How to settle disputes in a organization?

Disputes are common in every organisation but what is important is that it should be settled as soon as possible. According to a study it is founded that if the disputes are not settled within 48 hours it will create further problems and it will decrease the overall productivity and efficiency of the organisation.
Some solutions to settle disputes:
Problem identification
Effective communication
Listening to both parties.
Letting both the parties to settle disputes by themselve.
Taking third party in for settlement of major disputes.