International Migrants and Divorce Immigrant Native

Question: Describe about the International Migrants and Divorce for Immigrant Native. Answer: Introduction Globalization has led to increasing completion amongst various corporations, who need to improve and form operational strategy for gaining competing edge in the market(Jung, 2009). Various processes within financial organization in regards to operation have to be enhanced and quality maintained for better risk management, cost performance, profit and revenue maximization and so on. These parameters need to attain a trade-off for maintaining competitive edge and to reach organizational goals. The report covers and analyses various operational strategy for increased operational performances. Strategies such as capacity strategy, Lean business process, Total Quality Management, Purchasing and supply strategy, process technology strategy, improvement strategy, product and service development for formulation and implementation in financial service industry has also been discussed(Fitzsimmons, 2013). Analysis Financial service industry is characterized by catering to various products and services to customers, who relatively have less knowledge. Thus, performance in the financial service industry needs to adapt to highest quality in their processes and functions to avoid customer losses. Such strategies need to be designed and applied by organization to increase operational performance. Efficient and effective strategies can be formed and evaluated by first analyzing available resources within the organization(Corbett, 2006). Operational Strategy includes adopting an operational performance strategy for enhancing quality and performance within the organization. A proper operational strategy includes lean processes, TQM processes, and Business processes as discussed below. Lean processes: Applying lean business processes is to create value for customers using few resources, by minimization of waste. Thus, customer value in financial service sector can be enhanced by providing customers with low cost and high return products. However, risk factor of such products needs to be evaluated as generally it has been seen high return products have high associated risks. Hence, financial service industry individual needs to attain a trade-off between risk and return for such products(Yasin, 2010). Total Quality Management (TQM): Every organization in order to maintain a standard in quality needs to adapt TQM processes. TQM can help attain long-term success through customer satisfaction with all internal stakeholders of the company participating in improvement processes. As TQM involves long-term impact, it is often selected but it has been seen to involve additional resources, therefore additional cost. TQM is a totally integrated system that involves employees and is customer focused. It is a processed centered approach that has a strategic and systematic view of processes to enhance overall quality. It focuses on continuous improvement by decision making and communicating its objectives to internal stakeholders. Business processes: Every step in financial service industry needs to have business processes directed towards the goal of the organization. Any product or service that does not aid in meeting organizational objectives needs to be avoided(Vemuri, 2007). Adapting business processes is a favorable strategy as it does not require additional resources and additional commitment to costs. It is adapted with a collective and structured activities or tasks for specific products or service. Organizations in financial service sector adapting business processes has to develop a flowchart or Process Matrix to identify and develop activities that can form a part of business processes. Operational Performance is important and vital for attaining the above strategies pertaining to businesses. Below are some mentioned operational strategies that an organization can adapt to attain high level of organizational performance. Capacity strategy: It involves determining production capacity of a financial service company to meet dynamic changes in product demanded by customers. In financial sector capacity strategy involves proper financial product planning that can comply with requirements of the current financial conditions(Li, 2006). Purchase and Supply Strategy: Financial service industry designs and provides products to their customers when the central bank in their country raises money by means of depository notes and other fixed interest yielding instruments. Finance Service Company needs to keep a bridge on such earnings such that they are able to purchase such papers from central banks and supply them at a considerate ate to their customers. Process technology strategy: Financial service industry often adapts a dynamic ERP system as a technology strategy. ERP allows control and system keeping of relevant information pertaining to the finance industry, hence their proper management(Piercy, 2009). Enhanced and efficient process technology strategy helps in attaining organizational objectives in regards to record keeping and updating various processes and progress. Improvement strategy: A continuous improvement strategy has to be adopted by every organization in order that they can maintain their competitive edge. It involves vision, goals and processes that will help attain organization sustainable competitive advantage. It addresses issues pertaining to inefficiency, waste reduction, and organizational culture development and so on. Product and service development and organization: In this case organization caters to product development to meet customer expectations. New product innovation and changes made to existing product enables to meet changing situations. This is especially true in financial service industry where macro-economic changes impact returns on financial products hence, consumer opts for dynamic asset allocation(Jacobs, 2010). Every strategic alternative and processes involves evaluation of the organizational current resources. Adapting any strategy or process can significantly involve committing to additional costs and organizational resources. Thus, financial service organizations needs to evaluate and apply process and strategy that best suits its requirement and provides results. Recommendations and Conclusion Financial service industry world over is facing challenging conditions arising from global recession and surging competition from globalization. Thus, they need to opt for continuous process and quality improvement to be able to attract customers and meet organizational goals. Every organizational goal involves increasing profits and revenue for its sustenance and growth. With increase in competition quality is the only variable that can help these organizations stay afloat and maintain their competitive advantage. Organizations now-a-days adapt a varied quality strategy incorporating in lean processes, business processes or TQM processes. They also often incorporate capacity strategy, improvement strategy, purchase and supply strategy, process technology strategy, product and service development and so on and so forth. These provide the company with vision and goal for long-term persuasion to incorporate in differentiation for their customers. References Corbett, C.J. and Klassen, R.D., 2006. 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