Global Financial Corp
| Global Financial Corporation | |
Abstract
Global Financial Corporation (GF) a subsidiary of Global Equipment Company (GEC) is tasked with handling financing for those customers who wish to purchase GEC heavy equipment. Currently GF only processes 51% of the leases within the “10 days or less” time frame, with some loans taking up above 41 days. Ms. Rodriguez, the Vice President of GF has been directed to decrease loan processing time to 10 days or less with the current staff she has. The current structure of the analysis and evaluation stage does not maximize staff time effectively and as a consequence creates a bottleneck in the process. We recommend switching to a case manager structure. lLan applications can be processed and completed in approximately 3 days. This would allow for an increase in volume to 255 without adding staff (assuming 60% are remain new applications), which is a 16.9% increase, exceeding the 10% anticipated application increase.
Background
Global Financial Corporation (GF) a subsidiary of Global Equipment Company (GEC) is tasked with handling financing for those customers who wish to purchase GEC heavy equipment. Due to the expense of the equipment many customers chose to finance the purchase with a lease agreement. Currently these loans are processed at GF Bakersfield location, which employs 14 people. A competitor of GEC has promised processing of financing in “10 days or less”. Currently GF only processes 51% of the leases within the “10 days or less” time frame, with some loans taking up above 41 days. Ms. Rodriguez, the Vice President of GF has been directed to decrease loan processing time with the current staff she has.
Problems
The Bakersfield office is operating at only 86% of capacity utilizing 2990.5 hours of processing time (full capacity 3485 hours). In October they processed 218 applications, 89 were standards and 129 were News. The analysis by region shows that Region 1 is handling the most applications
Abstract
Global Financial Corporation (GF) a subsidiary of Global Equipment Company (GEC) is tasked with handling financing for those customers who wish to purchase GEC heavy equipment. Currently GF only processes 51% of the leases within the “10 days or less” time frame, with some loans taking up above 41 days. Ms. Rodriguez, the Vice President of GF has been directed to decrease loan processing time to 10 days or less with the current staff she has. The current structure of the analysis and evaluation stage does not maximize staff time effectively and as a consequence creates a bottleneck in the process. We recommend switching to a case manager structure. lLan applications can be processed and completed in approximately 3 days. This would allow for an increase in volume to 255 without adding staff (assuming 60% are remain new applications), which is a 16.9% increase, exceeding the 10% anticipated application increase.
Background
Global Financial Corporation (GF) a subsidiary of Global Equipment Company (GEC) is tasked with handling financing for those customers who wish to purchase GEC heavy equipment. Due to the expense of the equipment many customers chose to finance the purchase with a lease agreement. Currently these loans are processed at GF Bakersfield location, which employs 14 people. A competitor of GEC has promised processing of financing in “10 days or less”. Currently GF only processes 51% of the leases within the “10 days or less” time frame, with some loans taking up above 41 days. Ms. Rodriguez, the Vice President of GF has been directed to decrease loan processing time with the current staff she has.
Problems
The Bakersfield office is operating at only 86% of capacity utilizing 2990.5 hours of processing time (full capacity 3485 hours). In October they processed 218 applications, 89 were standards and 129 were News. The analysis by region shows that Region 1 is handling the most applications