The Strategic Verticals of Davivienda Assignment

The Strategic Verticals of Davivienda - Assignment Example The assignment "The Strategic Verticals of Davivienda" analyzes the existing issues regarding internal communication inefficiencies, lagging project duration for O&M department of Davivienda Bank by measuring each of mentioned problems and their impact on the operational efficiency of O&M department. External and internal environment scan in context to O&M department has been done by the researcher in order elaborate scope of the paper. The recommends strategies like implementation of virtual communication portal, enhancement in e-mail communication efficiency, establishment of department consisting of process specialist that would work with O&M department in integrated manner, providing communication training to O&M personnel, implementing ERP system within O&M department, conducting monthly cross-departmental meeting to top level management and CEO of Davivienda to improve overall competitiveness of O&M department. The recommendations should not only improve internal communication between O&M department but also work as strategic initiatives for Davivienda. Financial organizations like banks start their strategic planning from understanding the scope of the service offerings. Davivienda is a bank and it also focuses heavily on the service and product offerings. There is very little scopes exist for banks to standardize its product portfolio and service offerings rather banks need to adapt to changes in customer requirements and design product portfolio that can be relevant in changing business environment.... As the report is addressing to key people of the organization hence there is no point in putting company information in the report because it is expected that the key members of the organization such as CEO is completely aware of these information. In short, O&M department of the organization handles issues like coordinating with marketing department to perform operational initiatives, updating administrative reports regarding organizational hierarchy, preparing system manuals, preparing process reports for the entire administrative blocks in the bank. The O&M department works in close loop manner with operational verticals like Human Resources division, Audit section, Information Technology division and General Administration. Now, what is the objective of this paper? Well, to be precise, the report will suggest a strategic plan for O&M department and study will also review the strategic plans that have been discussed in the previous works and suggestion regarding implementation of contingency plans to mitigate the identified risks will also be important part of this paper. Backgrounds and Accomplishments Bouquet, Hebert & Delios (2004) pointed out that financial organization like banks start their strategic planning from understanding the scope of the service offerings. In similar context, Davivienda is a bank and it also focuses heavily on the service and product offerings while making strategic choices. According to Bouquet, Hebert & Delios (2004), there is very little scopes exist for banks to standardize its product portfolio and service offerings rather banks need to adapt to changes in customer requirements and design product portfolio that can be relevant in changing business environment. Roth and Menor