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The importance of this report is to evaluate the strategic, operational performance and management of the CIMB Bank Small bank theory initiative's effectiveness in Singapore, considering that most of the banks need physical vising to get services. It also focuses on an important aspect of online banking and information exchange strategies within this newly launched banking system.
1.2 Background of information
Strategic Operations Management is a process that focuses on managing an organization’s internal processes to produce and efficiently distribute products or services. The major activities in this process are the creation of a product, development, producing and distributing. The organization focuses on efficiency and effectiveness of its operations. The operational management strategy that the organization puts in place depends majorly on the kind of product or service that the organization produces (Mcnamara N.d).Any organization that produces something must use certain resources hence must have operations activities (Slack, Chambers &Johnston 2007).
Operational Performance Objectives
The operations of an organization are judged by how they perform. The stakeholders use performance objectives to measure how an organization is performing. There are five objectives of organizational performance which include speed, cost, flexibility, dependability, and quality(Slack, Chambers &Johnston 2007).Objectives are imperative as they provide the direction that should be taken and will be used in measuring whether initiatives are successful or not (Parmenter, 2015).
2.1 Performance Objectives addressed by CIMB Small Bank Theory Initiative
These objectives include:
Dependability is doing things on time so that the consumer receives products or services on time
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