Introduction:
The Royal Bank of Canada (RBC) is the largest bank in Canada (Local Company Profile, 2016) with branches across Canada. With The Royal Bank of Canada’s head office located in Toronto, Ontario, they are at the center of the financial world. In 2017, The Royal Bank of Canada’s total revenue for the year was “$26,904,000 ($000s)” (Financial Post Corporate Snapshot). The Royal Bank of Canada company invests in a wide variety of business settings across Canada which include “Personal & Commercial Banking; Wealth Management; Insurance; Investor & Treasury Services; and Capital Markets” (Local Company Profile, 2016).
In an ever-changing environment, organizations need to be aware of the available opportunities and the challenges they may face to successfully adapt to today's current and future market. By performing an environmental scan, an organization can learn about the potential barriers that could stop the successful running of the day to day activities. Furthermore, an environmental scan can highlight potential opportunities within the industry for the organization to adapt and successfully compete its competitors.
Opportunities:
The Royal Bank of Canada has many opportunities in its future including new technological advancements or artificial intelligence within their company but with opportunities come many challenges. The
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Royal Bank of Canada can use new technology to make banking and investments easier for both their clients and their employees. Within the advancing technology there is also the opportunity of artificial intelligence (AI); using AI to make investments and work on other assignments for The Royal Bank of Canada can make the transactions quicker and with precision. “Royal Bank of Canada is one of the few North American banks to have incorporated AI into capital-markets research, reshaping how analysts work and offering a signpost for where other firms are heading” (Alexander, 2018). Using the opportunity of AI to create additional opportunities for The Royal Bank of Canada is leading a new and exciting way in the banking sector. Banks in North America rely on technology increasingly over past years including The Royal Bank of Canada. “Royal Bank of Canada president and chief executive officer Dave McKay said The Royal Bank of Canada is spending about $3 billion a year on technology” (Zochodne, “Bank bosses”, 2018). The Royal Bank of Canada uses technology to every day and has expanded it for their clients to use, for example, clients are able to see their accounts, move their money, invest and even apply for loans online using the technology people already have available to them. Even though The Royal Bank of Canada is a Canadian bank they are available to open accounts in American dollars to make it easier for those who travel. The Royal Bank of Canada has seen the importance in the changing technological world and has moved ahead of its competitors by offering better accessibility to its products and services. Challenges: There are also many challenges that come with being in the financial institution industry, challenges such as new developments with NAFTA (North American Free Trade Agreement) (Zochodne, “Trump policies”, 2018).
“Probabilities are increasing that you’ll have some type of dynamic where there is an announcement of a scrapping of NAFTA” (Zochodne, 2018), Dave McKay told The Royal Bank of Canada Capital Markets Canadian Bank CEO Conference in Toronto. A challenge to the opportunity to AI is that some people are untrusting of artificial intelligence; if The Royal Bank of Canada does use AI then they will have to closely monitor
it. With consumer expectations are increasing, the pressure on The Royal Bank of Canada and the banking industry is building. The need to provide the best possible experience for their current clients to improve client retention and the gaining of new clients is highly important to both The Royal Bank of Canada and the banking industry in general. Not only do people expect better customer service, but also easy to access and use technological services that can be used anywhere and anytime. The competition arises between financial and banking institutions when others can offer technological advances that they may not. This can result in the loss of long-term clients and the failed opportunity to gain new, potentially long-term clients. Conclusion: The Royal Bank of Canada is a popular choice for Canadians financial needs. The Royal Bank of Canada’s total revenue for the year was “$26,904,000 ($000s)” (Financial Post Corporate Snapshot) and has continued to increase from the previous year’s revenues. The services The Royal Bank of Canada offers provides clients with various financial programs. The wide range of programs offered and great customer service attracts new customers and increases client retention. The environmental scan highlighted both opportunities and challenges for The Royal Bank of Canada. Even though The Royal Bank of Canada has had many challenges in the past they have been able to overcome them and continued to strive towards being Canada’s most popular banking institution. By moving in the right direction and shifting their service from traditional based to digital based, The Royal Bank of Canada stands ahead of its competitors. The Royal Bank of Canada has acknowledged the changing of times and the technological shift in the banking industry. By looking to the future and observing the financial trends and changes in the market, The Royal Bank of Canada is prepared for the future demands of the industry. As The Royal Bank Of Canada has successfully adapted its practices and services to the ever-changing industry and market, the future for The Royal Bank of Canada looks optimistic.
High quality ingredients, various things on menu, make the food right infront of you; handcrafted preparation
Strengths for Duquesne University would be that it is nationally ranked number 115. This is a number that can beat many competitors and creates benefits for those that attend. Classes that have fewer than twenty students is 40.9% and classes that have fifty or more students is only at 9%.. (http://colleges.usnews.rankingsandreviews.com/best-colleges/duquesne-university-3258/rankings). Duquesne is located in Pittsburgh Pennsylvania and is known to be one of the top places to live in the country. Pittsburgh is considered the most livable and resilient. There is a young crowd that could be an interest for young adults, also this city is considered to be the third safest cities in the states (https://fitt.co/pittsburgh/pittsburgh-best-city/). Religious values are what many people look for to keep that connect they have with their beliefs, having these values instilled in the curriculum could be a benefit view for parents and students.
As a business in a competitive market we must be able to determine what may assist us to accomplish our objectives? What obstacles we must overcome or minimise to achieve our desired results? To achieve this we must carry out a strategic plan, which is a straightforward model known as a SWOT analysis (strengths, weakness, opportunities and threats). This will help us to establish our overall strategic position, based on internal issues (strengths and weakness) and external issues (opportunities and threats).
Measure L also known as The Richmond Fair Rent, Just Cause for Eviction and Homeowner Protection Ordinance to be implemented in the city of Richmond. The Ordinance proposes to establish rent control, a rent board, and just cause for eviction requirements in the City of Richmond be adopted.
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
Environmental – External environmental factors are forces or trends that can affect a business whether it is an opportunity, threat, or constraint. They can be divided into three interrelated subcategories of remote, industry, and operating environments. The remote environment includes factors beyond a company’s operating situation such as the economic, social, political, technological, and ecological factors. The industry environment includes factors that have more of a direct influence on a company’s business such as entry barriers, competitor rivalry, the availability of substitutes, and the bargaining power of buyers and suppliers.
A Report on NatWest Bank and an Analysis of the Banking Industry 1. Introduction This report focuses on NatWest and the industry in which it operates. The purpose of the report is to give a concise but accurate view of how NatWest operates as an organisation and the links between its environment, in this case the banking industry. Company History =
SWOT analysis is a necessary tool for business that allows corporations to analyze where their strengths, weaknesses, opportunities and threats lie. The SWOT tool contains paramount information about the industry and helps the executives of the business make decisions that are necessary for the business’s survival and success.
As a starting point, it is useful to consider what environmental influences have been particularly important in the past, and the extent to which there are changes occurring which may make any of these more or less significant in the future for the organization and its competitors.
Environmental analysis is integral to understanding how the organization operates within the organization itself, within the industry and within the macroeconomic environment. For this analysis, the subject organization will be IKEA. “IKEA Group is one of the world’s largest privately owned companies, engaged in the retail of flat-packed home furniture and other house wares. Operating over 150 large-scale stores in over 30 countries, and with a mail order division, IKEA sells a range of furniture, which is made by over 2,000 suppliers in more than 55 countries. The company is headquartered in Helsingborg, Sweden”.
This reflective essay will critically review my personal and professional skills that I am less confident in whilst in practise, which is essential for communication and developing effective relationships with others in an organization and even for personal development. The skills identified for improvement was highlighted in a skills audit for communication and effective relationships. A SWOT analysis was carried out to focus on the skills recognised, where finally an action plan was made to address how to improve the skills, what the challenges would be to develop them and how it is beneficial. The skills audit, SWOT analysis and the action plan are included as an appendices. It will also apply communication theories to
Analysis of the external environment is very important for the development strategy of the organization and a very complex process requiring a process tracking and assessment factors and also the establishment of links between those factors and the strengths and weaknesses as well as opportunities and threats. External environment has its complexity and uncertainty. It is obvious that without knowing the environment the organization can not exist. The organization studies the environment in order to secure a successful progress towards its goals.
Environmental scanning is the process of gathering information about events and their relationships within an organization's internal and external environments. The basic purpose of environmental scanning is to help management determine the future direction of the organization (Barnat, 2004). For a business to succeed, it is important to study the business environment of the firm that consists external and internal influences that affect the firm’s decisions and performance (Grant, 2010). Environmental scanning includes the assessment of Macro and Micro environmental analysis.
World Bank Group - the group that consists of five organizations created in different times and functionally united,organizationally and geographically, the purpose of which is providing financial and technical assistance to developing countries.
Environmental analysis is a strategic tool. It is a process of identifying all the external and internal elements, which can affect the organization’s performance. The analysis entails assessing the level of threat or opportunity the factors might present. These evaluations are later translated into the decision-making process. The analysis helps align strategies with the firm’s environment.