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Application of Performance Management System

1.    Abstract

This paper aims at the banking sectors and the application of the performance management system. This paper mainly aims at the application of performance management system in the National Bank of Abu Dhabi and questions why there is a need for the application. The paper first highlights the issues that it is facing and then looks for the appropriate solution of the management system that will let the bank face those issues. In the last, the paper will tell about the advantages that the bank will be getting with the application of the performance management system.

2.    Introductions

There is always needed to keep a check on the operations and processes going on in the organizations and businesses. The businesses seem to be working fine and generating huge revenue by the end of the year, however, there are certain operations that need to be amended in order to improve the performance of the systems in the organization. With the need of bringing improvement in the operations or the performance of the organizations, there is a system known as performance management system that is used to keep an eye on the operations of the organization. This system can be applied to a number of domains where the people have to interact with the environment. It helps the business and the organizations in aligning their resources in the right direction to produce the desired effect of the operations and tasks. It can be considered to be a scientific process that is based on resources and results. There are three basic elements of performance management system that are measurements, feedback, and positive enforcement. The performance management system can be helpful in gaining personal benefits by aligning them with the benefits of the employees. The same performance management system can also be applied in the banking sectors in order to increase the performance of the bank. In this case, we will be talking about the application of performance management system in National Bank of Abu Dhabi. The paper will discuss how the performance management system is applied in the banking sectors, and how it will be applied in National Bank of Abu Dhabi. There are certain challenges presented to NBAD in the recent time that is affecting the performance of the bank and are proving a hindrance in the way of their progress. The banks mostly face a number of challenges in overcoming strange conditions like compromised cash flow, the decline in profit or sales, the main reason for such decline can be some interruption in the operations or lack in the performance indicators. In such situations, there is a need for the performance management system that could be able to identify the loopholes in the system and let the deficiencies to be eradicated from them easily. It is right to say that the performance management is not the same for all the industries, because the rules and the operations may vary depending upon the needs and demands of the organization or industry. Talking about the performance management system in National Bank of Abu Dhabi, the performance management system will be different as well.

Before the application of performance management system in the bank, it is important to know about the challenges that bank is facing and then find out the appropriate solutions for those challenges. Once the solutions are obvious, then the best solution should be selected out of the presented solutions. If the challenges of the issues will not be imminent, the application of the performance management system will not be possible. The management system will be effective only when the challenges will be met and the performance will be improved. The paper will focus on finding out the hurdles that are affecting the performance of the bank and how those challenges can be met within due time. This paper will also discuss that how the performance management is being done in the banking sector in order to eradicate those challenges and how the management should be applied in NBAD. This paper will also discuss all the solutions available for the best application of performance management system. The performance management system application does not end with its application, some post applications or testing of the applications are also very important.

3.    National Bank of Abu Dhabi

National Bank of Abu Dhabi is considered to be one of the secure banks in the region. It was established back in 1968 and has been ranked in top 50 secure banks of the world. The bank is operating in more than 18 countries of the world with a wide network of ATMs. The bank is also famous for its best financial services. It not only provides the financial services to the customers but also owns some companies running. The bank has a network of 125 branches millions of satisfied customers who are being benefitted with more than 585 ATM machines. The bank provides all the modern facilities to its customers that they want in the recent times. The customers can avail the services of the bank 24 hours a day with the internet services to conduct the transactions. It shows that the bank has a reputation in the international market of banking and needs to be efficient in its operations, functions, and services to the customers as well. With the higher rank comes the higher responsibilities as well. Considering the same concept, we need to apply the performance management system in National Bank of Abu Dhabi and improve the performance of the operations in the banking sector in order to fulfill the requirements of the customers to the best of the possible level.

4.    Performance Management System in Banking

Talking about the banking systems, then it is eminent that the decisions will be taken purely on the basis of the updated information being provided with exact figures. If the information is updated that is provided to the decision makers, then there are most chances that the wrong decisions will be taken. The reason is that the market trends keep on changing every second affecting the performance and the facilities being provided to its customers. On the other hand, if the information is not provided at the right time then there is no use of keeping or managing information for a long time. In banking sectors, there are certain issues and challenges that they are facing because of lack of information being provided to them. Such issues let the organization think of a system that could let them overcome the issues and move forward. In the banking performance man agent system, the bank must be aware of the following things like the model the impact of business decisions, track and monitor sales. There are basically three parts of the performance management in the banking system that we will apply to National Bank of Abu Dhabi. The first thing to know is about the recent situation in the banking that how the processes are going on in it. In other words, it can be said that the banking should ask that how it is operating and what are the outputs of its operations. The second thing to know about the bank is that why the operations are being done in that manner. What are the other options and which option is the best of all? And the last thing to know is that how should be operations to be performed in the future in order to improve the performance of the banking functions and services. As we have just discussed before the application of the performance management system, it is important to know that how the operations are going on in the bank, or what are the challenges or hurdles that is affecting the performance or progress of bank.

5.    Challenges to the bank

Looking at the operations of the bank, we come to know that the issues are with the information system of the bank that often causes delays because the system fails to post entries to the online system causing delays in the transactions. On the other hand, the other risk or the challenge was to the security of the system that makes it vulnerable and open to attack. This challenge is alarming to the bank as it can make the bank collapse, the use or the obnoxious user can get into the system and let the whole bank down. Talking about the risks, there are also delays in the decision making the process by the management because of delays in reports and statistics. The bank has also adopted the information systems in order to communicate with the other branches and continue providing transaction facilities to its customers 24 hours a day regardless of the time or moment. There is need to find a performance management system that is specially designed for the banking sector and can make the bank able to face all of those challenges and eradicate those issues in future as well.

6.    IBM Congos

As we have come to know about the challenges and issues that bank is facing in the recent times, now comes the time to look for the performance management system that will let the management overcome those issues and move towards the betterment. IBM Congos is especially designed in a way that it understand what most of the banks are facing and how those problems can be overcome. There are many features that this performance management system is offering to all the banks. There were other options as well, but IBM Congos was the best of all because of some of its amazing features that are important. Here are some of the features that IBM Congos offers and are helpful to National Bank of Abu Dhabi to overcome those challenges. It presents the sales reports and margin performance in different domains and areas like branch and product line. The other feature of IBM Congo is that it also measures the marketing and sales effectiveness in the introduction of some new services being offered by the bank.

The reporting and the analysis of the facts in the bank are also very important as it is also used by the management in taking a decision, IBM Congo provides those reports on the runtime and giving a big picture to the management so that they can take the right decision. In many ways, the IBM Congos will be the best performance management system for the National Bank of Abu Dhabi that will let it face those challenges and improve its operations and services to the customers as well.

7.    Application of Performance Management System

Once the issues and the problems of the bank were highlighted, and the appropriate management system was found, the next step was to apply that performance management system to the bank. The performance management system was applied and the benefits of this system were remarkable that were used later on for decision making. The management of the bank was more comfortable with the decision making in order to enhance and know all the effects. This performance management system improved the number of domains of the bank that had a lot of issues in it and the delayed issues were also resolved because there was no delay in operations being performed by the employees.

8.    Conclusion

The performance management system is the only option available to any organization that aims to achieve better customers’ satisfaction by providing them with flawless services and getting more and more output from its employees. The performance management system is to be applied in every domain as it is applied in the banking sectors as well. The reason for the application of performance management system is that provides the real-time reports about the statistics of the bank and the performance metrics. It highlights the areas that are causing a problem and let those problems be eliminated as well because once the problems or the problematic area is the highlight or identified it becomes a lot easier to eliminate issues as well. The IBM Congos provides the National Bank of Abu Dhabi with unlimited benefits and options that the bank can avail in order to face the future challenges and prove itself to be the most successful and safe bank in the region.

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