Get help now

Total Quality Management: Citizen Bank and Six Sigma Model

  • Pages 4
  • Words 940
  • Views 284
  • dovnload

    Download

    Cite

  • Pages 4
  • Words 940
  • Views 284
  • Academic anxiety?

    Get original paper in 3 hours and nail the task

    Get your paper price

    124 experts online

    Every Organization wants to have a strong customer base and it is only possible when the product or service quality is better than its competitors. In this paper we will discuss about of one of the TQM model which is Six Sigma.Among the many goals and objectives of the organizations, the major one is to provide high quality products and services to the customers.

    In order to deliver best products and services which encapsulate quality, to the customers, an organization has to improve the way its work is done. A thorough revision of its business processes is required. Total quality management is the best example of a practical theory of management sciences when it comes to ameliorate the quality of business processes of a firm (Besterfield, 2002, p22).Total quality management (TQM), is a strategy which aims to embed awareness of quality in all the departments in an organization (Besterfield, 2002, p14).

    Companies now and then employ this strategy in order to improve the customer satisfaction and get a desired positive feedback from the customers. The total quality management comprises of many models and method. The selection of one of them is dependent on the set of requirements of the firm. Six sigma is one the models of the TQM management.

    It denotes the company’s deviation of quality from that of perfection. (The same purpose sigma performs in arithmetic’s: calculates deviation).Citizens bank is a financial group (also called the Citizen Financial Group) which is a wholly owned subsidiary of the Royal Bank of Scotland (RBS). Its branches are spread in many states of the United States.

    A few major branches are also located in UK, England. As much as the RBS is involved in investigation by the SEC over the mortgage prices which took over the housing sector of the States in the start of 2008, Citizens Bank is chaste of all these allegations. The bank is one in the 10 largest commercial banks of the States.Due to the aura of financial crisis which has gripped the world, it has become important more than ever to retain the customer base of the people who have remained dependent on the firm in the past.

    The cases of bankruptcy and solvency have left the customers unsatisfied by the services offered by the best of the banks.In a situation like this, Citizens bank can take a full advantage of the six sigma model. To implement the model effectively is not a difficult task. It requires a finances but the end product is a reduction in the cost of the operations the company performs (Besterfield, 2002, p42).

    The six sigma follows defines sequence of steps. In order to implement the model, the bank will not have to encumber its employees with the task of scrutinizing the process. Instead, the model requires an infrastructure of people who are experts in this process. The posts given to them are known as ‘six sigma black belts’.

    They monitor the process throughout to attain aspiring results.Having the Six Sigma Model incorporated as a strategy at the bank, it can monitor as well as respond effectively to the customers complaints. Transactions in process and delivery of services to the customers can also be done using the same model. Since the bank has less of a product side and is commercial in providing monetary services to the customer, like those of loans, it is important for the bank to implement the Six Sigma Model (Besterfield, 2002, p49).

    The deployment of the DMAIC process of the model, the bank can achieve its objectives. The DMAIC process is the mnemonic of define measure, analyze, improve and, control.The model is simple. The first step defines the business operations of the firm.

    It mainly defines the objectives and boundaries of that business operation.The second step calls for a process to measure the dependency of the departments of the bank and the business of the operations of the bank on the customer satisfaction. This can be done by using quantitative methods. In the analyze phase, the process of improving the operations at minimum cost is done.

    By doing so, the bank starts improving the processes which are a source f hindrance between the customer satisfaction and the employees of the bank. The last phase of control monitors the impact of the improvement initiatives taken by the bank.The management of the Citizens Bank should take necessary measures to increase the descending levels of the customer satisfaction. As long as it helps the bank to achieve and sustain operational and service excellence, it is feasible for the bank to employ the model in its operations.

    It is a versatile technique and its realization can help the bank to save thousands and thousands of financial costs which is very important as the bank is not making any profits. In the start of the 2009, it incurred a heavy loss of millions of dollars followed by a layoff of the employees. The bank can also reap the model’s benefits when it is planning to administer customer loyalty program, open a bank account or issue credit cards.Companies like General Electric have changed the way their business was done before implementing the model.

    Therefore, it is important for the bank’s management to recognize the current needs of the bank and make decisions to execute the implementation of the Six Sigma Model.  Banking industry is very competitive and therefore to gain a competitive edge, companies are left with no other way but to turn towards the TQM models; the most effective one being the Six Sigma Model.References:Besterfield, Dale H. (2002).

    Total quality management. Prentice Hall

    This essay was written by a fellow student. You may use it as a guide or sample for writing your own paper, but remember to cite it correctly. Don’t submit it as your own as it will be considered plagiarism.

    Need a custom essay sample written specially to meet your requirements?

    Choose skilled expert on your subject and get original paper with free plagiarism report

    Order custom paper Without paying upfront

    Total Quality Management: Citizen Bank and Six Sigma Model. (2017, Mar 07). Retrieved from https://graduateway.com/total-quality-management-citizen-bank-and-six-sigma-model/

    Frequently Asked Questions

    Feel free to contact us anytime, we are always ready to help you!

    How is Six Sigma used in banking?
    The use of the Six Sigma DMAIC phases helps: Reduce the cycle time taken to process a loan application. This applies to both personal and mortgage loans. Improve the processes that are targeted at gathering critical customer information.
    What are the Six Sigma in total quality management?
    Six Sigma is a quality management methodology used to help businesses improve current processes, products or services by discovering and eliminating defects. The goal is to streamline quality control in manufacturing or business processes so there is little to no variance throughout.
    What is the difference between 6 Sigma and Total Quality Management TQM )?
    The basic difference between Total Quality Management and Six Sigma is that TQM delivers superior quality manufactured goods whereas six sigma on the other hand results in better results. Total Quality management refers to continuous effort by employees to ensure high quality products.

    Hi, my name is Amy 👋

    In case you can't find a relevant example, our professional writers are ready to help you write a unique paper. Just talk to our smart assistant Amy and she'll connect you with the best match.

    Get help with your paper
    We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy