Wells Fargo Operations Improvement Plan
Operations Improvement Plan
An overview of the subject organization, including a brief history and description of the current situation Wells Fargo is one of the largest banking and financial services entities in the United States. It has built a well-respected brand name and image through its excellent products and services. These products and services have helped generate substantial growth and a solid foundation over its 150 plus years of existence for the company and its customers. Wells Fargo offers a wide array of products and services including banking, lending, investments, financing, and real estate. However, it has built a strong foundation by being an industry leader in home mortgage loans. Wells Fargo generates home loans by considering the customers' needs and values. It has limited losses by not taking on undue risk from applications that don't meet certain requirements. This has allowed the organization to thrive in the financial services industry. Wells Fargo also shows strength in maintaining its customers. Even though it already has over 48 million customers worldwide, it continues to be an industry leader in customer retention. By dedicating its customer service and other resources to having high customer retention, Wells Fargo has also succeeded in becoming an industry leader in cross-selling as well. The revenue generated from cross-selling affects the growth of the company, so it should continue to thrive with these efforts. Wells Fargo's long term goal is simple: To be the largest and most respected financial services firm in every target market. It can achieve this goal by continuing to acquire assets and becoming industry leaders in each one of its product lines. As of now, it still remains one of the industry leaders, along with Bank of America, Citicorp, and JP Morgan Chase. Wells Fargo was founded on March 18, 1852 by Henry Wells, William G. Fargo, and a few other associates. Its headquarters is in San
An overview of the subject organization, including a brief history and description of the current situation Wells Fargo is one of the largest banking and financial services entities in the United States. It has built a well-respected brand name and image through its excellent products and services. These products and services have helped generate substantial growth and a solid foundation over its 150 plus years of existence for the company and its customers. Wells Fargo offers a wide array of products and services including banking, lending, investments, financing, and real estate. However, it has built a strong foundation by being an industry leader in home mortgage loans. Wells Fargo generates home loans by considering the customers' needs and values. It has limited losses by not taking on undue risk from applications that don't meet certain requirements. This has allowed the organization to thrive in the financial services industry. Wells Fargo also shows strength in maintaining its customers. Even though it already has over 48 million customers worldwide, it continues to be an industry leader in customer retention. By dedicating its customer service and other resources to having high customer retention, Wells Fargo has also succeeded in becoming an industry leader in cross-selling as well. The revenue generated from cross-selling affects the growth of the company, so it should continue to thrive with these efforts. Wells Fargo's long term goal is simple: To be the largest and most respected financial services firm in every target market. It can achieve this goal by continuing to acquire assets and becoming industry leaders in each one of its product lines. As of now, it still remains one of the industry leaders, along with Bank of America, Citicorp, and JP Morgan Chase. Wells Fargo was founded on March 18, 1852 by Henry Wells, William G. Fargo, and a few other associates. Its headquarters is in San
References: Krajewski, J., Ritzman, B., & Malhotra, M. (2010). Operations Management: Processes and Supply Chains (9th ed.). Upper Saddle River: Pearson-Prentice Hall. SmartDraw (2010). Process Flowcharts. Retrieved June 10th, 2010 from http://www.smarrtdraw.com.