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Virtual situation: Our team is a newly appointed managing group of the retail bank. We were asked by the Board of Directors to increase revenues by decreasing costs. We have prepared a strategic business plan for the next budgeted year.
|language || ||english
|wordcount || ||2194 (cca 6 pages)
|contextual quality || ||N/A
|language level || ||N/A
|price || ||free
|sources || ||4
Table of contents
1. Establish improvement cross functional team
2. Set a basis for assessing the magnitude of cost reduction opportunity
3. Initialize specific cost cutting improvement projects
4. Improve efficiency:
(a) Reduce a particular staff cost
(b) Undertake new activities
(c) Consolidate existing activities
(d) Automate processes
(e) Optimize distribution channels
(f) Branches optimalization
Preview of the essay: Business Planning
Core unit for cost cutting activities is presented by the team of experts from various professional fields that have knowledge of improvement and cost cutting methodology and has enough experience in deep analyzing, benchmarking and evaluation of cost cutting opportunities.
2.2 Set a basis for assessing the magnitude of cost reduction opportunity
The cost reduction actions must sustain on historical data and accurate forecasts. Statistical methods can provide for such occasion comparative review of known financial, demographic ...
... future bank should concentrate on being more efficient in remunaration systems and more lean in the processes. Basically most of the paper work should be replaced by intranet applications, internal workflow should be reorganized in the way that sales concentrate on sales only and back office covers the rest, there should be centralization of bank activities as much as possible. All this should then lead to the target stated in advance – become more competitive by being fast, good and reliable and to create even internal space for further growth without substantional additional increase of the costs.
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