Industry Operations: Maximizing Efficiency and Profit

The phrase "To keep every cog and wheel in the first precaution of intelligent tinkering" is a modified version of a well-known saying coined by Aldo Leopold, an American ecologist and author. The original quote is:

Dolores Roussow, Executive Head of Operations, The firstEquity Group, completely identifies with Aldo Leopold's sentiment of "To keep every cog and wheel is the first precaution of intelligent tinkering." When you're dealing with a complex system or organization like ours, it's important that before making significant changes or improvements to a system, you should have a thorough understanding of how all the parts work together and ensure their proper functioning. This will minimize the risk of problems occurring because of hasty or uninformed decisions.

Business operations vary by industry. Operations are structured according to the requirements of each industry. Operations in business are critical to ensuring that the day-to-day running of the business creates efficiencies, increases productivity, reduces costs, and therefore generates revenue, ultimately maximizing profit.

Basic process efficiency and process standardization are focal points to avoid the risk of being non-competitive. System integration and automation are critical to increasing efficiency and reducing costs.

Efficiency is maximizing your output with given inputs or resources. Resources include multiple departments in a business, each of which has its own procedures, controls, systems, and people that must operate effectively.

This is where operations must make their mark and offer support and structure to business units. Operations are in the business of adding value to business units and helping departments achieve their targets by:

? Building and maintaining relationships with clients, offering continuous support.

? Implementing improvements, improving processes, and internal controls to ensure accuracy, efficiency, and troubleshooting breakdowns.

? Fostering a culture.

? Providing ongoing training and support to employees.

? Mentoring employees to build diversity and improve personal and career development.

Processes change as businesses grow and evolve. Business structures, systems, and technology improve daily. Operations must keep abreast of industry and technology changes to arm themselves with knowledge and keep the business relevant and competitive. Internal controls must be reviewed regularly to mitigate operational risks.

Involving staff in new processes through a structured approach, featuring appropriate coaching, development, and feedback mechanisms, will provide staff with the confidence to succeed in ongoing changes.

Continuous communication and feedback between the operational function and internal and external clients create collaboration, and a business becomes service-centric in its approach.

Article written by Dolores Roussow, Executive Head of Operations, The firstEquity Group

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