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A recently established bank has branches in Australian capital cities and online customers across Australia - HSC - SSCE Business Studies - Question 21 - 2017 - Paper 1
Question 21
A recently established bank has branches in Australian capital cities and online customers across Australia. The management of this bank wants to focus on improving ... show full transcript
Worked Solution & Example Answer:A recently established bank has branches in Australian capital cities and online customers across Australia - HSC - SSCE Business Studies - Question 21 - 2017 - Paper 1
Step 1
Outline the role of operations management in this business.
Answer
Operations management involves overseeing and improving the processes that produce the bank's services, ensuring efficiency and effectiveness. It helps the bank to operate as a cost leader and differentiate its offerings from competitors, thus enhancing overall performance and customer satisfaction.
Step 2
Explain how improving operations processes may lead to better customer service.
Answer
Improving operations processes can enhance customer service in several ways. Firstly, streamlined processes reduce wait times in branches and online services, making transactions quicker and more efficient. Secondly, high operational efficiency ensures that services are more reliable and consistent, leading to increased customer trust. Lastly, by optimizing staff training and resource allocation, the bank can provide more knowledgeable assistance to customers, improving their overall experience.
Step 3
Assess ONE operations strategy this business could use to improve its long-term success.
Answer
The bank may consider outsourcing certain operations as a cost-effective strategy to enhance long-term sustainability. This allows the bank to focus on core banking services while specialists manage non-core functions. By doing this, the bank can improve service quality, gain access to advanced technologies, and reduce operational costs, thereby reinforcing its competitive position in the market.