Head of Budget and Management Committee - Essay Example

? Head of Budget and Management Committee Head of Budget and Management Committee Introduction and Global Overview Despite is impressive lead in the provision of legal services, Merrill Lynch’s real potential is held back by challenges of logistics arising from its continued dependence on obsolete methods of data management [1]. Its market segments in the United States and Canadian markets are under threat of competitors due to the differences in the adoption of technological solutions to store, manage, and process legal data. Competitors are able to accomplish tasks with much ease and efficiency due to their adoption of various forms of technological solutions. On this note, there is the pressing need to adopt the use of touchscreen tablets for increasing the levels of efficiency and effectiveness in the legal processes. The overarching concern revolves around the need of keeping pace with technological innovations and retaining a comfortable hold on the clientele through quality services while exploring all possible entry points into alternative segments on the market [1]. The firm should assess its internal strengths in comparison with the strengths of other firms in order to establish areas that require technological remedies. The evolution of touch screen tablets has revolutionized the processes of data storage, processing, management, and access to information. The technological tools are fitted with highly developed and user-friendly features that offer a wide range of solutions that are suited to multiple applications across diverse fields. Another remarkable feature about this device relates to the high degree of versatility. This touch screen tablet can be customized to suit some specific needs of the user. In this regard, the technological device will greatly enhance the capacity of Merrill Lynch to engage in services within its scope of interest. Some of the issues that affect the relationship between Merrill Lynch and other subsidiaries are largely concerned with issues of financial management and the provision of advisory services to the clientele. Company Background Currently Merrill Lynch has over 15,000 financial advisors [2]. These advisors usually require proper management of information and resources in order to improve their levels of efficiency and general production. The vast nature of engagements entails the use of voluminous data that pose challenges in retrieval, management, and interpretation. In order to compete favorably on the fluid and complex market, Merrill Lynch should adopt a technological solution that would synchronize, harmonize, and organize data in a manner that improves on the efficiency of the firm [2]. Such a task would necessarily demand the adoption of a computerized mechanism with ultra-modern features suitable for performing a vast range of tasks in the shortest time possible. Such a system would also shield the company from the possibilities of human error. Changes in information management systems often determine the competitive advantage that one firm gets over another. The United States and Canadian corporate sectors are some of the heaviest consumers of technological innovations across the times. The rapid developments in the field of Information Communication and Technology have made it possible for businesses and multinationals to exploit the synergies in the world of commerce in ways that are both responsive to the needs of the clientele and the overall mission and objectives of the organizations. The adoption of the touch screen tablet will add to the operational efficiency of the firm, which would ultimately translate into increased profits and cuts on expenses. Description and Analysis Touch screen would redefine the work environment at Merrill Lynch offices. The technology will offer a range of choices to the workers in ways that will engage them more closely and effectively with the tasks at the work place. The adoption of new working machine will require a reorganization of the office space. Studies and inquiries into the impact of the changes in organization at the work place will often tend to impact on attitudes and performance at the work place [3]. The workers will be motivated by the synergies that relate to technology, which will facilitate the improvement of the level of interest and attachment in their processes. On this score, it will be necessary to improve on the level of performance between the various processes that have often engaged in the process of system management. Separate studies have associated the adoption of technology with a significant reduction of work-related stress and burnout [4]. Work –related stress and burnout are usually functions of the levels of strain at the work place. Stresses are generally associated with the physical strain that often attend to systems and organizations that rely on manual systems in the performance of tasks. Merrill Lynch will undergo some significant shift in the management of its systems precisely because of the manner in which the new technology will occasion a shift in the management systems of the organization. In this regard, it might be important to assess the impact of the touch screen from the perspectives of operational efficiency, employee motivation, and enhanced profitability. Some of the issues that require the management of the processes of management require the ability of the organization to capture the rhythm of global organizations within the context of international trading practices. In general, the adoption of global systems for running processes in big corporations requires a steadfast alignment with technological innovations. Besides the operational advantages that are likely to emanate from the adoption of the touch screen tablets, Merrill Lynch will also benefit from an enhanced brand image. The pace of adopting emergent technologies significantly determines the growth of brand profile. Comparative studies on the relationship between branding and technological innovations have shown that firms and corporations that embrace emerging technologies are more likely to experience higher levels of growth in brand profile as compared to companies that rely predominantly on old technologies and systems. The same studies have established that adoption of new technologies is likely to impact positively on the levels of profits and efficiencies that firms attain. The need to adopt new technologies at Merrill Lynch should be understood within the context of environmental factors and effects. Merrill Lynch operates in one of the most fluid and unpredictable environments within the American and Canadian corporate sectors. High levels of technological innovations are the key feature that defines this environment. Both clients and competitors and increasingly reliant and dependent on technological systems for solutions. In this regard, the environmental forces require the company to adjust in ways that would keep pace with the dominant forces on the global market. In essence, some of the issues that determine the quality of services at the work place are determined by multiple factors that work together to define the shape of the markets. It might be necessary to explore the challenges of organizational management from the point of view of technological innovations. Adopting new technologies would often require some kind of adjustment of the operational structure of the firm. The touch screen tablet is fitted with thousands of applications that offer solutions to the number of processes that would ordinarily require full offices to handle. Some of these applications would require a reorganization of tasks in the office in ways that would influence positively on the cost of labor at the organization. The multiple business solutions offered by the wide array of applications would essentially promote efficient utilization of resources hence driving down the levels of expenses and other overheads that are associated with big corporations and multinationals. However, the introduction of the new technology would have some disruptive impact in the working environment. The management should acknowledge the fact that the workers at Merrill Lynch are not necessarily a homogenous group. Studies have revealed that workers in any organization will tend to adopt different preferences and personalities based on a variety of demographic factors such as age, nationality, cultural factors, race, and other variables that define the diverse nature of the work place. The general trend is that some of the workers will tend to be liberal while others will adopt some conservative attitudes. As a result, some of the workers will tend to embrace the changes of technology while others will tend to be more resistant to the changes. As such, it might be important for the company to engage in training processes in order to adjust and harmonize the attitudes of all the workers to the new technology. This must involve all the necessary processes of change management as perceived within the context Merrill Lynch adoption of new technologies [1]. Some of the issues that relate to technological changes could involve an acknowledgement of the fact that some workers might have an aversion to all kinds of change. Managing conservative elements in the work force is an important step that requires the application of various processes that relate to the relationship of change and performance. The process of change should be managed in ways that will promote the sense of process ownership among the work force. In this sense, it becomes necessary to explore the various ways in which organizations might include the more rigid and conservative workers at the core of the process [5]. The main challenge is that change requires some time in order to work well and will often require the adoption of the processes in ways that are responsive systems and attitudes of the workers. Enhancing the processes through adoption of the touch screen tablet technologies should be matched with the processes of attitude change among the workers. Cost-benefit analysis of adopting the touchscreen technology should be assessed from the perspective of purchasing new technological devices and training employees in the use of the same. The need to maintain the efficiency and quality of systems would require the company to seek high quality touch screen tablets, which would impact significantly on the company’s balance sheet. Further, the training process would impact on the company in terms of increased costs and expenses. However, it should be anticipated that the potential benefits of adopting the new technology would impact positively on the company’s performance in the long term. Ultimately, the adoption of the tablets would inject new synergies in the operational processes of the company. Essentially, some of the issues that relate to the adoption of the firm has often related to the ability of the company to engage more closely with processes that are meant to challenge the position of the competitors on the market. Some of the issues that relate to the management of change have to be understood in terms of the various challenges that attend to change within an organization. Generally, it might be necessary to consider the fact that external and internal forces necessarily affect some of the issues that determine the nature of change in organizations. The adoption of technological systems has often entailed a multiplicity of concerns that work together towards the accomplishment of specific tasks that align with the objectives and mission of the organization. The organization at Merrill Lynch should consider the strengths and weaknesses of its competitors in order to design the approaches of adopting the new technologies. As such, it becomes important to consider some of the issues that relate to the challenges of operational management within the context of adopting new technologies. Various perspectives have been brought to attend to the question of change in management and determination of systems within an organization. Conclusion The adoption of touch screen tablets by Merrill Lynch should be considered within the context of enhancing efficiency and maintaining its high profile on the United States and Canadian corporate sector. Essentially, this process involves complex processes that relate to challenges in change management. On the positive note, the new devices would enhance the operations at the firms in ways that would impact positively on profits and revenues. On the negative side, the cost implications that relate to training of workers in the details and usage of the new technologies would have some negative implications on the company’s finances. Further, the change may prove to be disruptive to the organizational culture of the firm. There is also the problem of handling rigid and conservative workers who may not be willing to adopt the new technology. However, the positive aspects of adopting the touch screen tablets would outweigh all possible negative implications. The overriding concern is to improve the operations of the firm in order to give it a competitive advantage over its rivals. Ultimately, it might be important to consider the fact that some of the challenges that relate to the changes will ultimately relate to issues of general interest. Essentially, some of the issues that attend to the performance of Merrill Lynch have to be considered within the broad perspective of performance and protection of its market niche. Technology is a significant determinant of the competitive advantage enjoyed by various firms on the United States and Canadian markets. There is a pressing need for Merrill Lynch to adjust its brand image and improve on the level of efficiency through strategic adoption of technological systems. As such, it becomes important for the firm to adopt the touch screen tablets in ways that would ensure efficiency and effectiveness in the management of processes. Some of the processes involved in technological changes have the capacity of transforming the entire chain of operations within a given firm. On this note, the adoption of the technological devices at Merrill Lynch would be a positive step towards entrenching its corporate profile with regard to performance and quality of services. References [1]. W. Cohan. “The Final Days of Merrill Lynch.” The Atlantic, 2009. Available, http://www.theatlantic.com/magazine/archive/2009/09/the-final-days-of-merrill-lynch/307621/ [2]. J. S. Gordon. Manager’s Journal: Merrill Lynch Once Led Wall Street: Now it’s Catching Up. Wall Street Journal. 14 Jun 1999. http://search.proquest.com/business/docview/398772865/13A8E2C96875A4C0B31/5?accountid=45049 [3]. C. Hill., & G. Jones. Strategic Management Theory: An Integrated Approach. London: Cengage Learning, 2009 [4]. J. Bain. A Financial Tale of Two Cities: Sydney and Melbourne's Remarkable Contest for Commercial Supremacy. New York: NewSouth Publishing, 2007 [5]. D. Olenick. Tablets Make Inroads In Tough PC Market: This Week in Consumer Electronics This Week in Consumer Electronics. Twice. 27, (3). Available. http://search.proquest.com/business/docview/921366684/13A8E30D3FC5646438D/5?accountid=45049, 2012. Read More