The paper “ Operations Management of Colonial Saving Bank” is a bright example of the case study on finance & accounting. With the continued growth of the mining sector in Central Queensland, Colonial Savings Bank of Queensland had experienced strong growth in every area of its business. Refinancing of home loans was one being that appeared to be booming because current and prospective customers were looking for more refinancing loans, with refinancing applications being received in high numbers. In order to be able to handle the increased number of customers, Colonial Savings bank created a new loan approval process, with the process divided into five distinct stages and departments being created for each stage.
The new process had several problems because the numbers of refinancing requests were so many and the operations management did not effectively manage the process which resulted in customer dissatisfaction. Since customer satisfaction is a priority in a service organization, the report looks at how operations management of the Colonial savings bank can redesign the current refinancing process by use of service profit chain and service blueprinting to ensure quality service delivery. IntroductionOperations management is a kind of management that is concerned with overseeing, redesigning, and designing business operations in the production of services or goods.
It is the function of managing the operating core of a company, which are the activities associated with the production, creation, delivery, and distribution of the company’ s services and goods. Operations management focuses on the efficient management of the resources and activities that deliver or produce the services and goods of any business. Operations management professionals manage the materials, people, information, and equipment resources that an organization requires to produce and deliver its service. The current refinancing process of the Colonial Savings BankA blueprint displays the service process and has details of service from the organizations and the customer's perspective.
The blueprint of the Colonial Savings Bank of Queensland refinancing process consists of procedures that are taken by the customers and the organization in the loan approval process.
Haksever, C, 2000, Service management and operations, Prentice-Hall Inc, New York.
Shostack, L, 2003, Design Services that Deliver. Harvard Business Review, 61(3), 91-106.
Morgan, L., & Bither, M. 2008, Service Blueprinting: A practical technique for service innovation. California management Review 50 (3), 66- 94.
Jones, J, & Earl, S, 2006, Putting the Service Profit Chain to Work, Harvard Business Review, 164-174.
Shostack, L, 2004, Breaking Free from Product Marketing, Journal of Marketing 41, 73-80.
James L, & Leonard A, 2000, The Service Profit Chain: How Leading Companies Link Profit and Growth to Loyalty, Satisfaction, and Value. The Free Press, New York.
Shostack, L, 2002, How to Design a Service, European Journal of Marketing, 16 (1), 49-63.
Slack, N, & Johnston, R, 2001, Operations management, Prentice-Hall, Inc.
Murdick, R, 2005, Service operations management, Allyn & Bacon New
Meyer, C, & Schwager, A, 2007, Understanding Customer Experience. Harvard Business
Review, 58, 2, 117-126.
Johnston, R, 2008, The outcomes of service recovery, customer recovery,
Process recovery and employee recovery. International Journal of Operations & Production Management, 28(1), 79-99.
James, W, 2008, A historical perspective on Operations Management, Production and Inventory Management Journal 36, (3) 61-66.
Jones, H, & Sasser, 2008, Putting the Service-profit chain to work, Harvard Business Review, pp. 118-129.