discusses factors that affect pricing strategies, including supply and demand, competition, customer behavior, costs, brand image, and target market demographics. It also outlines challenges companies may face in developing pricing strategies, such as a lack of data, resistance to change, and an inability to communicate value. Finally, it emphasizes that customer and process analytics can help companies understand customer preferences to set optimal prices that maximize profits while delivering value.
This document provides an overview of an international business and trade course. It discusses topics like globalization, economics, trade, foreign investment, and regional integration. It also defines key terms and concepts, and describes how technological innovation and falling trade barriers have contributed to increasing globalization and interdependence among national economies. Companies of all sizes now participate in international business to access new markets and optimize their global operations.
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On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
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Forrester’s Digital Transformation Framework
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MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
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Capgemini’s Digital Transformation Framework
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Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
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Digital Transformation Compass
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Design Thinking Framework
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HR search is critical to a company's success because it ensures the correct people are in place. HR search integrates workforce capabilities with company goals by painstakingly identifying, screening, and employing qualified candidates, supporting innovation, productivity, and growth. Efficient talent acquisition improves teamwork while encouraging collaboration. Also, it reduces turnover, saves money, and ensures consistency. Furthermore, HR search discovers and develops leadership potential, resulting in a strong pipeline of future leaders. Finally, this strategic approach to recruitment enables businesses to respond to market changes, beat competitors, and achieve long-term success.
2. The productivity of a company’s workforce plays a key role in its
profitability and competitiveness. It makes sense: Increase productivity
levels and you can expect to generate higher profits without adding
headcount. That boosts the likelihood of long-term success in competitive
markets.
So, it’s important that business leaders understand how to measure
productivity, then use that data to identify and overcome obstacles to
making their workforces more productive.
3. What Is Productivity?
Productivity is a measure of economic or business performance that indicates how efficiently people, companies, industries
and whole economies convert inputs, such as labor and capital, into outputs, such as goods or services. Productivity can be
measured at any of these five levels:
1. Personal productivity:
The term “personal productivity” is often used to describe how much individuals can accomplish every day in their personal
lives, not just in the workplace.
2. Workforce productivity:
Workforce productivity, the focus of this article, is the aggregate productivity of all individuals in a company’s workforce.
4. Team or department productivity:
The collective output of one or more individuals united under a common goal.
5. National or global productivity:
The aggregate productivity of all industries in an economy is an expression of the economy’s productivity.
4. Key Takeaways
Productivity is key to a company’s profitability and ability to thrive.
Workforce productivity is a measure of how efficiently a company converts inputs, such as labor
or capital, into outputs, such as goods and services.
Obstacles to increasing productivity include too much email, too many meetings, too many
manual processes and industry-lagging technology. Simple fixes can help address these
problems.
Identifying and tracking productivity metrics can help companies manage and improve workforce
productivity.
Performance management software can make it easier to measure and manage productivity.
5. Productivity for Businesses Explained
Productivity is calculated by dividing output by inputs. The basic formula is:
Productivity = Output / Input
Output is typically measured as the dollar value or the units of products and services that a company
produces. Inputs are any resource used to create products and services. The two most common types of
input are capital — which includes investments in assets used for production, such as manufacturing
equipment and computers — and labor. Other inputs may include energy, technology, materials and
purchased services.
Labor productivity measures the output per hour of labor.
Capital productivity is the productivity attributable to the money invested in assets used to produce
your company’s output.
6. How Does Productivity Work?
Productivity goes up when output increases at a faster rate than inputs or when a
company can generate the same output with lower inputs. Here’s an example that shows how
this works, exploring the effect of different inputs.
Suppose you own an apple orchard, and you’re looking at ways to increase the
productivity of your annual apple-picking operation. Currently, your company’s 50 workers can
pick a total of 10,000 large apples per hour by hand, on average. Your hourly labor productivity
is therefore 10,000 apples/50 people = 200 apples per hour per picker. Not bad, but you see
four options to do better, beyond just pushing people to work harder:
7. 1. Technological improvements: You can add inputs in the form of technological improvements that expand
output by more than their cost. If you provide each apple-picker with Acme’s Super-Duper Apple-Picking Machine,
labor productivity jumps twofold: They can each pick 400 apples per hour.
2. Technical efficiency: Companies can improve technical efficiency by using their existing technology or skills
more efficiently. Perhaps your workers can do better than 200 apples per hour if they become more skilled at
picking apples by hand.
3. Organizational improvements: You may be able to improve hourly output by reorganizing apple-picking teams
so they more efficiently cover the entire orchard.
4. Increasing scale: You may be able to increase productivity by expanding your operation. Doubling your apple
output may require you to double the size of your orchard, the number of pickers you employ and the number of
machines they use. But it won’t require you to build a second headquarters building, hire twice as many
administrative workers or double your marketing and advertising budget. Your output will double, but your inputs will
not.
8. Why Is Productivity Important?
Because it’s a measure of efficiency, productivity is key to winning in a competitive
marketplace. Increase your productivity and you can generate higher profits — or charge
lower prices and take customers away from your competitors. On the other hand, if your
productivity declines or increases more slowly than competitors, you may be unable to
operate profitably or suffer from sluggish growth
9. Benefits of Increased Productivity for Businesses
The basic advantages of higher productivity — greater competitiveness and profitability — can generate a broad
range of additional business benefits. They include:
Higher customer satisfaction: Customers will be happy if your company’s increased efficiency enables you
to reduce prices or deliver goods and services faster.
Better terms from suppliers: If greater productivity enables the company to increase production, it can buy
raw materials and components in larger quantities, which usually means it can obtain them at lower prices.
More attractive wages: Higher productivity can make it possible to pay higher wages, which can help attract
employees.
Increased access to capital: When improved productivity translates into higher profits, that can pave a
smoother path to obtaining funding, either by issuing equity or borrowing.
10. Common Business Productivity Challenges and
Pitfalls
Most companies don’t operate at maximum productivity. We’ve all heard the stats about disengaged
employees who “work” only a few hours per day — and that’s only one of many challenges to
achieving greater productivity. Some are easier to overcome than others.
11. SIX COMMON PITFALLS
1. Achieving “busyness” rather than productivity. People often tell themselves that
they are being productive because they’re working long hours. But they may actually be working
harder instead of “smarter, faster, better,” as bestselling writer and productivity guru Charles
Duhigg describes it. Companies that reward people for merely looking busy may not achieve high
productivity. The answer is to measure outputs and focus on improving them.
2. Inefficient meetings. Inefficient and unnecessary meetings can eat into productivity for
everyone involved. Companies can increase efficiency by starting and ending meetings promptly,
requiring a clear agenda, ensuring all attendees come prepared and assigning a to-do list of tasks at
the end.
12. 3. Email. In 2019, the average office worker spent over three hours a day on work emails — many of those messages not
directed primarily to them. That’s often time that could be spent more productively. Companies that discourage unnecessary
cc’s and bcc’s can reduce this problem.
4. Poor time management. Time spent on emails and meetings often masks a larger time-management problem. If
your company’s employees don’t have daily to-do lists and organize their time accordingly, many will default to being reactive
— responding to a badly managed calendar, incoming email and whoever demands their attention during the day. Some
people are good at managing their time, while others need assistance and closer supervision.
5. Putting off technology improvements. Companies sometimes delay technology upgrades that can radically
improve productivity. For instance, investing in collaboration tools can help employees work productively from anywhere.
Enterprise resource planning (ERP) systems can tie together many business processes, automating the flow of data and
reducing manual effort. And any technology that helps companies stay abreast of KPIs that measure productivity, such as
Order Picking Accuracy in a warehouse, will pay off.
6. Manual processes. The amount of time a worker spends importing, exporting, entering, reconciling and
manipulating data between one or more information systems can slow down productivity. Additionally, the amount of time
needed to assemble reports or analyses for decision makers can lead to less productivity.
13. How to Measure Productivity in the Workplace
Speaking of KPIs, a company must be able to measure productivity
if it hopes to gauge the effectiveness of its efforts to improve
productivity. There is an enormous range of productivity metrics in
common use, depending on the industry and the type of business
function you’re measuring. Here are some of the most common:
14. 1. Employee turnover rate. This is the percentage of employees who leave an organization
during a certain period of time. High turnover is often associated with low productivity due to the
time required to find and train replacements. Fortunately, companies can take steps to minimize
employee turnover.
2. Labor utilization rate. This ratio assesses the proportion of workers’ time that is spent on
productive tasks. It’s calculated as the time spent on productive or billable hours divided by the
total number of employees’ available hours and, like revenue, is important for services firms to
track.
3. Gross profit margin. This profitability metric reflects the efficiency of a company’s core
business operations. It’s calculated as net sales revenue minus cost of goods sold or services
delivered. A business whose gross profit margin is consistently below others in its industry risks
15. 4. Revenue per employee. This is a core productivity measure for many companies. It is typically
calculated as the most recent 12 months of revenue divided by the current count of full-time
equivalent employees. Revenue per employee may be a particularly relevant KPI for consulting
services firms.
5. Number of parts produced. This fundamental measure of manufacturing productivity is usually
measured in parts per worker per hour.
6. Customer satisfaction score (CSAT). This is the average customer rating, generally gathered
from surveys and measured on a scale that may range from 1-5 or 1-10. Low scores may be a
warning that customers will defect. CSAT is a core element of a customer experience (CX) focused
strategy.
7. Downtime. This is the percentage of time that an important business system is unavailable.
16. Factors That Affect Productivity
1. Work Environment
As you can imagine, no one enjoys working in a negative or toxic environment. Make sure to
create a workplace atmosphere that is based on your company's values, where your employees
feel supported, valued, and safe.
Put honesty and co-operation first, remember to reward your employees when they deserve it.
Give your employees access to the right environment where they can cooperate, compete, and
emphasize with their co-workers. This type of environment helps your employees develop
healthy work habits, which contributes to creating a productive workforce.
17. 2. Training & Career Development Opportunities
Every employee wants to grow in their career, so it's essential that they feel like their employer is invested in
their professional development and provides them with the relevant training opportunities throughout their
journey in the company.
If you don't have a training program yet, it might be time for you to develop one. An untrained employee would
not know what they need to do or how to do it more efficiently, which can negatively affect productivity.
One good way of facilitating training programs is through microlearning. This human resources tool gives your
new employees the information they need and the knowledge they need to thrive in the office.
Plus, make sure each team member has a chance to grow within the company hierarchy, and won't end up
feeling stuck in the same position for too long.
18. 3.Processes
From recruiting to onboarding, compensation, performance management, task delegation and more: establishing processes
for your company will allow you to provide
your employees with positive experiences from the get-go.
Developing these processes can be time-consuming and it is very much a matter of trial and error. However, once you have
them, you'll be a lot more organized and
efficient -and so will the rest of the team.
Companies with high productivity levels build processes for most of their recurring tasks and projects.
For example, many organizations often overlook employee surveys. This can lead to workers feeling neglected and unseen,
which can negatively affect employee
productivity. However, implementing a project management tool can help your HR managers facilitate job satisfaction
surveys easily.
Another example is employee offboarding. When a worker leaves, many managers often forget to revoke the worker's
platform access, which can lead to data privacy
issues. With an employee and project management tool, your HR personnel can easily remove the outgoing employee's
ability to access confidential information and
company tools with a few clicks. This makes it easier for your HR department to offboard an employee, as well as increase
employee's productivity as it allows them to
19. 4.PayStructure
Your employees have bills to pay, children to take care of, and goals to accomplish, and the
monetary benefits are obviously one of the
reasons why they took a job in your company.
Use this as a motivational tool, by explaining clearly and transparently how your pay structure
works and what you consider when deciding if
an employee deserves a promotion and raise
20. 5.EmployeeWellness
Employee wellness has become a popular topic over the past few years, and it refers to the
physical and mental health of your team members.
As an employer, you want to provide your employees with all the tools and resources they
might need whenever they don't feel their best, as doing so will show them
that you care and also prevent small problems from developing into something more serious.
Creating a wellness program, offering healthy food options at the office cafeteria, and
encouraging your workers to put their welfare first help create a healthy and
happy employee and could greatly boost employee productivity.
Another way your company can have a positive impact on employees productivity levels is by
encouraging workers to lead a healthier lifestyle. This can be done by
giving them access to physical activities that encourage them to get off their seats and move.
You can also propose them to have a "walk to work" day or give them
more storage spaces to store their office equipment
21. 6.Diversity
Multi-culture is now more important than ever and it has certainly become an
important factor when it comes to employee engagement.
Having diversity in your workplace is one key factor in increasing employee
productivity and benefitting your company's success. Recruiting representatives
with distinctive qualities,
religions, cultures and customs gives your employees a sense of belonging in their
working environment.
Another advantage of having workplace diversity is that it gives employees an
opportunity to learn and understand others' perspectives. This plays a vital role in
ensuring strong team
dynamics.