Opportunity management: components and need - Research Paper Example

"Opportunity Management" What is Opportunity Management? Operation management system (OMS) encompasses the management of accumulated sales opportunities and related information. It is evident that each sale can be trailed as it has all the required information such as basis, category, significance, standing, probability of closing etc. It involves pronouncement and tracking eventual sales. Opportunity management encompasses entailing different markets, products, directions and also the employees (Opportunity Management).

Opportunity management is an operation of investigating the background of the global market, picking or selecting the best market acumen, and scrutinizing the market for the crevices that can be beneficially loaded and the coalitions that may result in providing advanced distribution and influence (Opportunity Management). With the enhancing competition it is difficult to execute challenging tasks imposed by opportunity management. In order to search for the market, intelligence is required. This provides and understanding of the product and the kind of customer it can procure, monitoring the trends of the market, news about the market and the people.

Information about the market is gathered by means of blogs and web pages, graphic interface etc. It is essential to have an access to the information before any other organization takes the lead. Opportunity management deals with the pace with which the enterprise foresees the opportunities than its competitors to keep abreast with the latest trends in the market and to put the innovative methods (Opportunity Management). Need for Opportunity Management Opportunity management aids in devising a methodology to standardize best practices to deal with the competition so as to avail all opportunities in the best achievable manner.

Forecasting and channel appraisals are to a great extent successful once they are executed and administered alongside a verified, constant procedure. Laying down policy, handing over positions, as well as keep an eye on the development are much easier to do within a flourishing arrangement with the help of operation management. An effective operation management links the company's selling procedure as well as the buying methodology of the customers in a more efficient manner (Sales Operation Management).

Components of Opportunity Management Every organization has a tailor made opportunity management strategy. The important domains to consider encompass- Business Issues and Drivers, People Politics and Key Stakeholders, Competitive Considerations, Solution and Value, Process Tools and Infrastructure (Sales Operation Management). Integrated Risk and Opportunity Management Some risk is always associated with the opportunity management and that is why preventive failures persist to emerge. The management strategies and programs are being designed by means of business processes, and technical knowhow by manifold policy creators it is complicated to effectively administer risks that traverse organizational frontiers as most of the advances for administration jeopardy and opportunity be inclined to be bureaucratic, cumbersome and time- consuming.

Any approach onsets with the key objectives, later articulated by drivers as they provide a deep insight about the existing situation and the possible happenings that could be utilized for appropriate decision making. Drivers define the features to resolve a curriculum on path to accomplish its chief objectives (Integrated Risk and Opportunity Management). (Integrated Risk and Opportunity Management) It is evident that with the changing scenario and trends in the market and due to inflation it is essential to have an appropriately designed opportunity management procedure.

An appropriate method should be competitive, innovative and must share practices at an appropriate time. It aids in communicating the procedure accurately and provides spotlight around competitive issues that need to be accomplished. The changing trends also focus on the uncertainty associated with the opportunity management procedures. With the ups and down of the market trend it is essential to devise a methodology that can work well in tough competition as well as can withstand the pressure in the market (Integrated Risk and Opportunity Management).

For instance, SEI is constantly conducting research studies in different paradigms of risk management. SEI focuses on the systemic risk administration, a system-oriented investigation of hazard with reference to curriculum purposes a better method to supervising risk in disseminated milieus. Their research developed a method called Mosaic that can be used to manage risk and opportunity across the life cycle and also for the supply chain, providing means to the decision maker to effectively engage in the risk management process steering systemic approaches to manage risk and opportunity (Risk and Opportunity Management).

References Integrated Risk and Opportunity Management. Available at http://www.sei.cmu.edu/risk/start/integratedrisk/index.cfm. [Accessed on 4th Aug' 2011]. Risk and Opportunity Management. Available at http://www.sei.cmu.edu/risk/. [Accessed on 4th Aug' 2011]. Opportunity Management. Available at http://www.dowjones.com/info/opportunity-management.asp. [Accessed on 4th Aug' 2011]. Sales Operation Management. Available at http://www.sales-management-insight.com/opportunity-management.html. [Accessed on 4th Aug' 2011].