AI in Future of Operations Management

The Changing Face of Operations Management – AI is the future

The modern world – the era of smart robots; the prevalence of virtual assistants; the conceptualization of self-driving cars.

Over the past two decades, researchers have been putting in all their efforts to test the potential of AI in the world, and the results are phenomenal. The extensive automation in various industries, aggressive research on soft robotics and humanoids, smart home systems powered by Amazon’s Alexa and Apple’s Siri, the world of today is under the strong influence of Artificial Intelligence. The impact of AI on this world is somewhat transformational.

An American inventor and futurist, Ray Kurzweil once stated, “Artificial intelligence will reach human levels by around 2029. Follow that out further to, say, 2045; we will have multiplied the intelligence, the human biological machine intelligence of our civilization a billion-fold.” From the automotive sector to the household appliances and from the manufacturing industry to the business environment, AI has revolutionized the way the world functions, and this is just the start. Get an MBA with Artificial Intelligence from Exeed College.

The form of technology is changing the way people live, and it is building the grounds for entrepreneurs to manage business operations better. It is a part of the technology that is on its way to change the face of how businesses function.

Understanding the Enterprise Cognitive Computing (ECC)

Enterprise Cognitive Computing, popularly known as ECC, combines AI with neural networking, machine learning, sentiment analysis, natural language processing, and contextual awareness. It is a system that processes with at-scale learning, purposeful reasoning, and natural form of interaction with humans.

It is one of the most effective products of AI that is helping businesses optimize their operations by maximizing productivity and reducing the efforts invested. The system is designed to imitate the human thinking process after learning it through interaction with humans. The best thing is that this system keeps the humans in the picture at all times.

The system holds the potential to automate the repetitive tasks, all while aiding the improvement of information analysis and accuracy of results.

Harnessing the Power of Data Science

Data Scientists play a critical role in optimizing business operations as they efficiently process data, the biggest asset for every company. From the collection of relevant data to its analysis, these individuals help a business grown through strategies backed by data. An ECC can help in harnessing the power of data science up to perfection.

Turning Business Operations into Leaner and Efficient Processes

Another way AI is helping streamlines business operations through ECC is an efficient analysis of market trends, business patterns while spotting growth opportunities. The technology allows real-time processing of critical issues that become a hurdle between a company’s performance. The implementation of systems takes businesses towards reduced risks and processes aligned with the changing landscapes. Pursue an Online MBA Operations Management from the top college in UAE

Enhancing Customer Interaction

An important aspect of business operations is customer service and interaction of the company with them. AI works to improve this area of business operations as well. Robotic process automation is changing the game as this system works to provide contextual information, just like the company’s staff. It considerably improves customer satisfaction.

It is true, AI is the future of businesses, and it is changing the face of operations management for businesses. Scotland’s Cora- Intelligent Agent, Welltok’sHealthcare Concierge, Edge up’s Smart Tool, and several other AI-powered systems prove that this technology is revolutionizing operations management, taking businesses towards improved productivity and enhanced efficiency.

Importance of Operations Management in Business

Importance of Operations Management in Business Organizations

Firstly, what is Operations Management (OM)?

Operations management is the process that generally plans, controls and supervises manufacturing and production processes and service delivery. Operations management is important in a business organization because it helps effectively manage, control and supervise goods, services and people.

Operations management cuts across every sector and industry as it may concern. OM finds use in every business though some might not be obvious. In health sector, operations management ensure there is proper health delivery with the right instruments at the right time. It also helps people like nurses, doctors, surgeons, and other health officers deliver timely service. When something goes missing, a technical and savvy individual knows what is at fault.

For a production or manufacturing company to be successful, OM is major unit that must first stand. Take an oil and gas company for example, product has been discharged by ship to the reservoirs in order to be made available for a large amount of customers. OM sees to the effective delivery of the products and also plans and schedules what and how must be done. With OM, people achieve more and productivity is increased.

Operations management is widely used irrespective of the size of a company or what they do.

Key Benefits of Effective Operations Management

1. Product Quality

The first unit in a typical firm that checks durability and reliability in a product is the operations management. Operations management sees to quality of products or goods which would suit customers on and after delivery. When a product is of quality, it gives you an edge compared to your competitors.

2. Productivity

Productivity is defined as the ratio of input to output and it is the only way to verify employees input. Operations management ensures appropriate staffing of employees to resources so as to get maximum result. The only way to ensure productivity is through an effective operations management.

3. Customer Satisfaction

There is no feeling for a manager or an employee as a customer getting the utmost satisfaction ever. Operations management rightly ensures this coupled with quality product. Customers make organization thrive and they must be treated well in every way necessary and possible.

4. Reduced Operating Cost

Through productivity, quality products and customer satisfaction, cost incurred on products servicing is maximally reduced. This simultaneously leads to increased revenue. Only operations management can make this possible. In reducing operating cost, there is also waste reduction. Exact number/size of products is produced as requested via a proper operations management.

Why do Managers need an MBA in Operations Management?

As an operations manager, you get to interact with professionals in engineering, marketing, research, business and all. An MBA in operations management affords you the technical know-how by covering the fundamentals of various areas related to operations management. These areas include capacity planning, supply chain management, and inventory amongst many. An masters degree in operations management gives you a theoretical and practical application of OM. It also gives real experience of business handling and notes the trends in the industry. With an MBA in operations management, you are designed to take up problems and challenges pertaining to inventory, supply chain and logistics.

Apply now for any of the Exeed’s MBA specialisation and receive a 10% discount on tuition fees.