JLL is actually working on restructuring its business process and deploying account manager with a new and enhance role. The problem is observed with the BofA which is not able to recognize the various benefits that could be achieved through this restructuring process. Hence an effort is made by JLL to convince BofA for the new restricting process including the deployment of account manager with enhanced roles and application of one single point of contact to BofA.
The various advantages and disadvantages of having a single point of contact at a service provider have for the Bank of America as follows.
- All the three units under single organization entity or CSG would remain autonomous but report to one single person, which will increase the integration of the whole business system spread over North America, Asia and Europe.
- The large businesses or clients would be allocated with the dedicated account manager which will work under the directions of one single person. Hence the Bank of America could get the expertise for support of the JLL business and could report any issue, problem or future support directly to the single point of contact at the service.
- It will help bank to redefine its real estate goals and priorities with the improvement in the support giving better outcome and enhanced results in future. Hence a proper winning formula could be developed that helps the Bank of America to achieve its objectives.
- The small regional trades will be awarded better performance and outputs through the new effective coordination set by JLL. For example the trade occurring in small office in Poland may not be high profitable trade affair, but will be given due importance through the new integrated business.
- The single point of contact will help in quick answering of customer queries.
However the disadvantages include the followings.
- The pressure on one single point of contact of service will increase will may affect the productivity and outcome.’
- .The Bank of America may find the single point of contact incapable of dealing with all its needs.
- The deployment of the effective and efficient employees could not withstand the rising work pressure. Therefore more recruitment will be needed to meet up to the rising work needs.
The advantages and disadvantages of restructuring JLL to create a corporate real estate service account management function include the followings.
- The customer will be provided with enhanced skills and expertise of the corporate real estate agents.
- The Bank of America can be offered with the distinctive facility of investing in various other locations for real estate investment including Europe and Asia.
- A proper standardized presentation and operation system will be followed to help and assist the clients during and after the purchase of the real estate.
- A culture of collaboration can be developed in the organization.
- The restructuring may result in affecting time and fianance constraints by adding to the cost of operation and utilizing the important time that could have been used for servicing clients.
- The important personnel might feel that their jobs are at stake or their efforts are not recognized. This way an issue may in the existing work culture.
- The newly applied structure may not prove efficient enough to deal with the client queries and give the desired outcome.
The account management function be a cost center function. That is the role of the account manager should be to focus on identifying the source of rising costs and expenditures to the organization. Therefore efforts should be to bring into the notice of the management including Barge about the methods that could be deployed to achieve cost effectiveness in the business operation. The matter of profit center should be left on the other departments who will bring out strategies and execute them accordingly to achieve higher gains and profits.
Peter Barge should recruit an external candidate to be the Bank of America’s account manager. However the new candidate should work in correspondence with the internal manager so that he can get an idea of the expectations that the Bank of America has from the company. This way by getting the assistance of the internal candidate, the new candidate will be able to offer high value services using his efficient skills to offer better assistance to Bank of America.
JLL is recommended to restructure. This is because the restructuring could bring out the inefficiencies and deploy various efficacies in the business operation by offering high value services and enhanced skills of the newly deployed human resource.
Bank of America is recommended to work with JLL as single service provider. This is so because the efforts made by JLL are meant for improving its productivity and support to the business. Therefore Bank of America should provide support and even feedback at times to help JLL in developing such a business that meets its changing demands and meets up to its expectations.
Methods of convincing BofA for account management changes and stating plan of action for the purpose:
If I were Peter Barge, I would convince Bank of America about the seriousness in the account management by stating the various advantages that could be achieved.
- Personalised support and assistance could be offered to Bank of America through new account management system.
- Expertise of the human resource could be utilized at the best through the changes in the account management system.
- Cost effective measures could be suggested to Bank of America by the account managers to achieve long term objectives and goals.
- Genuine advice on making investment in real estate could be offered through account managers who have access to the actual information.0
The clear plan of action on the next step that Peter Barge should take to win the onging Bank of America business includes the participating in the meeting and making a project report display which identifies the various benefits that the Bank of America could gain through the new account management system. Also the global changing trend should be discussed for the purpose of making the officials of Bank of America aware of the changes and accept the restructuring made by JLL as important for achieving high competency and goal orientation in the business.
In conclusion, the Bank of America should be convinced with the seriousness in the account management by stating the various advantages that could be achieved. Also the clear plan of action on the next step that Peter Barge should take to win the onging Bank of America business includes the participating in the meeting and making a project report display which identifies the various benefits that the Bank of America could gain.