Introduction
Al Hilal Bank is an Islamic bank with its headquarters in Abu Dhabi (“Al Hilal Bank Aims” par. 1). The main goal of the bank is to respond to the primary Islamic values and to see the world from a different perspective (“Al Hilal Bank” par. 1). It provides various banking operations such as “wholesale banking services”, “personal banking”, “asset acquisition finance”, “foreign exchange contracts”, and “working capital and trade finance” (“Bloomberg: Company Overview” par. 1).
It could be said the bank cares for its employees and considers them as an essential element of the planning process. Al Hilal Bank pays close attention to the recruiting process in order to increase efficiency and effectiveness of operations (“Al Hilal Bank” par. 1). The main aim is to hire successful and hardworking people to remain competitive in the world.
Speaking of specifics of this case, a current goal of Al Hilal Bank is to become the “smartest” bank in the United Arabic Emirates (“Al Hilal Bank Aims” par. 1). Mohammad Berro claims that the bank will achieve a desired goal in five years by increasing popularity of mobile and computer applications (“Al Hilal Bank Aims” par. 1). It could be said that it will reduce a number of working processes in other spheres and attract attention to the smart banking. This research paper emphases implementation of this goal by project management of Al Hilal Bank.
This research focuses on evaluation of project management in Al Hilal Bank. The case study method is used to acquire this information. After the evaluation process, possible conclusions are made. Some issues, which might affect effectiveness of the organization, are considered. Results help to find possible answers to the questions to improve a current state.
Objectives and goals of the research
It is important to understand and determine primary objectives and goals of the research before starting the exploration. Firstly, it should be said that project management is rather complex and sophisticated. It consists of several elements such as project planning, scheduling, implementation, controlling, and monitoring (Nagarajan 5). All these elements are pivotal for successful project management. However, only one stage is evaluated, as Al Hilal Bank is currently in the implementation phase. The planning stage terminated, and it is time to continue with the next step. Other stages will be discussed briefly. It will help to see the whole process.
The main goal is to discover the implementation process of Al Hilal Bank. It is clear that the bank has to establish an objective in each implementation stage (Binder 249). It will help the company to have successful results after the completion of the evaluation phase.
Additionally, a comparison between the key correct process, current process and project managers’ roles has to be made. This fact will help to evaluate a current situation. Moreover, one more aim is to determine a problem and its type. This aspect will help to discover various possibilities to solve a problem.
Another goal is to show that a global and competitive company such as Al Hilal Bank might face certain complications in project management. The key objectives are to determine the ways of finding solutions to difficulties and discover company’s effectiveness on the current stage.
Evaluation of all these aspects will help to determine Al Hilal Bank’s effectiveness in the banking industry in the United Arab Emirates. It will also help to see managing process from a different perspective and understand the bank’s way of finding solutions to the problem.
Type of problems demonstrated in the paper
Project management might face different problems during all the phases of the project implementation. As a process is usually limited by time and resources (Burkov and Burkova 1242).Consequently, problems related to the successful estimation of the required time and scheduling of the stages are the most common issues that the management faces. Inability to find alternative solutions and other ways of implementation is another issue, which has a negative impact on the efficiency of project management (Nagarajan 5). Moreover, some companies are not able to evaluate risks and their possible impact on flow of a project (Roberts 146).
However, these problems are not discussed in this case. Al Hilal Bank faces challenges related to the communication issues. Misunderstanding is a common complication in everyday life. Communication skills are vital for the goal achievement and finding the best solutions to the issues. Nevertheless, it has to be mentioned that a lack of communication might be a reason for not meeting the deadlines.
The key of correct process in Al Hilal Bank
Speaking of correct process, the project managers are trying to achieve the final aim by the deadline. The key process is to focus on financial planning. It is the most effective and fast way to reach the final goal. The project managers have to pay significant attention to the distribution of the financial resources, as it is critical in this situation. In case of Al Hilal Bank, project managers have to understand the importance of financial planning and try to avoid a lack of control.
However, it has to be mentioned that achievement of the main goal is rather difficult. It involves making decisions on the multiple levels of the hierarchy, which is established in the bank. Taking into account other small phases of the project is also vital while reaching a final goal.
Key process and current process
In order to evaluate a condition of Al Hilal Bank, it is necessary to compare the key process with the current process. Firstly, a current process has to be described. Understanding significance of the current process is important, as it allows seeing a full image of the current stage.
As it was mentioned earlier, Al Hilal Bank is planning to become the smartest bank in next five years (“Al Hilal Bank Aims” par. 1). The goal is rather massive. Subsequently, it will require some time to implement all the required phases. However, it could be said that the implementation process has began already, as computer and mobile applications are available for all platforms. Additionally, the company participates in various events, which support its corporate image and give a chance to show its ‘smart’ side (“Al Hilal Bank Aims” par. 5).
Compared to Al Hilal Bank’s key process, it could be said that it is slowly moving in the right direction. In order to achieve its final goal, the bank has to reduce its spending in other spheres. It might require some time, as reconsidering the states of expenditure is a sophisticated process. In conclusion, it could be said that Al Hilal Bank is partly located in the planning and scheduling stages. All the actions have to be continuously evaluated to avoid high risks and losses.
Project manager‘s roles
Additionally, in order to recognize a problem in project management, project manager’s roles have to be evaluated. Moreover, influence of the roles has to be discovered, as this fact helps to see a reason for the current stage of the progress. Furthermore, it evaluates the actions of the projects managers and possible ways to improve a current condition.
It could be said that project managers play a vital role in this process, as there are essential contributors to the final decisions. In general, the project managers are responsible for calculations and estimations of possible costs and resources (Abaza, Siddiqi, Arsic, and Passley par. 2). In case of Al Hilal Bank, the project managers have similar roles, as they pay close attention to financial planning and resource distribution. This fact implies that the project managers successfully perform their duties, and the final goal of the plan will be reached in time.
Actual problems in Al Hilal Bank
Project managers usually face a significant amount of problems during all stages of planning. A lack of communication is the main problem that Al Hilal Bank currently opposes. It seems that the bank does not pay enough attention to its employees. The workforce does not feel as their suggestions and decisions are taken into account. It could be said that this fact creates misunderstandings and slows the speed of the implementation process in Al Hilal Bank.
In order to find possible solutions to this problem, a project manager should be able to find successful methods of communication with employees (Nagarajan 5). In this case, establishing a trustful relationship with the workers is vital. The workforce is an important asset of the company, as it was mentioned previously. Moreover, as Al Hilal Bank has some difficulties while establishing a communication framework, project managers pay close attention to this issue and try to avoid misunderstandings in the company.
Conclusion
In conclusion, it could be said that having an effective and detailed planning is vital for a company. Effective project management helps Al Hilal Bank to stay competitive in the banking industry. Moreover, it helps to generate higher revenues and create a high brand recognition in the world. It could be said that the bank is able to find effective solutions to a problem. Its implementation process is detailed, and it responds to the key values of the company.
However, it has to be mentioned that even though Al Hilal Bank is a pure success in the United Arabic Emirates, it still experiences some difficulties in the implementation process. A lack of communication between project managers and employees is one of them. It was surprising to discover that the organization, which appreciates hard work of their employees, might experience and face social issues. It is essential for every organization to establish an effective project management network and have a good relationship with its employees. If Al Hilal Bank ignores this issue, it might lead to the problems in project management. Additionally, it does not respond to the key values of the bank, as it is originally supposed to consider its employees as an important asset.
Recommendations
It is critical for Al Hilal Bank to find a solution to the lack of communication. Establishing a trustful relationship is vital for effective implementation and organization in each project stage. Paying closer attention to the workforce will help to reduce misunderstandings and boost the efficiency of Al Hilal Bank.
There are several solutions to this problem. Firstly, giving employees a right to participate in the decision-making process will help to increase the level of trust inside the bank. Employees will feel as a part of the team and improve effectiveness of the working processes. However, senior managers might not consider this solution as the most relevant, as they might not want to share their responsibilities with the regular employees. In this case, an illusion of making decisions might be a suitable solution to this problem. Workers would understand their significance. However, their decisions will have only a slight effect on the final decision. The bank has to fix this issue, as it might affect its reputation.
Another solution is to increase the importance of the corporate culture. Various entertaining activities will help to see employees and managers from the different perspectives. It will encourage a friendly atmosphere in the bank and help to improve communications skills of all employees.
Moreover, Al Hilal Bank could create a ‘box of ideas’. The main goal of the box will be to create a friendly atmosphere in the organization and encourage employees to share their thoughts. Once a month, the ideas will be checked and evaluated. The most successful solutions will be awarded and might be considered as possibilities for the future implementation. This fact will help to create a competition between the employees. It will increase their effectiveness and make them work harder.
Works Cited
Abaza, Hussein, Khalid Siddiqi, Zoran Arsic, and Grifton Passley. “Monitoring Project Progress: Project Manager’s Perspectives.” International Journal of Construction Project Management 6.1 (2014): 63-74. Print.
Al Hilal Bank: A Bank that Dreams. 2015. Web.
“Al Hilal Bank Aims to Become UAE’s Smartest Bank.” Gulf News. 2015: n.pag. Web.
Binder, Jean. Global Project Management: Communication, Collaboration and Management across Borders, Burlington: Gower Publishing Company, 2007. Print.
Bloomberg: Company Overview of Al Hilal Bank PJSC 2015. Web.
Burkov, Vladimir, and Irina Burkova. “Network Programming Technique in Project Management Problems.” Automation and Remote Control 73.7 (2012): 1242-1255. Print.
Nagarajan, Hari. Project Management, New Delhi: New Age International (P) Limited, Publishers, 2004. Print.
Roberts, Paul. Effective Project Management: Identify and Manage Risks, Plan and Budget, Keep Projects under Control, Philadelphia: Kogan Page Limited, 2011. Print.