What is the full form of COO

COO: Chief Operating Officer

COO stands for Chief Operating Officer. It is the corporate title of the senior manager of a company who is responsible for managing critical departments of the company, such as production, marketing and sales. He reports to the chief executive officer (CEO) of the company. Some of the alternative corporate titles used for COO are Chief Operations Officer, Operations Director and Director of Operations.

Need of COO

CEO of a company remains too busy in strategy making and maintaining relations with investors and other trading partners. He can't devote much time to day-to-day operations. So, a COO is needed who can supervise and ensure the smooth running of day-to-day operations and report to the CEO.

Eligibility/Requirements

• A degree in business administration or a related field is preferred
• Excellent interpersonal and leadership skills
• Ability to solve problems and take decisions
• In-depth knowledge of business functions like HR, Marketing, Finance, Production etc.
• Relevant experience and proven track record in similar roles.

Responsibilities of COO

The responsibilities of a COO are not fixed. The tasks of the COO vary from company to company on the basis of the history, culture and nature of the business of a company. Some of the common responsibilities of a COO are:

• Searching low-cost supply sources
• Inventory management
• Working capital management
• Timely production and delivery of products
• Supervise the marketing and sales departments
• Increasing sales and tapping emerging markets

The Chief Operating Officer (COO)'s Job

Depending on the CEO's preferences, the COO frequently manages an organisation's internal affairs while the CEO serves as the company's public face and therefore manages all external communications.

The majority of effective COOs have numerous skills rather than just one or two skill sets, allowing them to adapt to various jobs and find solutions to a variety of problems.

A COO is frequently selected particularly to supplement the skills of the current CEO. In a business setting, the COO frequently possesses more real-world experience than the original CEO, who, although having a great idea, lacks the start-up know-how to establish a firm and oversee its early stages of growth.

As a result, COOs frequently create operational plans, inform staff members of company regulations, and assist human resources (HR) in creating core teams.

Chief Operating Officers (COOs): Types

Every business is unique and is at a distinct stage of development. A brand-new firm will have quite different demands than an established business with a significant market share in its sector. To assist the firm in achieving its objectives, a certain type of COO will be needed, depending on the company's needs, the stage of its cycle, and other factors.

Typically, there are seven different categories of COOs:

• The executor oversees the implementation of business strategies created by senior management and is responsible for "achieving results on a daily and quarter-to-quarter basis".
• The COO is appointed as the manager of new initiatives and transformation in order to "head a specific strategic imperative, such as a turnaround, a major organisational transformation, or a targeted massive development."
• A mentor is employed to provide advice to team members who are fresh to the organisation or younger, typically young CEOs.
• An "MVP" COO who is elevated internally to prevent them from leaving for a competitor's business.
• The COO, who is recruited to assist the CEO (This individual is the opposite of the COO in terms of traits and skills.)
• The partner COO, who is appointed as a substitute for the CEO.
• In order to learn from the CEO and eventually take over as CEO, the heir apparent first serves as COO.