There are many different processes, both operational and financial, that can contribute to business successes. Processes refer to the course of action that intend to achieve a certain business objective The operational processes include, technology, customer service, and warranties that can all contribute to the success of a business. In addition, the financial processes, such as ratios including the current ratio, gearing ratio, and net profit ratio that all have the potential to contribute to the overall success of the business.
Operational processes such as technology has the ability to significantly contribute to business success. Technology refers to the technological resources and advances can be used to improve the quality and efficiency of production. Technology presents many opportunities to control and reduce costs and improve accuracy and efficiency. The advantages of technology that contribute to the success of a business include the fact that it allows the creation of better quality products, it can make workers more productive (thus fewer are needed) and can take over the work of humans e.g. machines can replaced humans (automation). However there are still negative impacts that hinder the overall success that technology has to a business, these can include, new technology is often very expensive and Associated costs linked with technology e.g. maintenance and potential breakdown. Workers also need to learn how to use the new technology, which costs money to train staff. An example where technology has facilitated a business is Qantas' where they saw increased productivity by directly replacing humans e.g. online check in, online booking, electronic bag tags etc. .
The second operational process that can contribute to business success is customer service. This relates to how the business communicates and interacts with the consumer at all stages of the transaction. Customer service is usually provided by people and measured by factors such as politeness, helpfulness and promptness.
