Executive Summary
Ecosystem-based management (EBM) is a place-based way to utilization of natural resources with the aim of protecting and restoring the energy, flexibility and activity of the entire ecological environment to benefit its inhabitants. EBM is a great tool to preserve the environment in a better way that will not destroy the economy and humans. Movements of traditional environment have improved the ecosystem at the expense of economy, which has been viewed as a failure. People cannot continue repeating the same mistakes again. This is where EBM approach comes in where the ecosystem would be protected while at the same time taking care of the economy and general aspects. EBM plan should
EBM utilizes the contemporary best practises in decision-making by the managers. The managerial decisions and processes of a company are based on the scientific evidence that is best available. Therefore, managers are required to collect data, conduct tests and formulate assumptions and determine the efficiency of a given managerial decision that needs to be implemented in relation to the interpretation of the findings. Although the process can be challenging for the managers, as it is much less tangible, it would benefit companies and strengthen the effectiveness of the management. Managers are able to understand the significance of backing up decisions with evidence based reasoning. Sometimes, managers may not share much information between others and this makes it difficult for evidence-based discussions to be hold by the mangers. Therefore, the entity should be specific in the endorsement of methods that are evidence-based where leaders aspire to develop an evidence-based organizational culture.
Assimilation of Ecosystem-Based Management Aspects in Wells Fargo Company
Introduction
Wells Fargo provides insurance, investments, banking, consumer and commercial finances as well as services to average businesses that are hiring workers and expanding their markets. Most of the company is privately own and it is one of the largest bank company in the U.S. with its growth contributed by manufacturing and agribusiness. It provides loans and bank related services to midsized organisations. Through provision of customers with what they require to achieve their financial objectives, the bank has experienced loan growth over the past years. The bank has grown their commercial customer base banking and has maintained their customers contributing to their growth and expansion of their markets to regional banking. The bank incorporates innovative solutions in their operations and seizes opportunities for growth. Integrating Ecosystem-based management tools in their operations must have fuelled the massive growth of Wells Fargo Company.
The company provides local services and decision-making services to entities with greater annual revenues. This means that Wells Fargo integrates ecosystem-based management in data collection, evaluation and testing to determine the efficiency of business decisions that they suggests to midsized business. EBM is not only about managing Wells Fargo but it is also concerned with ensuring that the management decisions of the company is do not pose a negative impact in function of ecosystem and productivity so that in the long-term revenues are sustainable. It is unfortunate that the economic activities that are supported by ecosystems have become endangered because the management traditional systems that have been focusing on individual stocks and species have not met their objectives.
Incorporation of the Six Aspects of EBM by Wells Fargo
Ecological, Social and Economic Goals Assimilation and Recognition of Humans as Key Components of the Ecosystem
Wells Fargo Company’s vision is to satisfy the financial needs of their consumers and help them succeed financially. The vision promotes economic and social growth financially and the company is already hitting the mark by providing its consumers’ with the best financial support they have. Also, the company have improved the cross-selling from its retail banking which have contributed to the strengths it has achieved that have enabled it penetrate the economic market both regionally and globally. Increases of its engagement with customers with so much competition in the banking industry have increased its social goals. The company have acknowledged that the customers and people as a whole are the most important components in the ecosystem. In fact, it wants to increase its ability in customer loyalty and decrease costs in the long-term. The plans that it has to improve its leadership in market segment in every area that it dominates will achieve a better economic social, ecological and economic excellence that will enhance EBM.
Ecological Boundary Consideration- not just Political
The economy and global environment are linked together. Wells Fargo is concerned with the ecological boundary and the effects of climate change across the society because it is the place that both the customers and they live and work. As much as it is focusing on political aspects such as policies and strategies, it is also concerned with the adaptation and a healthy ecological system. In its leadership, it has recognized that they are in a position to address and find innovative EBM solutions to assist customers and community in becoming more resilient. Environmental impact may go beyond their processes of operation but it would do better when they make EBM decisions that care, protect and improve the both the ecological and political system for sustainable development.
Accounting for the Complexity of Natural Processes and Social Systems
Things are always changing and companies have to formulate necessary approach to manage the uncertainties that the future may present. Political instability, economic influences and social trends are some of the resulting uncertainties. Technology has contributed to the complexity of processes and constant change making the traditional processes models being insufficient. However, Wells Fargo has improvised approaches to manage the resulting uncertainties. Extreme management project models have emerged but the rate of project failure have been considerably reduced. By utilization of EBM in their management framework, the company offers solution and market decision to midsize businesses that can be implemented to manage any project that must succeed in market uncertainty and complexity of an organisation in form of adaptive project structure, which has significantly contributed to positive impact on management processes.
The purpose of businesses has been delivered through these EBM decisions. Entities have are able to analyze and adapt to changing conditions for them to achieve success and competitive advantage in the global market. Wells Fargo has acknowledged that natural complexities and social system processes can be prevalent in the economy. However, adaptive frameworks that analyze continuously, adapt to changes in the market environment, and modify conditions have successfully contributed to a better ecological system.
Engagement of Stakeholders in collaborative Processes
Stakeholder engagement and collaborative research are both linked together. Wells Fargo establishes and maintains relationships with stakeholders to facilitate the translation of research and formulation of EBM decisions into policies and practise.
Involving the owners in the research process have enabled them to expand in their operations and services since they are in a position to inform study design and then utilize the results upon completion of the study. This is because the stakeholders may come from established organisations and professions such as parliamentarians with good decision-making skills that fuel the company. The stakeholders are substantial and promote the effectiveness and input into the research process as they can help identify research question, develop methodology, implement study, interpret and apply study results contributing to the effectiveness and success in the company’s operations.
Incorporation of Ecosystem Understanding and its Relation to Environmental Perturbations
Ecosystem represents the biological community including the chemical and physical factors that contribute to non-living environment. Wells Fargo is concerned with the processes that link the living and non-living components and tries to understand how the ecosystem operates as a whole hence focuses on the major functional aspects of the system. In the year 2015, Wells Fargo announced selection of clean technology start-ups for the Wells Fargo Innovation Incubator to support innovative environmental technologies. This shows that the company contributes to the sustainability of the ecosystem for better productivity and economic growth. In addition, it accelerates investments in innovative entities that utilize clean technology to address concerns on climate issues. Wells Fargo through participation in ecosystem sustainability creates an ecosystem that accelerates and promotes the profitability of better technologies that provides EBM solutions to reduce the impact of energy in the ecosystem.
Ecological Integrity of Coastal-Marine Systems Concern and Sustainability
For the community to live sustainably in the coastal environment, EBM solutions are required to protect natural ecosystem and benefit well-being of humans. Wells Fargo supports environmental stability and acknowledges the significance marine health ecosystem. The company has contributed to the effect by through funding of coastal sustainability fellowships and graduate programs that will support graduates and development of new ecosystem-based management graduate program to address key challenge in the coastal zone.
The program aims at training students to take solution based approach to challenges in social and ecological aspects in the coastal zone, where climate change is increasing the impact on ecosystems that provide natural resources and services to dense human populations and productive scales. In addition, the program will help develop practical solutions to real-world problems through collaboration with organisations such as non-governmental organizations, government agencies and other parties addressing coastal challenges and sustainability, which would make the EBM, program a success. This would significantly contribute to innovative ideas and approaches that would enhance the sustainability of the humans and marine life that would promote sustainable development and its expansion as well.
In conclusion, the expansion and management programs of Wells Fargo have been a success. In addition, the programs have significantly contributed to global expansion and growth socially, politically, technologically and economically leading to a sustainable ecosystem for both the living and non-living. The projects have been and ecosystem-based management have been considered a key component in strategic planning and generation of ideas that benefits the ecosystem. Environmental management approaches utilized recognizes the interactions within an ecosystem in relation to human beings rather than focusing on specific issues, species isolated services in the ecosystem.
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