ANZ has been in existence for several decades and delivered services of impressively high quality to its customers. The innovative approach toward management, i.e., the model of the future, can be considered one of the firm’s greatest advantages, yet it requires the support of a more efficient quality management framework and the communication system that will help prevent the instances of information management failure, quality problems, etc. Therefore, the integration of the latest technological devices for monitoring the quality of the provided services, as well as a redesign of the approach toward R&D and HR issues, should be regarded as a necessity and an opportunity for ANZ to build a strong competitive advantage. As a result, the organization will be able not only to survive but also strive in the realm of the global economy and banking.
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Being one of the largest banks in Australia and New Zealand, ANZ has gained quite a reputation over the past few decades. ANZ has been witnessing consistent economic growth, with its current share prices amounting to a total of AUD 26.72 (‘Australia & New Zealand Banking Group Ltd’ 2018). Therefore, the environment in which the company currently operates can be defined as rather favorable for its further development.
ANZ’s current mission and vision are the areas where current problems with the company start becoming evident. According to the official statement released by the organization, ANZ sees its mission, vision, and values as the necessity of “doing the right things well” (‘Our values’ 2017). Not only is the specified statement very vague but also lacking the perspective that allows the firm to meet the needs of its stakeholders appropriately. Since the “right thing” can be interpreted in many ways, the official position of the organization can be described as rather uncertain.
Even though ANZ’s current position might seem rather stable, the company has been experiencing major difficulties in managing its financial, organizational, and communication-related issues. The lack of a proper strategy for managing technology-related issues and maintaining the process of information management consistent by preventing and addressing external threats can be regarded as one of the primary issues at ANZ at present.
In addition, the company’s position regarding the identification of its values and mission, as well as management of stakeholders’ needs, can be seen as a reason for concern. Because of the vague statement, the organization may fail to develop a framework that will help meet the needs of all stakeholders involved. In fact, the recent lack of satisfaction among customers and information management problems within ANZ caused by a power outage can be regarded as a graphic manifestation of the lack of focus on what is important. For instance, due to the absence of a vision that would help the firm ensure a safe environment for managing crucial data, the power outage has led to loss and mismanaging of important data (Crozier 2018).
The problems in the manner in which ANZ is currently managed are likely to have an immediate effect on the management of the firm’s processes. Moreover, the Enterprise Agile Model, which the organization has been using as the platform for managing its information, including the data related to the firm and the information about its customers, seems to require further adjustments. Although it can be described as rather efficient, it needs to be supported with a more efficient framework that will help manage information- and especially technology-related risks to a greater extent. Implying the creation of two groups that help meet customers’ demands with the help of consistent quality management, the model allows focusing the business value and enhancing multidisciplinary cooperation among teams (Tol et al. 2014). That being said, the management of risks faced by ANZ will need the introduction of another group that could supervise the issues associated with data flow and technology (Benner & Tushman 2015). Consequently, the threats to the consistent provision of the essential information from one stakeholder to another can be prevented successfully
Can a change in ANZ’s current vision in regard to the lack of focus on key stakeholders’ needs, as well as the use of innovative tools for improving the risk management framework, such as the “model of the future”, be viewed as the primary solutions for the organization to fail to deliver satisfactory performance and maintain the levels of satisfaction and loyalty high among its customers?
The current approach toward managing the issues associated with organizational culture can be viewed as rather reasonable, yet the lack of focus on the needs of both employees and customers seems to have been taking its toll over ANZ’s performance.
It should be noted, however, that there are several ways of developing organizational culture. The subject matter can be viewed through the prism of the products and services that a company offers, the way in which decision-making occurs in its environment, the focus on the needs of all stakeholders including staff members, etc. A combination of the specified perspectives allows creating the setting in which every stakeholder remains satisfied and develops loyalty toward an organization. In ANZ’s case, the current approach toward building organizational culture seems to be focused on the principles of diversity, yet it might lack the promotion of independence among its employees.
Process Versus Results-Oriented Culture
At ANZ, the correlation between the process and the outcome seems to be geared heavily toward the latter (Ameh, Gómez-Olivé, Kahn, Tollman & Klipstein-Grobusch 2017). On the one hand, the specified approach helps the organization to focus on developing the approach that will allow every employee to fulfill their potential in the environment of the organization. In addition, opportunities for reinforcing the concept of knowledge sharing, cooperation, and multidisciplinary communication are currently available to the company due to the policy aimed toward encouraging staff members to fulfill their potential. The specified approach can be deemed as the platform for fostering the principles of efficient data management within the organization, at the same time reducing the threat of conflicts and, thus, increasing overall productivity levels.
Tightly Versus Loosely Controlled Culture
The focus on empowerment of staff members, in turn, allows providing staff members with the opportunity to control basic processes and make company-related decisions independently. Although the said approach toward building corporate culture implies a better analysis of the available opportunities, it will also require providing staff members with opportunities for professional growth.
Employee Versus Job-Oriented Culture
Based on the description of the current organizational values, one might assume that the corporate culture promoted at ANZ is centered mainly on meeting the needs of employees. However, the specified approach comes at a price for the company since it leads to the lack of chances to retain the quality of services at the required level. For instance, the recent inability of the organization to manage its data properly after the power cut and the following problem with managing the firm’s electronic databases points to the fact that the introduction of a better thought-out approach toward acquiring, processing, and, most importantly, keeping corporate data should be deployed. The identified problem is linked directly to communication issues, which can be observed in the organization despite the focus on the needs of its staff members. In addition, the creation of a better risk and disaster management framework should be regarded as a necessity for ANZ at present.
Closed versus Open System Culture
Because of the emphasis on the needs of its stakeholders, ANZ has chosen to deploy the principles of the open system in its organizational environment. As a result, the company has created the premise for the continuous flow of information within the company. Although the identified choice implies a significant improvement in the overall management of information, it also demands increasing the level of employees’ independence in decision-making within the context of the company, as well as the design of the environment in which innovative thinking will become a possibility.
The specified possibility, however, is currently hindered by a more coherent approach toward the needs of the firm’s stakeholders, including customers and employees. In addition, a new and improved approach toward managing corporate risks and handling the available data processing and storage will have to be designed. The following gradual increase in the efficacy of preventing risks and ensuring coherent
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Therefore, the present-day approach toward management adopted by ANZ could use significant improvements. Tools for improving quality, particularly, the quality of communication and, thus, the quality of provided services, must be deemed as a crucial change. The specified objective can be attained by reconsidering the risk management strategy that the organization has been using, as well as the technological framework deployed at ANZ. Although the organization recognizes its importance for the successful management of corporate processes and claims to follow the current demands for efficient risk management, the recent problems with handling information in the environment of a crisis indicate that ANZ could use a significant improvement of the way in which emergencies are managed (Lusch & Nambisan 2015).
Furthermore, R&D processes will have to be boosted significantly. A closer focus on information management, which ANZ presently needs, will demand a rapid change in the technological tools used for handling data. The incorporation of the data management strategies that are based on the concept of Big Data should be currently viewed as a necessity. Despite the fact that the identified approach will require a massive change in the environment of ANZ, as well as the redesign of its financial management framework, it is going to help the firm set the course for further rapid development and the following success.
Specifically, the use of Big Data will imply combining the strategies known as cloud computing (cloud storage) and parallel computing to ensure that any input remains safe and accessible only to the members of ANZ. In addition, the specified technique will set the platform for improving the risk management framework aimed at handling the threat of possible disasters. For example, the technical assessment and prediction tools combined with the use of the techniques such as technical testing and early warning will allow determining a problem at the earliest stages of its development.
Maintaining a balance between the promotion of changes and the company’s ability to meet the needs of its stakeholders, primarily, customers and employees, should also be viewed as one of the essential priorities. The current corporate culture will have to be shaped to meet the needs of employees and encourage their consistent professional growth. Therefore, it will be crucial to consider investing in employees’ professional development, e.g., by offering them a chance to develop new competencies and acquire new knowledge and skills. As a result, opportunities for encouraging a better decision-making process, enhancing corporate social responsibility, and building the corporate loyalty levels among staff members will become an opportunity. Furthermore, the identified change will provide the platform for enhancing the efficacy of leadership, management, and decision-making in the setting that involves facing certain risks. For instance, challenges caused by external factors and affecting the quality of providing the required services will be handled more efficiently once the existing system is improved.
The resulting change is expected to help the company increase its competitive advantage to a considerable extent. By creating an environment that can be described as the safest in the banking industry, ANZ will be able to attract more customers and increase the loyalty levels among the ones that currently use its services. Furthermore, chances for creating ties with international partners and expanding into the global market become a possibility.
ANZ has been operating in the Australian and New Zealand financial environment for a significant amount of time and has become rather well-known for its services, thus, creating a community of loyal customers. However, due to the mismanagement of technological and information-related issues, the firm has experienced a drop in shares and customer loyalty levels to a considerable extent. Therefore, it is vital for ANZ to regain its position in the target market. The specified change can be carried out by revisiting the corporate values and philosophy based on which ANZ currently makes all of its decision. A stronger emphasis on the active use and regular update of technology for maintaining communication and managing information successfully should be deemed as a necessity. Furthermore, it will be crucial to shift the focus toward the promotion of professional growth among the staff members. Finally, the company’s R&D department must be provided with an opportunity to introduce innovative solutions. In fact, the concept of innovation must be implanted into the very nature of the organization and its philosophy. The resulting change will help encourage innovative thinking among staff members and convince them to be more proactive in their decision-making, basing their choices on the needs of the organization.
It is expected that the specified change will also contribute to a gradual rise in the quality of the services delivered by ANZ. Despite the fact that the firm currently takes first place in the list of Australian and New Zealand financial organizations, the competitive nature of the financial environment will require the creation of unique competitive advantage. The efficient management of risks and the focus on the satisfaction of ball stakeholders’ needs along with the consistently high quality of services will allow ANZ to build an impressive competitive advantage, thus, advancing in the target environment.
Ameh, S, Gómez-Olivé, FX, Kahn, K, Tollman, SM & Klipstein-Grobusch, 2017, ‘Relationships between structure, process and outcome to assess quality of integrated chronic disease management in a rural South African setting: applying a structural equation model’, BMC Health Services Research, vol. 17, no. 1, p. 229.
‘Australia & New Zealand Banking Group Ltd’ 2017, Bloomberg, Web.
Benner, MJ & Tushman, ML 2015, ‘Reflections on the 2013 Decade Award—“Exploitation, exploration, and process management: the productivity dilemma revisited” ten years later’, Academy of Management Review, vol. 40, no. 4, pp. 497-514.
Crozier, R 2018, ‘ANZ Bank suffers 10-hour internet banking outage’, IT News, Web.
Lusch, RF & Nambisan, S 2015, ’Service innovation: a service-dominant logic perspective,’ MIS Quarterly, vol. 39, no. 1, pp. 155-175.
‘Our values’ 2017, ANZ, Web.
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