Lauren Stevens Homework 1

docx

School

University of Baltimore *

*We aren’t endorsed by this school

Course

505

Subject

Business

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by ChefHamsterMaster564

1 Homework 1: Challenges of Operations Management in the Future Lauren W. Stevens Merrick School of Business, University of Baltimore OPM 505: Introduction to Operations Management Professor Fiona Ziemski, PMP February 4, 2024

2 Homework 1: Challenges of Operations Management in the Future There are a wide array of future challenges operations management will face as we continue to navigate a post-pandemic world, from potential global recession (Rahman, 2023) to labor shortages (Dello Ioio, 2022). This paper explores two challenges organizations are facing that have the potential for major impact on operations management: Artificial Intelligence (AI) and Sustainability. Artificial Intelligence (AI) One of the greatest challenges in operations management in the future is the emergence of artificial intelligence (AI), specifically generative AI. While AI has existed for some time, this technology is constantly evolving. As such, companies will need to stay current on applications of this tool and strive to be innovative in their usage of it to stay competitive (Kettering Global, 2023). AI has vast potential for operations management and a wide variety of potential applications, to increase productivity and profitability, from inventory management to reporting and analysis (Riemann et al., 2023). While AI holds a great deal of potential for operations management, there are also concerns and uncertainties around the implications. One such concern is the inherent nature of AI technology and its capacity to produce inaccurate outputs which could pose a major risk through corrupt data or machine malfunctions. There are also legal and ethical considerations about this technology, including its impact on human workers and potential to eliminate jobs (Dello Ioio, 2022). To mitigate risks and challenges and successfully leverage AI as a resource for increased productivity, it is critical for businesses to have a firm and strategic plan for adopting this technology. This plan and its implementation must include careful examination of the best firm-

3 specific uses of AI and consideration of which areas present opportunity for the lowest-risk application (Dello Ioio, 2022). While AI holds incredible potential for operations management, the risks and concerns to across functions, from human resources to financial, require that adoption and application must be approached cross-functionally to be successful (Schroeder & Goldstein, 2021). Sustainability & the Environment Sustainability as it relates to the environment and the climate crisis has become a major consideration for firms over the past several years, and the impact on operations management is significant. Consumers are becoming increasingly focused on these issues and are in many cases more inclined to purchase from companies who are considering the environment in their business model (Kettering Global, 2023). Many organizations recognize the importance of environmental sustainability; according to a Forbes poll, 87% of surveyed leaders identified sustainability as a pri Operations management plays a critical role in advancing sustainability goals as part of a triple bottom line approach to business (Schroeder & Goldstein, 2021). From an operations management perspective, it can be particularly difficult to implement certain changes. As called out in the previously mentioned Forbes survey, for instance, organizations have limited control over supply chain partners and their practices which can limit how much a firm can advance sustainability goals across the entire supply chain. Other operational management variables, such as changes to product packaging or approaches to manufacturing, include up-front costs that can be daunting and prevent buy-in from leadership or other functions such as finance (Mueller et al., 2020). But, much like AI, these changes, if implemented strategically with cross-functional buy-

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 in have the potential to lower production cost, attract/retain consumers, and increase profitability in the long-term (Mueller et al., 2020). Conclusion Many of the current and future challenges business face have implications for operations management and, in fact, navigating many of those challenges will require an operations-driven approach. Two such challenges are Artificial Intelligence (AI) and Sustainability. If navigated strategically and cross-functionally, these challenges can be transformed into opportunities for firms to be more productive, profitable, and competitive.

5 References Dello Ioio, Z. (2022, December 16). 5 of the biggest operational challenges leaders face in 2024. Enate Future of Work . February 4, 2024, https://www.enate.io/blog/operational-challenges Evans, D. (2023, September 29). 2023 sustainability in manufacturing: We’ve got work to do . Forbes. https://www.forbes.com/sites/daveevans/2023/09/27/2023-sustainability-in- manufacturing-weve-got-work-to-do/?sh=9eb8c773ec98 Kettering Global. (2023, January 16). Operations Management: Trends & Challenges in 2023 . February 4, 2024. https://online.kettering.edu/news/operations-management-trends-and- challenges Mueller, C., Seber, S., Shulman, J., & Stover, K. (2020, August 10). Operations-driven sustainability . McKinsey & Company. February 4, 2024. https://www.mckinsey.com/capabilities/operations/our-insights/operations-driven- sustainability Rahman, S. M. (2023, December 31). Global recession management to remain biggest challenge in 2024 . The Business Standard. February 4, 2024. https://www.tbsnews.net/supplement/global-recession-management-remain-biggest- challenge-2024-766986 Riemann, C., Johnson, W., & Galgon, D. (2023, October 5). Transforming fulfillment operations with Generative AI . Deloitte. February 4, 2024. https://www2.deloitte.com/us/en/blog/business-operations-room-blog/2023/ai-in- fulfillment-operations-management.html Schroeder, R. G., & Goldstein, S. M. (2021). Operations management in the supply chain: Decisions and cases . McGraw-Hill Education.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

MGM335 IP W4.docx

MGMT455W3DB.docx

MGMTW3IP.edited.docx

Week 1 DT Strategy Development Decisions and Decision Models.docx

Week 2 DT Setting Direction, Advantages Disadvantages, and Decision Models.docx

Week 4 DT Internal Environment, Power Weakness, and Decision Models.docx

BUS 200 Quiz.docx

Umame Inc 1 - INDIVIDUAL Case Analysis Template (1).docx

Peteolo Farm 1 - INDIVIDUAL Case Analysis Template (3).docx

exam 2 test guide.docx

CRJU 7712 LAB 2 Assignment Questions.docx

Business 312 - A2 - Copy.docx

Recommended textbooks for you

Purchasing and Supply Chain Management

Operations Management

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Cengage Learning

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

MARKETING 2018

Marketing

ISBN:9780357033753

Author:Pride

Publisher:CENGAGE L

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Foundations of Business - Standalone book (MindTa...

Marketing

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
MARKETING 2018
Marketing
ISBN:9780357033753
Author:Pride
Publisher:CENGAGE L
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning