The paper "Operations Management for Business Excellence" is a wonderful example of a Marketing Case Study. The banking sector has boosted many investors who are gearing up to acquire homes. The community bank of Perth is one of the growing banks which have surely attracted most of the customers in Western Australia. Having these increased numbers of loan applications and mortgages, the bank has taken steps and procedures to ensure that its customers experience the best service and products. The loan application procedures have been revived to that effect (Cachon & Terwiesch 2006, p.
31). This report seeks to find out how customers have embraced the changes. The report goes ahead to identify some of the grievances brought up by customers who have used the five stage loan application process. With the help of a fishbone approach, the report has drawn down the overall effect of the procedure. The report concludes by recommending new adjustments in the process. Through the reviewed profit service chain, the report hopes the management will map in new technology and consideration of external controlling factors to initiate high-quality service (Finch, 2008, p.
16). Fully adherence to the report will bring benefits to the business as well as customers. The strong growth of the business sector in Australia has prompted many banks in Australia to start financing loans. The area that has grown tremendously is the housing sector. Banks have taken the opportunity to finance home loans (Samson & Singh 2008, p. 18). The bank customers in the market right now are seeking economical loans that will sustain their projects. Banks on the other have prepared themselves to handle the increased pressure from the customer.
They have developed new procedures on the loan application as well as processing. On e of the most successful banks that have embraced these new procedures include Community Bank of Perth. This report will analyze the loan application procedures as well as the processing of these applications at the Community Bank of Perth. The report will revolve around blueprinting the Service-Profit chain (Davis 2006, p. 168). The loan application procedure has five crucial stages. This procedure seems to be meeting the business need of the bank (Schroeder 2008, p.
21). However, the customer views and comments differ with the success of the new loan application process and procedure. The five stages in the loan application are catered for by different departments in the bank. This approach is quite cumbersome to a customer who needs a quick loan for investment. Going through all the five departments eats up a lot of time (Cachon & Terwiesch 2006, p. 55). The operations have received several feedbacks from the customer on the change of the new loan approval process. This prompts a substantial redesigning of the entire operation and management of the loan process.
The measure and quality performance of the bank is declining (Davis 2006, p. 170). This report will offer a solution to the problem facing the loan application and processing procedure. Analyzing the problem Most customers anticipate getting home loans though a fast and easy process and approval by the bank (Russell, & Taylor 2009, p. 22). With the long hierarchy and distributed functions over different bank staff, the bank is working efficiently. The first stage on the hierarchy is a loan application.
The customer is engaged in filling in the application form via the loan agent. The customer is at a mandate to discuss with the agent on the available refinancing options. This department works well in marketing the bank as the best bank for granting loans. The agent takes up two roles; that of a marketer and a financial advisor (Gardiner 2006, p. 176). Failure to stipulate these roles to the agent well the bank may end up loosing crucial potential customers. The loan agents are supposed to be competent and well conversant with calculations as well as, interest rates offered by the bank.
However, the responsibilities given to these agents are quite minimal since after convincing the customer and signature appended on the form their work is done. This is quite dangerous to the bank since when there are few loan applications then the agents will remain idle (Schroeder 2008, p. 62).
Cachon, G & Terwiesch, C 2006, Matching Supply with Demand: An Introduction to Operations Management, McGraw-Hill Irwin, New York.
Davis, M M & Heineke, J 2005, Operations Management: Integrating Manufacturing and Services, McGraw-Hill Irwin, New York.
Davis, PJ 2006, ‘In Search of Common Wealth: a Service Profit Chain for the Public Sector’, International Journal of Productivity and Performance Management, vol. 55 no. 1/2, pp, 163-172.
Finch, B J 2008, Operatons Now: Supply Chain Profitability and Performance, 3rd edn, McGraw-Hill Irwin, New York.
Gardiner, D 2006, Operations Management for Business Excellence, Pearson Education, North Shore NZ.
Jacobs, F R & Chase, R B 2008, Operations and Supply Management: The Core, McGraw-Hill Irwin, New York.
Kamakura, W A, Mittal V, Rosa, F & Mazzon, J A, 2002, Assessing the service-profit chain, Marketing science, vol. 21, no. 3, pp. 294-327.
Meredith, J R & Shafer, S M 2002, Operations Management for MBAs, 2nd edn, John Wiley & Sons, New York.
Russell, R S & Taylor, B W 2009, Operations Management: Creating Value Along the Supply Chain, 6th edn, John Wiley & Sons, Hoboken NJ.
Samson, D & Singh, P J (eds) 2008, Operations Management: An Integrated Approach, Cambridge University Press, Port Melbourne.
Schroeder, R G 2008, Operations Management: Contemporary Concepts and Cases, McGraw-Hill Irwin, New York.