The chief operating officer (COO) is a senior executive who is responsible for the management and daily operations of a company. Reporting directly to the company's executive director (CEO), the COO is second in the chain of command. To be successful, the COO must possess a variety of skills, such as the ability to develop corporate strategy in coordination with other CEOs, demonstrate leadership, and make decisions and follow them through to completion. In addition to these skills, the COO must focus on technology and business growth.
This can involve renewing the way a specific team uses technology to advance in business planning and investments. With the world becoming increasingly digitized due to COVID-19, it is essential to shift the narrative towards the digital space and improve performance. The operations manager must be resilient and enhance the company's capabilities. The COO is also responsible for leading innovation in the company. This means initiating and driving customer success by improving value.
To draw an analogy, the CEO is the corporate commander-in-chief and the COO is second in the chain of command. Due to regulatory changes in the early 2000s, some companies eliminated the position of chief operating officer. However, an operations director with experience in supply chain management is exactly who is needed to provide the leadership that today's companies require to address these challenges. Any transformation focuses on improving operations and realigning the organization around the target operating model. The chief operating officer can be involved in many aspects of the business, including marketing initiatives, planning and strategy, and financial reporting.
The CEOs and COO of today's companies often rise through the ranks of supply chain management. The CEO's vision takes shape in a new objective operating model that responds to evolving customer demand. The operations director's responsibilities also include working with human resources in managing and mentoring staff, as well as in staff evaluations. This has led some companies to complement the function of COO with the managerial position of supply chain director or CSCO, or to replace the COO with a CSCO. As a high-level executive, it is important for a COO to demonstrate leadership and help develop a long-term strategy. Steffen Kroner is CEO of Alvarez & Marsal Private Equity Performance Improvement and has more than 18 years of experience in transformation, operational performance improvement, interim management of senior managers (CEO, CTO, COO, CFO) and operational due diligence. The chief operating officer plays an integral role in driving innovation and growth within an organization.
By leveraging technology and developing strategies that are aligned with customer needs, they can help create a competitive advantage for their company. Additionally, they are responsible for leading teams through change initiatives while ensuring that all stakeholders are informed throughout the process. In conclusion, it is clear that a chief operating officer plays an important role in any organization. They must possess a variety of skills such as strategic planning, decision-making, leadership, and supply chain management. By leveraging technology and developing strategies that are aligned with customer needs, they can help create a competitive advantage for their company.
