BUS 307 Week 1 DQ 2 Business Mapping of Processes

Aug 22nd, 2016
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Business Mapping of Processes. From Chapter 3, Problem 13, read the current home equity loan process at Faircloth Financial and map the current process. Identify any rework loops and delays inthe process. What causes these? What is the impact on cycle times? How might this affect customers’ willingness to do business with Faircloth? What changes might you recommend to redesign this process with the needs of the customer in mind? Respond to at least two of your classmates’ postings.

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Week 1 DQ 2 Business Mapping ProcessesFrom Chapter 3, Problem 13, read the current home equity loan process atFaircloth Financial and map the current process.Identify any rework loops and delays in the process. What causes these?I see two main reasons of reworks/delays.The leading point of the reworks is the reality that the application is stillaccomplished in a paper copy. In these present times of innovative developments,an electronic application submission methodology would seem more effective.This will solve two impediment points. Initially, there should be a strategy ofapproving the necessary information which is an important part of the submissionprocedure. At the time of the submission process, the quality control programmingcan scan the document in order to guarantee that the entire needed fields havebeen accomplished. At that point, by using the electronic submission, the client canquickly submit the application, without the need for waiting 3-5 days for snail mailfor the initial submission and after that potentially 5-7 days for the return to clientand resubmission holdup.The second main reason for the delay is the requirement imposed by theLoan Offic

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