Roles and Functions
The role of the COO differs from industry to industry and from organization to organization. Some organizations function without a COO. Others may have two COOs, each assigned to oversee several business lines or divisions, such as Lehman Brothers from 2002-04 when Bradley Jack and Joseph M. Gregory were the co-COOs. A COO could also be brought in from other organizations as a "fixer," such as Daniel J. O'Neill who in 1999 joined Molson in that capacity.
In the manufacturing sector, the primary role of the COO is routinely one of operations management, meaning that the CEO is responsible for the development, design, operation, and improvement of the systems that create and deliver the firm's products. The COO is responsible for ensuring that business operations are efficient and effective and that the proper management of resources, distribution of goods and services to customers, and analysis of queue systems is conducted.
Despite the functional diversity associated with the role of COO, there are some common functions the COOs usually perform:
- At the direction of the CEO and Board of Directors, marshaling limited resources to the most productive uses with the aim of creating maximum value for the company's stakeholders
- Developing and cascading the organization’s strategy/mission statement to the lower-ranking staff, and implementing appropriate rewards/recognition and coaching/corrective practices to align personnel with company goals
- Planning by prioritizing customer, employee and organizational requirements
- Maintaining and monitoring staffing, levels, Knowledge-Skills-Attributes (KSA), expectations and motivation to fulfill organizational requirements
- Driving performance measures for the operation (including a consideration of efficiency versus effectiveness), often in the form of dashboards convenient for review of high level key indicators
Read more about this topic: Chief Operating Officer
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