Why is production and operations management important in both manufacturing and service firms?

"Summary of Learning Outcomes 10.1 Production and Operations Management—An Overview 1. Why is production and operations management important in both manufacturing and service firms? In the 1980s, many U.S. manufacturers lost customers to foreign competitors because their production and operations management systems did not support the high-quality, reasonably priced products consumers demanded. Service organizations also rely on effective operations management in order to satisfy consumers. Operations managers, the personnel charged with managing and supervising the conversion of inputs into outputs, work closely with other functions in organizations to help ensure quality, customer satisfaction, and financial success."