Global multinationals generate a lot of mixed emotions from people. To some, large corporations represent all the things wrong with capitalism. However, we are going to focus on the things which give these companies operational competitiveness.
Business giants have a global reach employing hundreds of thousands of employees. They have the most complicated operations. The big question is; what do these companies do to achieve operational excellence that allows them to thrive?
Business giants invest heavily in technology. They then use technology to create competitive advantage. Technology allows them to automate repetitive tasks, track operational activities, control operations, foresee bottlenecks etc. Moreover, they use technology to quickly solve complex operational problems. Technology allows business giants to have well run operations.
Business giants always ensure they have complete visibility of their operations. Visibility allows these businesses to grow and maintain their size without jeopardizing control of their operations. This ensures operational reliability. Moreover, visibility allows business giants to generate immense cost savings. This is because visibility helps them remove inefficiencies from their operations.
Business giants consistently enforce accountability. Accountability allows for these business giants to maintain high operational standards across their entire operations. Consistently enforced accountability reduces the likelihood of operational failures such as accidents, unnecessary downtime, misplaced inventory etc.
To stay competitive, small business must follow the ways of business giants. This can be done by adopting best practices such as investing in technology among-st other things which have proven to be a recipe for success.