Loyds Essay

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What are the goals of the reengineering project at Loyds Bank?If successful, how will this project affect the efficiency ,quality and customer responsiveness of Loyds Bank? The benchmarking movement to search out, study, implement and improve on best practices has stimulated greater management awareness of the importance of business process reengineering ( reorganize companies around their core processes as oposed to their traditional functions, such as the production department, marketing department or human resources department. The processes often include activities like customer service, order fulfillment and product development ) ,total quality management (TQM) and other continuous improvements techniques (SQIP : service quality improvement programm) . TQM is a philosophy of managing business practices that emphasizes on continuous improvement in phases of operations, involvement and empowerment of employees at all levels, team-based work design, benchmarking and fully satisfy customers expectations. Management interest in quality improvement programms has historically originated in such activities such as fabrication and assembly in manufacturing enterprises, teller transactions in banks, order picking and shipping in catalog firms and customer-contact interfaces in at websites and in service organizations. More specifically, Loyds' Bank turned into process reengineering in 1992 in order to increase the quality of their service and drive down the cost structure of its retail branch banking network. The two major catalysts were : Firstly, the growing competition from Britain's bulding societies ( which are similar to the U.S. savings and loans) and secondly the impact of service expansion on Loyds' cost strucure. As far as the second variable, each time the bank entered a new service market (e.g. home mortage financing, small business financing), it

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