Chief operating officer (COO)

Ciaran Burke

Page written by AI. Reviewed by Ciaran Burke on January 24, 2024.

Definition

A chief operating officer (COO) is a high-ranking executive within an organisation who is responsible for overseeing the day-to-day operations and ensuring that business strategies are effectively implemented.

What is a chief operating officer?

COOs provide leadership and direction to various operational functions within the organisation. They collaborate with other executives to define and execute operational strategies aligned with broader business objectives. They work closely with the CEO and other key stakeholders to ensure that operational plans support the company’s mission, vision, and long-term goals.

Furthermore, COOs collaborate with leaders from different departments to foster a collaborative organisational culture. They facilitate communication and coordination between departments to achieve common goals. Additionally, they monitor performance metrics, analyse data, and provide insights to guide decision-making and continuous improvement.

COOs assess operational risks and develop strategies to mitigate potential challenges. They implement risk management processes to ensure business continuity and resilience in the face of unforeseen events.

Example of chief operating officer

David serves as the COO of LogiTech Solutions. He plays a crucial role in ensuring the seamless functioning of the company’s global operations.

  • Process streamlining: Recognising the importance of streamlined processes, David initiates process improvement initiatives. He collaborates with department heads to identify bottlenecks, implement best practices, and enhance overall operational workflows, resulting in cost savings and improved service delivery.
  • Resource allocation and management: David is responsible for effective resource allocation, including personnel, technology, and capital. He ensures that resources are deployed efficiently to support ongoing operations and strategic initiatives.
  • Collaboration with stakeholders: David fosters strong collaborations with key stakeholders, including suppliers, partners, and regulatory bodies. These partnerships contribute to a more integrated and resilient supply chain, ensuring LogiTech’s ability to navigate global challenges and disruptions.

In this example, David illustrates the role of a chief operating officer by strategically managing and optimising LogiTech Solutions’ operations, enhancing efficiency, and ensuring the company’s continued success.

Ready to grow your business?

Clever finance tips and the latest news

delivered to your inbox, every week

Join the 70,000+ businesses just like yours getting the Swoop newsletter.

Free. No spam. Opt out whenever you like.

We work with world class partners to help us support businesses with finance

close
Looks like you're in . Go to our site to find relevant products for your country. Go to Swoop No, stay on this page