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Week 2 argumentative essay

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My week 2 paper for Argumentative Essay Submission - PHL/320

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Week 2 argumentative essay

  1. 1. 1 Business Practice Argumentative Essay Stacey Troup Critical Thinking & Decision Making/PHL-320 June 20, 2016 Todd Goodling
  2. 2. 2 Business Practice Argumentative Essay This Week 2 paper will discuss a past business situation where I saw room for marked improvement for both cost saving and time management, why the decision was good, including a definition of “good” for the purposes of this situation and how the use of critical thinking ultimately won me favor within a large investment banking firm’s policies. The Situation As a former Executive Assistant for a group of 54 at RBC Capital Markets (2003-2005) on an active trading floor for the smallest group of individuals but responsible for the largest investment pool in the entire company, it was often up to me to find viable solutions for process improvement, cost saving measures and solutions for the overall happiness of the group. The group was made up of five Managing Directors, eight Vice Presidents, five lawyers, 12 due diligence team members and a bevy of other disciplines. On a monthly basis we traded in excess of $20B; of which, every redemption and allocation flowed through my capable fingers. In addition to my investment finalization, I was also responsible for global travel three weeks out of every month as well as obtaining necessary documentation from the hedge funds and institutional investors we were reviewing for possible investment. What this meant for my group who were occupying a temporary space after being relocated from the World Trade Center, was that we had a great deal of paper and filing that were maxing out our floor and causing great strife for everyone who needed access to these documents. So I put on my thinking cap and rallied for a solution to make everyone happy while improving workflow. I proposed that: (Premise 1) electronic document storage would reduce our office supply bills monthly. (Premise 2) Utilizing electronic document storage would improve document flow process across the business unit. (Premise 3) Transitioning to electronic document storage would comply with SEC recordkeeping guidelines.
  3. 3. 3 In order to properly present these arguments to the management team, some research had to be done in my already nonexistent down time. I began with our case paper order requisitions for the last year and the cost associated with each. From there, I felt that since we would have to comply with SEC regulations, some research into their documentation requirements should be brought forward for the team’s review. Finally, meeting with the head of the programmers to gain a time frame for the internal components to be built, the associated cost and the integration measures into our already existing client database for staff ease were compiled. When all was said and done I compiled my information into a short form report on cost and productivity measures along with the SEC recordkeeping guidelines (in short form) and presented them to the dual Managing Directors for my group. (Conclusion 1) It was determined after a review of the office supply budgets that as a result of switching to electronic data storage we would consequently save over $10,000 in boxed paper deliveries each year. (Conclusion 2) The workflow process, as a result of this switch, would allow for the quick retrieval of documents relating to a client’s trades or a hedge fund’s foundation documents within moments rather than hours, thus, making the team more productive. (Conclusion 3) With the implementation of electronic data storage we would, accordingly, only maintain documents with original signatures per SEC guidelines. Why the Decision was “Good” for Business This decision was granted because of its simplified and well delivered research which showed management exactly what it wanted to see in a scaled down form that had everyone on board. We managed to improve our workflow processes over 60%, our filing system over 80% (reduction of filing) and reduce our office supply budget better than expected from original projections. It saved the company money while requiring little extra cost or work on behalf of the team and simplified the process for everyone along the way.
  4. 4. 4 For the purpose of this essay, “good” is defined as a positive action or idea based on factual information that provided a positive outcome for the team and the bottom line of the group. Inductive vs. Deductive Decisions With this business decision there were several factors that had to be considered, least of which our filing requirements per the SEC (Securities and Exchange Commission), our regulatory agency watching over our business practices. Beginning with inductive reasoning, knowing that a better process had to be out there to help us ease our burdens of filing and retrieval, I reached the conclusion that this was true and upon coming to the usage stage of the process, determined that evidence existed supporting my premise. Once inductive reasoning was found to be true, I moved to deductive reasoning, which is something managers who allocate cost related projects and maintain budgets for the groups want to see. I started with the idea that taking us paperless could ease workflow and storage demands for the group. Through the research with the business units and the SEC, this initial premise was found to be true. Finally, facts were presented to the management team that were clear, concise and well thought out presenting facts first. This was how I found favor in changing a process that was in existence since the bank began.
  5. 5. 5 Conclusion Business decisions can often be hard to get through the red tape of a large company or corporate bureaucracy, especially in the male dominated world of corporate finance. Often, the machinations of an assistant are not held with the same weight as if they came from someone on the management team. I found favor through effective research, open communication and clear, lucid, quick delivery of the information presented in order to allow for proper consideration of the situation. Critical thinking and the ability to deliver these messages in an effective manner play a key role in the success you desire. Thoroughly thinking through the process from inception to completion, including the departmental impact, were what found me favor in this case. Since this was put into place, other departments have adapted the paperless system for their departments. Not a huge, groundbreaking idea but sometimes the best ideas are the ones right in front of us that we just can’t see. Fresh eyes sometimes make all the difference and great ideas can come from anywhere.
  6. 6. 5 Conclusion Business decisions can often be hard to get through the red tape of a large company or corporate bureaucracy, especially in the male dominated world of corporate finance. Often, the machinations of an assistant are not held with the same weight as if they came from someone on the management team. I found favor through effective research, open communication and clear, lucid, quick delivery of the information presented in order to allow for proper consideration of the situation. Critical thinking and the ability to deliver these messages in an effective manner play a key role in the success you desire. Thoroughly thinking through the process from inception to completion, including the departmental impact, were what found me favor in this case. Since this was put into place, other departments have adapted the paperless system for their departments. Not a huge, groundbreaking idea but sometimes the best ideas are the ones right in front of us that we just can’t see. Fresh eyes sometimes make all the difference and great ideas can come from anywhere.

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