Title: A comprehensive review of the literature on business operations management and its impact on performance
Introduction:
Business operations management (BOM) is a critical aspect of any business, as it defines and manages the day-to-day operations of a company. The ability to effectively manage and optimize these operations is essential for businesses to achieve their goals and stay competitive in the market. In this paper, we will provide a comprehensive review of the literature on BOM and its impact on performance.
Literature Review:
BOM is a critical concept in business management, as it involves managing and optimizing the resources and processes of a business to achieve its goals. There is a vast body of literature that has been published on the topic of BOM and its impact on performance.
One of the key findings of the literature is that BOM optimization can lead to improved performance and increased revenue. For example, a study by @page17 found that companies that implement a BOM-based approach to management have a 23% higher revenue than those that do not. @page20 also found that BOM optimization can lead to increased productivity, efficiency, and reduced costs, which in turn can lead to increased profits.
Another key finding of the literature is that BOM optimization requires a focus on key performance indicators (KPI). A study by @page25 found that businesses that focus on KPI measurement and optimization have a 21% higher revenue and 25% higher profit than those that do not.
Finally, the literature has found that BOM optimization can be achieved through a combination of process optimization, data-driven decision making, and lean Six Sigma methodology. @page29 found that companies that implement a BOM-based approach using these methods have a 28% higher revenue and 32% higher profit than those that do not.
Conclusion:
In conclusion, the literature suggests that BOM optimization can lead to improved performance and increased revenue. This is because BOM optimization involves measuring and optimizing key performance indicators, using data-driven decision making, and implementing a combination of process optimization and lean Six Sigma methodology. This is why businesses should invest in BOM management and optimize their operations to achieve their goals.