Introduction to Business Operations and Services with Risk Management and Improvement Strategies

INTRODUCTION TO
BUSINESS
OPERATIONS AND
SERVICES

Table of Contents
INTRODUCTION....................................................................................................................3
TASK.........................................................................................................................................3
Implementation of risk management strategy which can minimize risk................................3
Improvement strategy.............................................................................................................5
CONCLUSION.........................................................................................................................9
REFERENCES.......................................................................................................................11

INTRODUCTION
Business operations are the activities that help businesses to engage on a daily basis
through which they can increase the value of the business and maximize business
profitability. The business activities can be helpful in optimizing and generating a sufficient
number of resources through which business expenses can be managed and profits can be
maximized. Business operations focus on different activities which are performed within an
organization (Choi, Chan and Yue, 2016). In other words, business operations focus on sales
and marketing process management, supply chain management, procurement of human
resources for the company and community branding customer service and relations and many
other factors which can hamper business profitability and working culture. This report will
discuss the concepts of business operations and services. The report will outline the risk
management strategies which can be implemented by businesses through which risk can be
minimized. The project will also state improvement strategies, tools, and techniques which
can be implemented by businesses in the whole organization.
TASK
Implementation of risk management strategy which can minimize risk
Risk management is a tool order strategy of insurance that can help and support
businesses in sustainable success. Risk management is critical for business and an effective
risk management strategy will be helpful in protecting the brand image, credibility,
reputation, and status of the organization in the industry. In the context of Toyota, the
implementation of risk management strategies will help in developing strategies through
which business success can be maximised. Through determining the risk factors earlier will
help Toyota in planning effective strategies which will be helpful in resolving potential risks
which can hamper business profitability.
The components of risk management strategy focus on smooth and effective business
activities. These strategies analyse and control the potential threats which can adversely
impact the overall organizational activities of Toyota where these activities can be related to
their market share, capital, structure, revenues, and their profitability (George and et.al,
2018). As per the given study, the disaster is responsible for creating a devastating impact on
Toyota and the whole economy of Japan. This major disastrous combination of an

earthquake, a tsunami, and a nuclear emergency created and combined disastrous impact on
several economies where a greater number of people were found dead missing, and injured.
However, the production components of Toyota almost around 20% are manufactured in
Japan and this combined trilogy of disasters has restricted the efficiency and ability of the
organization to meet customer demands in a timely manner. Therefore, this has increased the
importance of risk management strategies which must be implemented by Toyota in order to
minimize or face the impacts of such disasters when it occurs again.
In the context of risk management, it is significant for a business to ensure that the
internal business environment of Toyota must be analysed which will be helpful in
determining the best possible risk management strategies for the business (Grayson and
Hodges, 2017). The brand Toyota manufactures automobiles at reasonable prices where the
Brand ensures such practices where they can meet all quality standards and offer the
provision of the value for money which acts as a core competence of the organization. The
provision of the value for money is considered as an important aspect in order to maintain
effective customer management and security market shares in a constant manner. Quality is
one of the factors which creates a base for an organization and acts as their strength which
can further lead to innovative production practices. By focusing on quality and innovation
helps Toyota in fostering cost leadership strategies through which they can maximize the
profitability of the brand and offer a sense of direction. The strengths of Toyota are
fundamentally based on the concepts of lean manufacturing which are further known as
Toyota production systems. Based on this manufacturing concept the other innovative
practices such as six Sigma just in time and Kaizen must be implemented or brought into
practice by the automotive company, Toyota.
The principles which are related to lean business practices are established by the
principles of Toyota which are related to their vision mission and objectives of the company.
Therefore, the risk management approaches of the company must be planned strategically
within the organization. Moreover, Toyota must focus on strategies that will help them in
strengthening its brand image and goodwill among customers and in the overall industry. Due
to product recall, this might have created a wrong image of the brand in the minds of
consumers which can hamper brand reputation and result in adverse brand management
(Hacioglu and Sevgilioglu, 2019). Therefore, due to poor control of risk management
strategies, can lead to sudden changes uncertainty, and poor outcomes. The provision of