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CITY BANK
NAME:
PROFESSOR:
DATE:
INTRODUCTION
■ This presentation paper will focus on analyzing
how the Bank of America has been aligning itself
with various strategic operation management
principles.
■ The presentation will discuss the current
approach used, recommend some of the ways of
enhancing each selected approach, and how the
company can reduce costs for each of the eight
chosen principles.
Design of
Goods and
Services
▪
Products and services offered by the Bank of America include investment
banking, commercial banking, provision of loans, insurance services, and
other financial-related services such as advice to its target customers.
▪
Bank of America uses the pipeline business model to design its goods and
services through taking inputs, which in this case are the services and
products that it offers to its clients and uses its human resources and
technological capabilities to add values to these inputs (Oliveira & von
Hippel, 2011). The company then provides value-added products and
services to the target customers.
▪
One of the approaches that Bank of American can use to enhance its
pipeline business model and ensure its products and services are offered
conveniently, includes using its enterprise architecture (Oliveira & von
Hippel, 2011). Moreover, The Bank of America can use technological
innovation to design online systems that will enable its customers to
access its services online.
▪
Automation of its products and services can help eradicate the costs that
are associated with the use of other manual methods. That is by eliminating
the costs associated with manual labor.
Managing
Quality
▪
Bank of America has managed to maintain a leading position as the financial
provider in the American banking sector through using the generic strategy,
which can easily be noted in its click-and-mortar business model to manage and
enhance the quality of its products and services (Parnell, 2013). The generic
strategy has seen this company provide high-quality products and services and
guarantee its value optimization and efficiency.
▪
Parnell (2013) argues that the Bank of America has managed to gain a
competitive advantage over its rivals by providing high quality and consumerconvenient financial services through online operations (Parnell, 2013). For
instance, the company has used technological innovation capabilities to create a
mobile app that its clients can use to access the financial services that it offers.
▪
The...
