Business Operations and Systems Literature review

Business Operations and Systems - Literature review Example It was one of the first chief oil firms to openly declare the necessity to protect the environment through minimization of greenhouse gases emission. BP has main listing on the London Stock Exchange and is a component of FTE 100 index. As of December 2011, the market capitalization stood at ? 87.1 billion making it rank fourth largest of any firm quoted on the London Stock Exchange (BP, 2012; p. 2). New York Stock Exchange has the secondary listings of the firm. The success of the firm is instrumentally motivated by the kind of operational strategies used by the management of BP. Power and capabilities have been effective in the firm in the development of world market for its products among other oil firms. As mentioned earlier, the firm operates in all the six continents globally within 100 States. The primary objective of the firm has been to drill and locate oil in various parts of the world. Other main functions have been to explore and produce crude oil and natural gas, refining of crude oil, market distribution and hauling and manufacture of petrochemicals. The firm has also considered producing solar power. Therefore, the tactical management of operations can be seen as instrumental in the success of the firm. As one of the greatest petrochemical and oil production company the firm has considered to specialize in exploration and production of gas, supply of the petroleum products and production and distribution of various chemicals. Currently, the firm has rapid modification of its outside market as the firm has highly regarded itself as contemporal learning organization, which is obliged to be reactive and adaptive to the high technology in the... The business can make use of this in their interior operations that can be applied to consignees, distributors and stakeholders. The process of payment or status of the cargo or consignment can be easily received thus providing an efficient channel for replenishment of stock at the right time. This technology can be used to assist the firm in minimizing the risks associated with the inventory management and maximization of sales through reduction of life cycles of the products. Furthermore, competitive advantage can easily be achieved considering the fact that there is an easy order-entry procedure and reduced paper work. Even though there are apparent benefits for companies and development of these operational management systems, there are still some observable challenges. Therefore, the firm’s management must be in a position to guarantee the obstacles can be handled with care to avoid loopholes in the system. What’s more, it is observable that the status of economy c an trigger British Petroleum to consider using all their arsenals in delivering products and services to various segments of the global market. The application of operational business management approach can help make more efficient the business assortment of the firm.