Global Financial Operations Case

Nancy, vice president of Global Financial Corporation (GCF), has pressure from the marketing department to increase the delivery time of loan applications.  This pressure is generated from a major competitor who promised to respond to loan applications in 10 days of less. To correctly frame this problem, Nancy should measure the average time in system for loan applications.  Time in system will accurate calculate the average time from when a customer submit’s their application to when it is completed and delivered back to the customer.  This measure is appropriate for the task being requested to Nancy because is quantifies Nancy’s goals that can be compared to the current loan application process with any new processes that she may implement. It is also comparable to Global Financial competitor’s promise to deliver a loan application in l0 days of less.
If there is no improvement to the application process, GFC will face a loss of their customer base.  This loss can have cascading effects throughout the company; the sales force will have to ramp up their sales efforts, application process time will increase due to the length of time it takes to process a new customer verses an existing customer, and the company as a whole will face sustainability issues due to stiff competition.  Here we will assume that the application process time is very important to customers for purposes of this analysis.