This has been regarded as an emerging trend where work in progress is concerned owing to the fact that it provides observations of a revolution that's only just begun. The natural leaders are among the first to have taken to and moving already from a procedure-based culture towards a process-based culture; from micro to macro; from a microscopic view to a telescopic view. Procedure-based task analysis has now been very systematically replaced by process-related performance technology where it is now believed that the kinds of work that people do, the jobs they hold, the skills they need, the careers they follow, the roles managers play, the principles of strategy that enterprises follow will shift towards handling processes that they are most suited to. The shift has been carried forth from the revolution of ideals, in which the key word is radical, to the organized reworking of a society in need, in which the key word is process.
Apart from banking, process centered management has been extremely effective in the IT industry as well. It is in this context that the as an invisible economic asset, there are important opportunities that are inherent in the concept of process centered management. This has been triggered by the paradigm shift discussed above, where the time spent in inventory cycle is more important than the size of inventory held.
We will now regard the company we are studying in order to reach more understanding of core processes as well as the marcoms outcome and other projections. Marcoms may be defined as the tryst between communication and marketing, a proportionate combination of which is required to give sales that vital push. It would be imperative here to establish that the company we are dealing with is from the field of banking.
Purpose of Promotional Activity: As a preliminary note, we will find that banks are now confronted with a situation where the competitive pressure has increased while banks have to become more customer-focussed. Simultaneously, an extensive network of branches as it exists today is not longer affordable. As an example, one will find that expenses for the location of the 49.000 bank branches in Germany are estimated at Euro 7.5 to 10 billion (Salmony and Denck 1999). The only way out of this dilemma is for the banks to shift focus towards new distribution channels that are offered by technological innovations like the internet and smartcard technology. Also, it has been proven that E-commerce and electronic financial services will be the motor of banking business in the future. In this regard, Forrester Research claims that the world-wide turnover of ecommerce to be $ 100 billion in 2000 and $ 330 billion in 2002 (Salmony and Denck 1999). With emerging innovations and effective process design, it has become imperative to reach out to new distribution channels, apart from making use of the new technologies at the fullest and supporting customer oriented business strategies. Therefore borrowing the techniques of process centered engineering will lend greater credibility to the improvement for banks.
Fortis Banque Luxembourg, long known as Banque Gnrale du Luxembourg, covers both general and specific banking needs for