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Operational management refers to the process by which functions and process of the organisation could be effectively managed. This aims at increasing the efficiency of organisation resulting into enhancing overall profitability of the firm. This report presents information regarding operational management followed in thermo fisher scientific. It has been determined that company is following PPI method in their operation which aims at defining the steps and activities which each employee needs to undertake. Inventory and cost management are the issues facing by the Thermo Fisher in their operations. Effective, economical and efficient measures have been used by the company which helps in increases the adequate of business strategies. Company’s website and apps has been launched that helps in increasing communication with customer and employees. To overcome various operational challenges, waterfall and lean project methodology has been used.
Operational management plays a key role in optimizing business processes. Many students seek Help with My Assignment to understand how companies like Thermo Fisher implement strategies like PPI to enhance workflow, reduce costs, and improve efficiency. This research provides insights into industry best practices and innovative methodologies for business success.
Each organisation aims at achieving it goals at the minimum cost and providing maximum profits. For efficiently managing multiple departments and achieving goals, operational team within the firm should be effective. Operation management refers to managing various practices, process as well as structure of the company with emphasis on reducing costs and increasing overall profitability. This concept is very crucial within each firm as it helps in monitoring the quality of goods and services provided and help in creating competitive edge within firm. Operation management can be effectively carrying out within organization by adopting 5P’s which includes plan, process, people, possession and profits. Plan includes pre determination of strategies and measures which company needs to undertake for working efficiently within the firm. Process includes clear description of activities which should be implementing one after another. People include determining most efficient and effective employees that helps in achieving goals of the organization. After this, capital and organization assets are organized in manner that helps in maximizing outcome. Profits are the measures to determine adequacy of operational management that has been undertaken by organization.
Thermo fisher scientific Inc. Was established in 2006 with the merger of fisher scientific and thermo Electron. Market capitalization of company is 202 billion with the market share of 98.05%. Firm deals in providing analytical instrument, biotechnology, laboratory services, life sciences and specialty diagnostics. Mission of the company is to make world healthier, safer and cleaner. Business entity work with intensity, integrity, innovation and involvement that guides their culture and focus on improving interactions with suppliers and partners. Company is concentrating on having continuous research in industrial & healthcare industry and is having annual revenue of more than 20 billion (Annual revenue of thermo fisher scientific, 2024). This report will include various operation management challenges that company is facing in operating effectively. It will also include impact of workflow and productivity in creating competitive edge. This will also discuss on role of MIS in effectively achieving gaols and objective of firm. Project methodology will be provided within report to compare current challenges with the past.
Thermo fisher scientific is aiming at providing goods that will be used to treat patients and create a healthier environment. Company is focuses towards reducing waste in their operation and focusing on improving efficiency by managing all resources adequately. As company is focusing on customer success, practical process improvement methodology has been implemented by the firm for improving its operational efficiency. Firm faced various problems and challenges while achieving its objectives. PPI is the measures that enable company to establish a culture of problem solving and continuous improvement (Agarwal and Virine, 2019). This focuses on both organization workflow and benefits of other stakeholder that are attached with the company. Training sessions has been organized within the firm that helps employees in enhancing their knowledge regarding PPI and assists in continuous improvement. Under this, firm is focusing on forming team so that work can be done with more efficiency.
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As company is indulging services, related to providing high quality technology, which creates issue pertaining to controlling cost within its operations. Cost is the major operational management challenges that have been faced by the company. Firm focuses on developing technology that requires the high investment for gaining raw materials. It needs to incur high cost on research & development to determine the changes and take necessary measures to create competitive edge (Agostini and Filippini, 2019). Company’s cost has been increased as employees’ remuneration is high within the industry leading to increases in their operational cost. Inventory management is the issue that has been faced by firm while efficient achieving their objective. Supply chain management is another issue that has been faced by Thermo fishing scientific while efficiently managing its operations.
Quality management is the process that pays emphasis on the requirement of customer and help in better fulfilled needs of customers. The three quality management principle that has been used by Thermo Fisher and its impact on the achieving organisational goals are as follows:
Customer focus:
It ahs been identified that for company to be operated in an effective manner, need to place more emphasis on fulfilling the needs and wants of the customers. This principle concentrates on providing goods and services that can be the best suitable for satisfying current needs of the customer. This can be identified by conducting research and survey that help in determining the exact preference and wants of individual. This principle has been effectively undertaken by the company as it focuses towards conducting research on the regular basis (Principle of Quality Management, 2022). It has been identified that while implementing PPI, firm is paying emphasis on continuous improvement in their operation which requires them to identify current needs in market. This principle is very crucial as it helps in efficiently achieving goals and objective of the company. Adopting this principle helps firm in providing goods according to demand results in enhancing overall profits leading to achieving their goal.
Engagement of people:
Employees are the major element in the company that impact overall working and functioning of any company. This principle is related to engaging employees within the firm that helps in efficiently carrying out organisational operations. This can be done by providing various financial and non-financial incentives that helps in increasing motivation and results into improved employee engagement (Babich and Hilary 2020). Thermo fishing scientific is able to manage employee’s motivation and their engagement in the firm. Company is focus towards providing detailed information regarding company’s initiatives and program which develops the sense of belongingness among employees and leading to enhance their involvement. It has been identified that company is hiring 130000 employees in 2023 with 0% decline from 2021. This indicates company’s effectively in effectively managing its employees.
Continuous improvement:
In the quality framework of business entity, this principle is effectively adopted by company that helps in continuous improvement within the firm. For increasing firm efficiency, this principle is very crucial as it helps in determining ways that unable firm in creating competitive edge in the industry. This can be done by providing measures by which supplier and employees can increases their efficiency results in improvement in the operation of organisation. Thermo fishers has been able to implement this as company is focus on providing training and development sessions for its employees, conducting research, determine new trend and identify strategies to improve.
This report explores Thermo Fisher Scientific's operational management strategies, productivity enhancements, and workflow improvements. It examines key business strategies, including cost management, efficiency optimization, and supply chain sustainability. Additionally, it highlights performance monitoring indicators, employee engagement, and quality management principles that contribute to the company’s long-term success and competitive edge.
Thermo fishers have been able to increases its productivity by adopting measures that help in creating competitive edge. It has been determine that company is paying emphasis on optimally utilizing its all physical and human resources that helps in improving its efficiency. This can be done by allocating right individual to appropriate place which will assist in making optimum utilization of technology leading to better productivity (Bastida et al, 2019). To increase productivity in the operations, Thermo Fishing has introduced an updated software solution that helps in adequate analysis of data.
It is the framework which is related with providing sequence of process, tasks and step that can be used by company for achieving its goals. Workflow helps in creating competitive edge as it facilitates work arrangement according to priorities and assists in achieving each objective with utmost efficiency and reduces the chances of errors. To describe the step and process, thermo fishing is focuses on implementing PPI in its operations (Impact of workflow on organisation, 2024). This is the process which helps in reducing the scope of errors and meanwhile contributes in improving overall efficiency of the firm. Under this, Thermo Fisher is dividing the total number of employees into different teams and allots each team with a goal. Each team has a facilitator that helps in describing strategies and measures that they need to undertake for achieving objectives. These goals are determined, once manager identified priority project and allocate the same according to the team’s capabilities (Dadykn, Dadykina and Elyakova, 2022). Training has been conducted under PPI that helps in enhancing skills of employee’s which results into improving overall efficiency. This strategies helps in managing workflow helps Thermo Fishers in adequately managing its operational and assist in reducing the scope of errors.
Operational strategies are the process and step that employees and manager undertakes to reduce the cost and increase efficiency. Operational and organizational strategies should be compiled with each other that facilitate effective accomplishment of objectives. There are 3 E’s that each company should follow in their operations for adequately achieving organizational goals and objective. Various operational features of thermo fishing scientific are as follows:
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Efficiency:
Company is able to maintain efficiency in its operations by adopting automation in each stage of its operation. To reduce the wastage and error, updated software has been used by the firm. This will help in achieving organisation gaol with minimal effort and optimum utilization of resources leading to increasing overall efficiency in accomplishing goals (Fareed, Su and Awan, 2021). Awareness has been created within firm related to action and strategies which they needs to implemented. This will help in providing a suitable appropriate path on which employees need to work leading reduction in hit & trial method overall costing.
Effectiveness:
This criterion is referring to as identified capability of firm in achieving its objectives. This is related to undertaking appropriate task which helps in achieving the objective of organisation. For maintaining effectiveness in the operations of firm, Thermo Fisher concentrates on lowering the cost of production and enhancing quality of products. It also conducts market research to determine changes and for strategies that will be most effective. This has been adopted within operation that helps in renewing the exiting production process according to changes in the market.
Economical:
It is the crucial factors which firm should focus on for increasing their operational efficiency. This is related to the reduction in the cost of operations and increases in the financial position of company. For reducing the cost, firm indulge towards introducing more automation and terminated large number of employees (Hamouche, 2023). This has been identified that cost of approx 450 million has been reduced by the company in year 2023. AVVV tech has been introduces which will help in cutting operational cost by 50% results in increasing economical measures in operations.
By adopting these measures in the organization, thermo Fisher scientific is able to manage and monitor the organization working. This also assists in reducing the cost of operation and results in increasing efficiency in accomplish goals.
Managing supply chain refer to the process that concentrates on monitoring and managing all the procedures includes form gaining raw material and converting it into final product. Thermo fisher has focused towards introducing and implementing sustainable operations throughout the supply chain. For achieving firm‘s objectives, concentration has paid towards introducing new measures which have less impact on environment. Green engineering and chemistry has been appointed and installed in the products that assist in reducing hazards and waste (Olsen and Tomlin, 2020). During the sourcing of raw material, company follows the system of responsible sourcing that includes analyse supplier’s activities without working with them. This starts with identifying the suppliers who are focusing on operating by using environmental and fair practices. Thermo fisher has provided supplier code of conduct which the entire supplier and the subcontractors need to compile while dealing with the company. This code of conduct provides right to terminate the contract with supplier if they are involved in any activities that are against the firm’s code of conduct.
To determine and mitigate the risk associated with the supply chain, business entity has implement a program that assist in reducing all the risk that are linked with geographic exposure, performance of supplier and their sustainability practices (Supply chain management in thermo fisher scientific, 2023). To successful develop product, firm needs variety of mineral such as tin, gold, tantalum and tungsten. For selecting the material extracting company, Manager in thermo fisher analyse the company on the basis of their alignment with human rights, ethics, and environmental practices that has been undertaken though them. Company has also focus on introducing diversity in their supplier and to successful implementing such diversity, firm has introduce corporate supplier diversity policy. This also includes providing training to employees and procurement team to identify best supplier and effective achieving organization goals. To streamline the operation Thermo scientific production chemical and services has been introduces that results in enhancing efficiency in productions and warehousing. This all measures enable business organisation in effectively managing it supply chain and able to mainating sustainability and fair practices at all stages of operations.
Manager in organisation has established various performance monitoring indicators that helps in determining the efficiency and effectiveness in achieving organisational goals. Bench marking, Response time, Mean time between failures are various measures that have been used by Thermo Fishers in appropriately identified changes in its performances (Pandiangan, 2022). Under benchmarking, company is concentrating towards establishing standard goals for each team in PPI method. These goals are compared with the actual outcome to determine deviation from the standard set and efficiency of employees in accomplishing goals. Under response time, manager measures the performance of providers by calculating average time required to responded time. To determine the efficiency of assets company use mean time between failures method that assists in determining the actual time required for an asset to become obsolete. This helps company in replacing the existing before time so that efficiency of organization did not got hampered.
In the current times, automation has been introduced in each filed and is working effectively for each organization. MIS is the integrated management system that enables firm in recording all the crucial and important data in a systematic manner that helps in effectively the achieving goals. Role of MIDS is linked with analysing all the data and provide appropriate information that can be used by the firm in improving efficiency regarding decision making and create competitive edge within the industry. Thermo Fisher Scientific uses various MIS software for managing it operation. LIMS, ELN, LES and SDMS are all the system which has been implementing by company for managing its inventory and operation. Laboratory Information Management System (LIMS) is the software which enable firm in recording and managing data related to sample (Prasetya and Pratama, 2021). This also helps in automats workflow and instrument integration and managing all information. The role of MIS is related growth designing, developing, managing and using information that will help in brining innovation within organization working and assist in better controlling operations of organisation. Company has used various MIS that helps in managing financial data which help organization in controlling its cost and helps in effectively preparing budget within firm. It has been determine that Thermo fisher is using ELN method which helps in reducing the needs of workers and the traditional paper notebook in company and managing all the data, notes, protocols and useful data.
Information and communication technology refers to various devices and technology that helps in improving the communication with outer world. This aim at creating, developing, sharing, storing and transferring important information with other that helps in clarify the objectives. Technology team in Thermo fisher scientific is concentrated on building and developing mobile apps, websites, and other systems that assists in connecting with employee’s and customer worldwide. This devices and technology plays a significant role in the working of organisation which is as follows;
Managing data: As Thermo Fishers the global company, have large number of employees, it is crucial for the company to effectively manage all the necessary information and data related to employee’s performance (Sabherwal et al, 2019). This ICT technology helps in gathering large amount of data and assists in providing adequate information that helps in improving decisions-making process.
Enhancing efficiency and productivity: Efficiency and productivity of the operation within the firm could be improved by using this technology. There are various technology and tools which can be used by the firm that helps in accomplishing objectives with less effort and expenses. Project management software, integrated communication system, technology workflow is various software’s that requires less amount of effort and time in achieving goals.
Improve communication and collaboration: Thermos Fisher Scientific is using this technology that assists in improving communication with its customer. Launching website and apps helps customer to easily communicate and attached to organization leading to enhancing their collaboration and confidence with firm. Collaboration has been enhanced as company is able to connect with each other easily resulting into reducing time in decision making.
Helps in creating competitive advantages: Innovation and creativity within the firm can be introduced by using this technology which helps in creating competitive edge in the market (Saeidi et al, 2019). Thermo Fisher concentrates on conducting market research and determining the opportunities and focus towards developing latest technology and software’s that can be used for better outcome. This helps company in making distinct identity from it rivals and assist in attracting more customers.
Artificial intelligence
As the concert towards reducing waste and time has been increased in the operation of company, firm has focus towards implementing artificial intelligences in their operation leading to reducing human effort and automated various activities. Company has automated the task of cell counting which was earlier done by human being that requires high human effort and also includes various errors. Invitrogen Countess 3 automated cell counter has been introduces in the operation which assist in reducing human error and provide most accurate information. Company is also focus towards initiative various sessions that helps in making employees efficient in working with AI and assist in improving their productivity (Sanyé-Mengual et al, 2020). It has been determine that company is focusing towards creating a culture of innovation which requires its supply chain to be modified and effective. Innovation can be introduces as AI helps in transferring the current way of working into new and updated version that crates opportunity for creativity.
There are various Ai tools that ahs been introduces in the thermo fisher scientific leading to enhancing the productivity of the company. It ahs been determine that company is using Amira-Avizo2D software, Per Goes Software and Amiga-Avizo software in the organisation for reducing the scope of human error and reducing burden. Amiga Avigo is the research tool that has been proven to be most effective and useful tool in this industry. Company’s peer goes software provides keras based python packages and modules. This assists organisation in creating their own python environment by using own sets (Szatmari et al, 2021). This AI tools also helps in making customized predictions that helps in full control over output and inputs of firm and helps in optimum utilization of resources. Thermo fisher scientific use this AI tool for segment mitochondria as it is very difficult to segment by using other devices. Amira-Aviza Software has been used on FIB-SEM stack as to extract mitochondria form it. This helps in automated the process of extracted and enable firm in saving hour of human effort that can be useful in more productivity activities.
It is the process and tools that helps firm in managing project and function in a way that helps in reducing cost and improving overall profitability. Using this methodology, business is able to minimize the risks that are associated with operation. It also helps in critical evaluation of various issues and determines solutions that are best suitable for the current situation. Decision making ability of the company and the customer satisfaction has been enhanced by using this methodology. Thermo fisher scientific is facing various challenges that are associated with controlling cost and expenses, inventory and supply chain management within their operations. To overcome all obstacles focuses should be paid on implementing project management methodology. Some of the project management methodology for thermo fisher is as follows:
Lean project Management: This is the project methodology that is linked with reduce the waste in the manufacturing process and increasing production functions. This has been determined that thermo fisher is having e waste and the physical waste in its operations that results in improving cost. This can be effective done by the company by using 5 principles that are value, Value steam, continuous flow, Perfection and pull system (Tchamyou, Asongu and Odhiambo, 2019). This method is concentrates on continuous improvement by conducting market survey that assist in determine innovation and creativity strategies. In value, company needs to identify the quality, timeframe and the cost that customer prefer to pay. After determine the value, next step is related to establishing the process and strategies by which standard cost and quality could be maintained. Obstacle and uncertainty are inseparable factor that are associates with each strategies. This step involves finding all challenges that can be faced by company and potential solutions overcome it. Next step is concentrates on determining the number of demand so that warehouse cost be reduces and inventory management could be effectively carry out. Last step involve continuous improvement by determine new ways and finding error in the present strategies.
Waterfall strategies: Under this strategies emphasis is paid on following a determining process for accomplishing the goals and objective of organization. This method is also referring to as software development life cycle which liner process is followed each time which helps in accomplishing and achieving gaols efficiently. This method suggest that firm should not move to another stage before completing the initial as this may results in facing various uncertainties and increases risk later on. Thermo fisher should use this method in inventory and supply chain management. These can be effectively implemented in the following manners.
This is referring to motivating and influencing the team member to achive particular goals and objectives. This concept believes that a team can achieve gaols more efficiently rather an individual. Role of project leadership in achieving the goal can be understood through following points:
Stakeholders are various individual that are interest in financial, liquidity and profitability position of the organization (Wang et al, 2020). It has been determine that company should focus on managing stakeholder of firm because of the following reason:
Conclusion
By summing up the report it has been identified that operational management is crucial of the success of the organization. To increases the efficiency of operation management 5P’s should be used by company that includes people, procession, plan, profits and possession. It has been determine that thermo fisher scientific is facing using PPI method in their operation that aim at creating culture of continuous improvement within firm. It has been determine that firm is still facing various challenges that are related to managing inventory, cost and the supply chain. Quality is the crucial element that creates influence on the choice of customer. To maintain quality within thermo fisher scientific, manager should focus on customer’s needs, employee’s engagement and the continuous improvement. This principle helps in producing goods and services according to needs of customer and assist in improving involvement of employees. It has been found out form the report that productivity and workflow has a huge impact on the overall working functioning of the organization.
Increase in productivity will help firm in reducing its operational cost results in enhancing overall profitability of company. Workflow helps employees in getting direction and strategies according to which they needs to work results in reducing confusion. It has been identified that company is using three E’s polices that helps in achieving organisational goals and objective. Economical, effective and efficiency of the firm is maintained by implementing automation at every stage of the operation. Organization is carrying out effective planning, organizing, staffing, directing and controlling process that assist in better organisational management. It has been determine that company is implementing its strategies effective that results in reducing the turnover rate at zero in year 2023. In the process of supply chain management focus has paid on using sustainability activities at each step.
Supplier code of conduct has been established that aim at providing the right to audit supplier’s strategies and cancelling contract if they are against the code. It has been identified that to record and analysis the data, it is necessary to installed management information system. This helps firm in improving the skills of decision making as all the necessary information and data has been provide through this system. It has been determine that ICT helps in enhancing productivity, managing data and assists in creating competitive edge within firm. Amira-Avigo and per goes are the AI tools that has been used by thermo fisher for reducing human efforts and provide less scope for error. Lean and waterfall are the tow strategies of project management that should be used by thermo fisher for overcoming all the challenges. It has been identified that project leadership helps in influencing employees towards common gaols leading to effectively achieving organizational objective.
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