Perspectives of Innovations For Economics and Business

Question: Demonstrates the ability to critically examine and/or evaluate the use of performance objectives and improve results. Demonstrates that you have consulted widely using appropriate sources and examples to substantiate your arguments. Application of relevant academic models should be evident but not necessarily explicit. Draws conclusions and/or provide recommendations for improvement. ? Answer: Introduction: In order to run a sophisticated and profitable business and to gain the competitive advantage of the market place, ordering the business objectives for the organization is the most essential approach. Performance of the organization heightens the business process which literally casts its impact on orientation of trading (Miller, 2012). According to the necessities of the market place, an organization needs to develop its organizational orientation which helps in managing the operations. In this current research work the researcher is going to focus on the operational process maintained by Commonwealth Bank of Australia. The researcher will further identify the performance objectives that seem to be maintained and followed by this particular organization. A Brief Overview of Commonwealth Bank of Australia: Commonwealth Bank of Australia being originated from Australia operates its business in different continents across the globe. Along with the financial duties, the bank is also responsible of performing retailing business, assisting insurance to the common people, supporting superannuation and different other duties. The bank also ties up with the other subsidiaries of different countries. In the year of 2013, Commonwealth Bank makes a profit of $7.677 billon by operating its business across the globe (CommBank Blog, 2015). The bank is having around 44,500 employees under the same umbrella (Fsi.gov.au, 2015). Lenka et al. (2010) has pointed out that among the several domestic banks operating their business across the Australian continent Commonwealth Bank had topped them in 2013 in the eyes of the customer by letting National Australia Bank to lag behind. The bank performs its business intrinsically. The bank is having the largest online and ATM service facilities in Australia. Critically Analyzing the Groups Impacted by Performance Objectives: Identification of the business objectives and determining the performance objectives in that way is the most identical factor which helps in managing the organizational ethics. The performance objectives are the integral factors which play a significant role in developing the comprehensive market as well. An organization is responsible of managing the strategical attributes of different personals which ascertains the performance management (Miller, 2012). Performance objectives are developed being based on some key and specific points of responsibilities that an organization prioritizes for each and every employee which seems to be the combinatorial approach of fulfilling the organizational goals necessities. Commonwealth Bank also plays a pivotal role in this approach. As an organization has to look after its stakeholders, it has to be an essential attribute which helps in the organizational development. Baronene (2010) has distinguished the performance objectives in respect of operation and interest of the organizational ethics, into some specific groups who are needed to be sophistically patronized by an organization: Customer focused, Supplier focused, Shareholder focused, Employee focused and Society focused objectives. Commonwealth Bank of Australia seems to have focused on all these aspects which seem to have enabled the organization to attain an immense success in the market place. In the following section the researcher is going to discuss about all of these approaches applied by Commonwealth Bank. Customer Focused: The customers for an organization are the most vital part for an organization, targeting whom an organization passions for further development in the market place. According to the demand of the customers or the market place an organization needs to develop its strategies to serve them. Commonwealth Bank lets its customers highest amount of payout under the term deposition which undoubtedly is high and congenial in comparison with the other banks. It has the largest number of ATMs over Australian continent which let the customers to make the transaction easier. Extensive online and mobile banking facilities are also an immense approach which helps Commonwealth Bank to be customers favourite choice. On the other hand, the bank let its employees always ready in the rightful service of the customers. Facilitating the customers choice and attaining the approaches to fulfill them makes Commonwealth Bank innovative. Technically the bank is really strong to help the customers. Supplier Focused: Suppliers play an effective role in the development of an organization. Following the supply chain management, as augmented by Martnez Garca and Martnez Caro (2010), is the most convulsive approach o be managed by the organization. Determining how the supply is performed and in what way the supplier is able to avail the service, supplier attributes seem to have a holistic effect on it. Among the operational attributes for Commonwealth Bank supply chain is a logistic approach. Investors are responsible of providing a flow of money to Commonwealth Bank (Teng et al. 2010). The approaches of them are essentially appreciated by the bank. Shareholder Focused: In order to maintain the flow of the money shareholders are needed to be managed by the organization who keeps the money flowing and let the organization to be more stable in the market place. It also let to attain the sales unity for the organization as well. Commonwealth Bank of Australia also appears to be identical in this approach which let the shareholders cherish its affluence. The shareholders, as commented by Gonzlez Benito (2010), are also considered to be the suppliers of the organization who needs to be patronized by Commonwealth Bank by giving dividend time to time. A report of Meyer (2011) shows that Commonwealth Bank always let its shareholders updated about its approaches of organizational intensity and its investments which let it to be kept its economic process developed. Employee Focused: Employees are called to be the gem for an organization. Jamal and Malik (2010) have stated critically employees are the wheels for the growth of the organization. Therefore, it is expected that the organization will also be loyal to its employees and provide them a sophisticated atmosphere to work with intensity. To Commonwealth Bank, the value of the employees is literally intrinsic. Employees are left to work in a friendly atmosphere and apply their best skills for the development of the organization. In order to provide a sophisticated customer service by Commonwealth Bank, employees are also given training (Kontes, 2010). At the same time, based on the performance of the employees they are given appraisals time to time by salary hike, designation increase, touring and others. The loyalty of the employees for the development of Commonwealth Bank is also mention worthy. Society Focused: Baskar and Ramesh (2010) are of this view that an organization collects its staples and sustenance from the society it dwells in, it has the social duties to be fulfilled. Most of the economic cohesion is managed in the organization by social ethnicities. This results in generating a comprehensive form of growth. For Commonwealth Bank, social responsibilities are literally significant. The bank assists the social firms to be developed. It provides the financial support to the different organizations to grow up. In some cases the bank is in joint venture with the different companies to let the organizational image keep clear and viable. Performance Objectives of Commonwealth Bank: For Commonwealth Bank there are some specific organizational performance objectives are identified which helps in typical development of the organization ethics. Meyer (2011) has been critical in order to specify these objectives as, according to him, these are the most identical approaches which paves the way of development for an organization in the market place and makes a better scope to be cherished with financial benefits. He has mentioned some of the attributes such as quality, speed, flexibility, cost and dependability. In the following section the researcher states these approaches elaborately having been referred to Commonwealth Bank of Australia. Quality: Quality of service provided to the customers by the organization is the most essential approach that is needed to be mentioned. Quality comes under the wrapper of product or service which is undoubtedly needed to be sophisticated in the approaches (Reece, 2010). What is more quality generates faith in the mind of the customer who actually is responsible of judging it. Zo et al. (2010) states if the quality of the product/ service appeases ones necessities, it is sure, it is referred to the others as well which is nothing but having a chain reaction of attaining market intensity. As there are several alternative ways are open to the customers, if the quality is not suited, the customer seeks for the other option (Lenka et al. 2010). For Commonwealth Bank service is quality oriented. For letting the customers more fascinated and attached, Commonwealth Bank has made the transaction easy and portable. Zo et al. (2010) is of this view that affluent mobile and internet banking service has increased the total number of customers in 2012 by 35% which is intrinsically a matter of intense for Commonwealth Bank. According to the necessities of the market, Commonwealth Bank draws up the strategies and market orientation. At the same time it also helps Commonwealth Bank to gain competitive advantages as well. Speed: The response to the customers demand both internally and externally with intense speed is literally helpful for attaining organizational ethos. Miller (2012) states the speed is of two different types: internal and external. Internally the management is needed to active in their approaches for strengthening the organizational attribute and makes the organization ready for coping p with the external speed. On the other hand, external speed is the market thrust which put the organization to avail service or product according to the quest of the customers. For Commonwealth Bank, monitoring the market place and according to the demand of the customers, developing service in internally is really intrinsic. Therefore, keeping unity between the internal and external ethics is literally essential. Gottfridsson (2010) has given a nice example of this. As the need was found during 2010 of digital opening of the account and making it more simplified for the normal customers, Commonwealth Bank launched this service in 2011. Flexibility: With the necessities of the market and customers change is essential. This is where the need of flexibility is felt. Service delivery is needed to be flexible in this order. Commonwealth Bank changed its conventional ideas of marketing and banking and focused on the modern idea of banking which is more convenient. Its social and ethical approaches of the market are changeable which varies from country to country. Cost: Building of the cost structure and reducing the extra cost paid by the organization is the most affluent approach needed to be taken care of. Commonwealth Bank appears to be having conveniently applied both of these approaches by making banking digital attaining customers faith with proper and on time flexible services (Tsoukatos and Mastrojianni, 2010). This has to have a unique quest of timing which indulges in the development of the organizational ethos. The bank is able to save a lot of money for this purpose as well. Dependability: It ascertains that sound dependability of all the approaches is literally unique for bringing more sophistication in the work structure. Externally and internally it brings more complacent. Saving of time, cost let the organization to be dependable on the market orientation. Commonwealth Bank is having cost effective approach. Stability is most intrinsic approach applied by Commonwealth Bank. Conclusion and Recommendation: Throughout this research, the researcher has focused on the different approaches of performance objectives having been referred to Commonwealth Bank. The researcher has projected how these objectives are fruitfully applied and managed. This helps in development of organizational ethics as well. The researcher aims recommending some of the sophisticated approaches noted in the following section of the research work. Application of more digitalization is helpful for operational management and performance regeneration. It provides more mobilization to the work and attains more potentiality in the banking approach. More intense service is needed to be marketed which create more people feel interested for the offers and services. Dependability on the subsidiary is needed to be reduced which makes the bank to work of its own and uniquely. Employing more experienced and potential employees is really necessary for gaining more market intensity for Commonwealth Bank. References List: Books: Kontes, P. (2010).The CEO, strategy, and shareholder value. Hoboken, N.J.: John Wiley Sons. Miller, S. (2012).Buyouts. Hoboken: John Wiley Sons. Reece, M. (2010).Real-time marketing for business growth. Upper Saddle River, N.J.: FT Press. Journals: Baronene, S. (2010). Front office: Role positions and risks of maintaining standards of service quality. Perspectives of Innovations, Economics and Business, pp.80-81. Baskar, S. and Ramesh, M. (2010). Linkage between online banking service quality and customers. Perspectives of Innovations, Economics and Business, pp.45-51. Gonzlez Benito, J. (2010). Supply strategy and business performance. Int Jrnl of Op Prod Mnagemnt, 30(8), pp.774-797. Gottfridsson, P. (2010). Development of personalised services in small business: an iterative learning process. Managing Service Quality: An International Journal, 20(4), pp.388-400. Jamal, A. and Malik, R. (2010). Self-service technology options and service quality: the case of online banking services. J. for Global Business Advancement, 3(4), p.277. Lenka, U., Suar, D. and Mohapatra, P. (2010). Soft and Hard Aspects of Quality Management Practices Influencing Service Quality and Customer Satisfaction in Manufacturing-oriented Services. Global Business Review, 11(1), pp.79-101. Martnez Garca, J. and Martnez Caro, L. (2010). Rethinking perceived service quality: An alternative to hierarchical and multidimensional models. Total Quality Management Business Excellence, 21(1), pp.93-118. Meyer, L. (2011). Necessity Prompts Strategic Adaptation. American Journal of Medical Quality, 26(1 Suppl), pp.5S-21S. Teng, J., Guo, W., Rong, B., Li, Z. and Dong, Z. (2010). Research on Seismic Performance Objectives of High-Rise Diagrid Tube Structures. AMR, 163-167, pp.1100-1106. Tsoukatos, E. and Mastrojianni, E. (2010). Key determinants of service quality in retail banking. EuroMed Journal of Business, 5(1), pp.85-100. Zo, H., Nazareth, D. and Jain, H. (2010). Security and performance in service-oriented applications: Trading off competing objectives. Decision Support Systems, 50(1), pp.336-346. Websites: CommBank Blog, (2015).Customer-centric design: three questions to guide your approach. [online] Available at: https://www.commbank.com.au/blog/customer-centric-design-three-questions-to-guide-your-approach.html [Accessed 14 Mar. 2015]. Fsi.gov.au, (2015).Financial System Inquiry. [online] Available at: https://fsi.gov.au/ [Accessed 14 Mar. 2015].