Accounting assignment help on: Financial market of an organization
1. Introduction
During the world wide meltdown in the fiscal year 2008, there were tremendous changes in each & every sector. The stock markets got crashed & total disruption in the financial market.
The financial institutions were collapsed as well as were released by the governing bodies. There was a tremendous decrease in the markets. The growth had come to a standstill. There was a sharp turn in the GDP growth rate as well as the rate of inflation.
Thus, in such a scenario the Board of the management should look into the various tools which would help them in order to reduce the cost & would help them to sustain in such a drastic situation (Cotts, 2010).
An integrated facility management system should be formulated in each & every organization. There are various roles which would be included within the facilities management (FM) system. The incorporation of the Facilities Management would help to create a link between the main business as well as the efficiency of the facilities management to the organization, which in turns would affect the profitability of an organization.
As the regional Head of Facilities, this report would help to analyze the various roles of facility management incorporated in an institution.
2. Integrated Facilities ManagementThe integrated facilities management systems (IFMS) refers to an advanced technology which is based upon the financial management information system which includes the two major aspect i.e. to prepare budgets & a system which would help in the preparation of the accounts, which would help the governing bodies as well as the other parties to it. This would help to monitor the budgets, take certain decisions & make the payments as quickly as possible, & administer the reports on the monetary activities (Cotts, 2010).
The facilities management system (FMS) in today’s environment is not only restricted to perform as well as control the equipped continuance duties, whereas this system should be incorporated in any organization in order to join together with the main goal of the enterprise.
To understand this aspect, one of the main criteria is to have a fair view regarding the central idea of the whole business of the company & how the facilities management amalgamates with the current business.
3. Banking Business
Citibank refers to one of the leading international banks, which primarily deals with customer banking providing them with various types of financial services under the umbrella of Citigroup.
Citibank deals with the retail banking in almost 100 countries and various boundaries across the globe. It offers credit card, insurance as well as certain products where the consumers could invest & keep their money insured.
In order to satisfy their customers, the bank should take into consideration the various services that are being offered to them. The bank needs to look into the environment wherein the services are being offered (Cotts, 2010).
This includes the following aspects, such as:
° Internet Banking
° Services rendered through mail
° Service offered inside the building
° Other services offered (ATM, SMS alert, IPO, Choice of payment, etc.)
4. Role of an integrated facilities management
Facility Management at Citibank helps in the maintenance of all the activities operating in the organization which helps in building an environment wherein proper integration between the people, process, place & technology could take place (Cotts, 2010).
The role integrated facilities management system would be to integrate all the processes which are currently operating in the company & formulate certain services which would help as well as support the core business in its proper functioning. Thereby, leading to smooth functioning of the basic activities without which the work would be done (Cotts, 2010).
The major role of the integrated facilities management is to maintain all kinds of activities among the organization such as the planning, managing the people working in the organization, etc. These days the scope for an integrated facilities management is widening up & has broader terms attached to it.
4.1 Critical Role of an Integrated Facility Management
The critical role of an integrated facility management could be seen when all the activities in the organization go very well. The smooth functioning of all the activities as well as all the departments in the organization would state that the role of the facility management is very important & one of the important issues which should be taken into consideration (Cotts, 2010).
The main role of an integrated facility management is to improve the effectiveness as well as the efficiency of any business or organization. The other major role is to have a proper balance as well as maintain a sufficient amount of cost with them which would help them. The facility managers should have the quality of becoming a leader. Without the presence of a facility manager, there would be certain gaps between the staff, assessment of the information, etc (Cotts, 2010).
The FM would take into consideration the major aspects which would help them to support all the business functions in an organization.
The FM would take into consideration the following aspects. They are listed as under:
° Operations
° Maintenance
° Repairs
° Managing the technology
° Security & Life safety
° Administrative Services
° Project management
The facility management would take into account the following aspects in the organization i.e. Cost Effectiveness, Productivity, efficiency, effectiveness, as well as the improving the quality of the employees working in the organization (Cotts, 2010).
4.2 Benefits of an Integrated Facility ManagementThere would be various benefits which the organization would fetch after the implementation of a fully integrated facility management system.
Some benefits fetched by the organization would be as under:
Cost Reduction
The main purpose of an Integrated Facilities Management is to aim at the reduction of the cost with a reasonable price. The role of the IFM is far more than the normal managers are operating in the business premises. The FM need to take into consideration two operational areas i.e. strategic-tactical as well as operational (Atkin & Brooks, 2000).
In case of the tactical – strategic, the top officials need to be informed regarding the impact of the decisions which would come in near future. On the other hand, the role of operational is to keep a free flow of all the operations which are currently being into consideration & creates a safe, best as well as the most cost effective situation so that all the functions are being done properly (Atkin & Brooks, 2000).
Business Effectiveness
The first basic benefit which the organization would acquire after the integration of the same is to improve the productivity i.e. increasing the effectiveness as well as the efficiency in the organization. Integrated Facility Management (IFM) wuld involve, a restart of the whole process in terms the way the work is being done & services being provided to the clients.
IFM helps in linking the core business with all the other activities in order to form a linkage between the two. It majorly believes in proper functioning of the organization thereby, leading to the accomplishment of the set goals, objectives, targets (Cotts, 2010).
With the applicability if the IFM, an organization would be able to increase its effectiveness as well as the efficiency which would in turn lead to cost savings, (reduction in the costs), providing positive results for the organization. In case of Citibank, or any other financial institution, the integrated facilities management would help in providing better services to its clients by the use of a various IT technologies which would help in the proper management of the assets of their clients, real estate & other facilities being provided by the financial institution (Cotts, 2010).
In order to attain the trust of the customers, clients, etc some preventive measures should be taken by the financial institution so that they are able to maintain proper records of their clients even at the time of some problem. Proper maintenance of the ATM machines would help in easy availability of cash to their clients without any disruption 24*7, 365 days. This would help in serving the need of the customers effectively (Atkin & Brooks, 2000).
Co-ordination between Core Business and Non-Core Business
The another major benefit which would help the organization in order to accomplish after the implementation of the IFM is proper coordination between the core as well as the noncore businesses. This would add as an added advantage to its clients as smooth functioning of all the activities would help in acquiring additional benefits to its clients (Atkin & Brooks, 2000).
Full involvement of the integrated facilities manager (IFM), would support in proper coordination among all the operational activities, core as well as noncore businesses, which would help in achieving both the need of the clients & the expected performance.
Thus, IFM guarantees a better edge amongst the core as well as the non- substance processes which would in turn reduce the disruption of all the activities which comes while operating the business.
5. Trends in IFM
There are various trends available in the integrated facility management system. Some of the trends are listed below. They are as follows:
Linking facility management to strategy –
The first & the foremost trend in the IFM refer to the linkage between facility management & the strategy. It refers to that the function of the facility management is the aptitude to tie the role of facilities to the company’s main business tactics (Atkin & Brooks, 2000).
It is felt that, in the years to come facility managers would be of great importance. The physical facilities have an important position in evaluating the supporting innovation, productivity, efficiency, public perception, employee satisfaction of an organization. Each & every amount devoted is being used for the improvement as well as the maintenance of all the facilities which should be examined in order to calculate the return on investment (ROI) (Atkin & Brooks, 2000).
The following are the functions that would be played by the facility managers which would help to support all the activities:
° Adequate amount of ROI
° Help in the better recruitment as well as to sustain one of the best employees.
° To have a fair long term vision & mission of the business (corporations) rather than the short term strategies.
Emergency preparedness—including (but not limited to) basic safety:
The second trend in the IFM is to provide the basic amenities such as minimum amount of security, safety against the natural disasters, violence at the workplace, protection of the data as well as the information being used by the corporate (Strategic Advisor).
This trend refers to all the issues which might affect the employees as well as the business houses. Such issues should be kept in the mind of the people in advance which would help in the reduction of the number of disruptions.
The role of the facility managers would be as under:
° Formulate & implement tactics, strategies, plans, etc
° Development of the objectives & convey it to all the stakeholders (employees, customers, shareholders, etc)
° Proper utilization of the resources i.e. man, material, money
Change management
The other trend visible in the IFM refers to the adaptability with the change. As the working style has been changing, there has been various changes in the technology, thus all the organizations should be open to such type of changes (Strategic Advisor).
All the facility managers should be fairly instructed as well as informed regarding the changes, the regulatory acts which would continue to me a part of the complex working environment.
Emerging technologyThere are various technologies which are emerging & used by the organizations. In some of the organization it is seen that there has been an underutilization of the resources, technologies, & due to obsolescence the working environment in the organization are becoming too complex, hence, more tech savvy operators would be required in order to have smooth functioning of all the activities (Strategic Advisor).
Thus, one of the major challenges for the mangers in the organization is to manage the multiple systems which should be used to the fullest.
6. Reduction in the budget
In the global environment, all the organizations should strive in order to reduce as much cost as possible. Appointing a facility manger i.e. outsourcing it to a specialist in this field would be one of the aspects which each & every organization should take into consideration, as it would lead to a significant decrease in the cost. This would help the organization to reduce the cost by 20% (Frost & Sullivan, 2003).
Some of the major issues to be highlighted are as under:
Reduction in the overheads:
One of the major ways through which the organization would be able to reduce its cost by an approximate value of 20%, is by reduction in the assets as well the overheads. It refers to one of the key issues which would lead to a reduction in the same by outsourcing of the facilities managers (Frost & Sullivan, 2003).
Saving upon the cost:
According to Frost & Sullivan, outsourcing refers to one of the major ways through which the organization would be able to cut costs, increase the productivity & increase the efficiency. The IFM are able to attract more number of clients thereby reducing the cost by 15%-20% (Frost & Sullivan, 2003).
Some other authors have also cited that the benefits reaped through outsourcing would be able to reduce the overall cost of the organization by 20% of the existing costs applicable.
7. Conclusion
This report highlights the meaning of Integrated Facility Management, its benefits, trends as well as the role being played by the facility managers. It also stresses upon how the applicability of the same would lead to cost reduction (Strategic Advisor).
The major role of the facilities managers would be to provide a link between the core activities as well as the non core activities of the organization thereby, leading to the smooth functioning of the enterprise.
The benefits mentioned above in this report would help any organization to satisfy its clients as well its customers in the most effective as well as efficient manner. Thus, the incorporation of an integrated facility management system should be formulated in each & every organization. There are various roles which would be included within the facilities management (FM) system. The incorporation of the Facilities Management would help to create a link between the main business as well as the efficiency of the facilities management to the organization, which in turns would affect the profitability of an organization (Strategic Advisor).
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