Analysis of Financial Service Industry Literature review

Analysis of Financial Service Industry - Literature review Example Besides having a stronghold in the financial service industry, Citi Corp mirrors the vision and goals of Intersect Investments. Benchmarking is the process of observation and validation of procedures and practices that the most successful companies employ. It is a process of studying and following time tested practices from well-performing organizations to improve your own performance. In other words, it is the borrowing of standards for success. This involves determining where you need to improve, finding an organization that is exceptional in this area, then studying the company and applying its best practices in your firm. Benchmarking systematically studies the absolute best firms, and uses their best practices as the standard of comparison; a standard to meet or even surpass. Through a comprehensive assessment of strengths, weaknesses, threats, and opportunities of Intersect Investments, the management has realized that a lot of critical areas have to be reviewed if the firm is to achieve its goals and objectives. Issues range from redefining the organizational vision to devising a proper career incentive system for its employees. Sharing a similar organizational mandate, Citi Corp has fared a lot better in the industry particularly with regard to these critical areas. Citi Corp has long stood with its principle of customer intimacy and procedural simplifications. These principles have given it an edge over its competitors and made it one of the leaders in the industry for a long time. Given the nature of the products, services, and customer orientation involved, any business in the financial service industry cannot afford to ignore these basic values. Intersect Investments should do a proper visioning exercise and tune it properly to that of the Citi Corp. All the while, customer friendly services, and humanistic approach should be the cornerstone of the exercise. Employee turnover is increasing and the cost of employee turnover is expensive. Therefore, employee retention is critical. Numerous studies suggest that the majority of the workforce is considering leaving their current job for another as the economy improves. Based on this realization, Citi Corp strongly advocates employee retention and value system. Employee retention matters. A continual effort to replace departing workers-to keep the revolving door full, instead of stopping it altogether-is bleeding organizations dry. It is expensive to constantly replace people that turnover. The cost of attracting, recruiting, hiring, training, and getting new people up to speed is tremendously more costly as well as more wasteful than most realize. Second, productivity and profitability are directly tied to employee retention.  

Pizza Store Simulation Paper Essay Example | Topics and Well Written Essays - 750 words

Pizza Store Simulation Paper - Essay Example It will immediately relieve procedural congestion as well as improve operational performance to augment daily profits. We propose certain changes in operations to assist us in increasing our profit margin. In the old layout, there were 14 tables that could seat 4 people each. In the new process, there will be 10. Furthermore, the old process had no two-seat tables, but the new process has 8 two seat tables. As with the old process, the new process will have 4 people on wait staff, but for the new process we will increase kitchen staff from 2 in the old process to 3 in the new. These changes are aimed at increasing our profit margin. Graphical analysis of our data will help us determine whether our theory about process efficiency was not correct. It seems part of our theory was correct and part was not. As predicted, the new process immediately out-performed the old process. The data shows the new processes netted about $378 more per day than the old process on average. However, the staff learning curve does not seem to affect the data at all. Visual analysis of trends in the data does not seem to reveal a significant curve function. It appears only linear. A graphical representation of the data is presented below. We considered an alternative process configuration for the operation of Mario’s Pizzeria. Our primary metric was our daily profit margin. Our aim was to reconfigure the factors in our process to maximize our profit potential. We designed a new operational configuration to test against the old system. The data shows the new processes netted about $378 more per day on average than the old process. Visual analysis of trends in the data does not seem to reveal a significant curve function. It would be an impractical use of man hours to apply advanced statistical techniques because the new configuration achieves our marginal