13 May Write a reply for this article (Natali) The financial institution I work for has four key strategies but the one that resonates with me is Diversify
Q.1 write a reply for this article (Natali)
The financial institution I work for has four key strategies but the one that resonates with me is “Diversify and expand with new products and markets”. In 2019 Walmart ended the partnership with Synchrony after 20 years of service causing a lot of uncertainty since this was our largest client, some employees lost their jobs. I noticed a switch in the strategy that is now more focused on extending relationships with new clients and constantly improving the technology aspect to offer solutions to the consumers that want to self-service through the website or an app, this has been a big area of opportunity.
In the chapter 3 we learned how the organizations analyze the environment and competitors, as both a client and an employee is easy for me to see that the technological capabilities of Synchrony are not the best compared to other banks as Discover or CapitalOne, Synchrony is aware of this and now the focus is in continuing to innovate. I find the strategic management process effective because they are listening to the feedback of consumers and are using the results found in different studies and analyses to put into place strategies that won’t put the company at risk again.
Veselinović, J., Mitić, M., Bačvarević, B. B., & Marković, V. Z. (2021). Strategic Planning as the Inevitability of Modern Management. Megatrend Review, 18(4), 57–70. https://doi-org.devry.idm.oclc.org/10.5937/MegRev2104057V
Q.2 write a reply for this article (Mare)
Having spent the crux of the past two decades working within the corporate sector of the aviation industry, I'll discuss that field. The previous airline that was my employer places a premium on applying an equitable “skills-first” level support of employee development and continuous improvement. This being so, the airline implements reliable continuous improvement (CI) approaches as a major part of their strategic management process. For example, Six Sigma is a highly regarded training standard at the airline's base. Six Sigma is considered to be a disciplined, statistics-propelled, and measurable certification program. That is, students who successfully complete levels of the program earn a certification that confirms a demonstrated mastery of varied levels of planning expertise. Six Sigma training levels are designed to address methods of management, planning, and monitoring that will reduce process defects that carry the potential to burn through corporate resources. For this reason, my former place of employment supported participation in Six Sigma training as a pathway to professional advancement within the organization.
The airline, like many others within the commercial aviation industry, utilizes a Lean manufacturing model, which endeavors to rid processes of production-stopping waste. By operating a Lean manufacturing model, the airline's technical operations streamlines its pathway to efficiency and productivity. The success of this airline's management process is made evident by its strident overcoming of industry, environmental, and social difficulties faced throughout its nearly 100 year existence. It's hierarchical culture is not without flaws. Nonetheless, its higher than average industry ranking does afford the airline a bit of congratulatory honor.