Operations Management involves converting raw materials into finished products and ensuring they reach consumers in time.
Operations management is a dynamic field that is constantly evolving. Due to digital intervention & automation of production processes, business operations have changed dramatically. This change brings with it numerous opportunities.
The continuous developments in this sector notably impact the processes, business models, and skills demanded in the market.
Here are the latest Operations management trends –
- Digital Transformation – Operations management sector is undergoing digital transformation. The industry is adopting new-age technology such as Artificial Intelligence (AI), Machine Learning, IoT, Blockchain, etc.
These digital technologies improve operational efficiency and decision-making. Automation of processes makes them easy and cost-effective.
- Data Analytics & Predictive Analytics – The production process creates a large amount of data. Using analytical tools, operation managers interpret this data and make informed decisions.
Operations managers use data analytics and predictive modelling techniques to gain insights, identify patterns and forecast demand. With proper demand-supply planning, they can optimize inventory levels and enhance supply chain efficiency. Data interpretation detects any deviation in the standards helping in quality control.
- Supply Chain Optimization – Supply chain management is a key focus area for operations management. After the Covid-19 pandemic, the business processes have changed.
The industry demands a more agile and responsive supply chain. The one that can quickly adapt to changing market conditions and customer demands. Companies plan their inventory levels based on customer demands. It helps them to reduce the cost of maintaining inventory.
By implementing blockchain technology, businesses are improving their logistics and transportation, making it more efficient. Transparency and cost-effectiveness have improved after implementing technologies for supply chain management.
- Green Operations – The concern around environment-related issues is growing. Hence more companies are trending towards green operations management. It includes reducing waste, energy consumption, and carbon emissions. Companies are now promoting ethical sourcing and socially responsible operations.
Organizations are also encouraging locally sourced raw materials, boosting the national economy.
- Lean and Agile Methodologies – Lean and agile methodologies are widely adopted for effective operations management. They enhance productivity and increase flexibility. The Lean method developed by Toyota Motor Corporation aims to remove waste and optimize production processes.
While the agile methodology is recent. Quick adaptability, iterative development, and cross-functional collaboration
- Internet of Things (IoT) and Industry 4.0 – The integration of IoT applications and technologies in operations management has gained traction. Industrial IoT enables real-time monitoring of assets. It predicts the need for maintenance and improves visibility across the supply chain.
Industry 4.0 refers to the fourth industrial revolution. It is a digital revolution that emphasizes cyber-physical systems and smart factories. They ensure more transparency and accuracy in production processes, supply chain and human interaction with machines.
- Risk Management – The COVID-19 pandemic highlighted the importance of risk management. Operations managers are now emphasising assessing and mitigating risks, expanding supply chains, and developing robust contingency plans to handle disruptions.
These trends indicate the direction in which operations management is evolving. However, it’s essential to stay updated & understand the current landscape and emerging trends.
Why should you choose MITSDE & how it benefits your career with its online PGDM Operations course?
MIT School of Distance Education (MITSDE) is approved by, AICTE, Govt of India. It brings you a 21-month Post Graduate Diploma in Operations Management. It is one of the top PGDM Operations Management courses in India. Industry experts and renowned faculty design the top PGDM operations course.
The online Operations course focuses on –
- Basic principles of Operations Management
- Basics principles of Project Management
- Risk assessment & Risk management
- Human Resource management strategies
- Quantitative skills
- Global Operations management practices
- Latest tools & techniques
MITSDE also provides a dedicated team of student success managers to assist learners in their academic journey.
The placement cell offers services like resume-building and career-building sessions to help one secure a rewarding career.
Lastly, initiatives like MITSDE Labs and Harbour offer a perfect blend of practical hands-on training and psychological counselling.
Thus, MITSDE offers a 360-degree learning approach that guarantees a rewarding career.