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Having It All Backwards – Businesses Realizing Significance of The Issue

by Shamsul

Having It All Backwards – Businesses Realizing Significance Of the Issue

When analyzing how we lead our lives today and how we employ our thoughts on the various facets of life, including businesses. It often presents that we tend to do it all backward.

Take the example of how we consider each other. We are often attracted to others based on physical appearance. We ignore how the person may be on the inside. While surgeries used to perfect physical features are a common occurrence today. A deep analysis may reveal that a simple inner face lift would make the person much more appealing.

The same rule applies to business. While many of us consider business success to be the value constantly added to shareholders’ accounts. Some realize it is just a short-term solution to a much broader implication. Not just the shareholders, but rather the betterment of all involved stakeholders, including employees, customers, partners, community, society, etc., offer a business long-term success that is hard to diminish.

 
Realize The Importance of Sustainability
 
Many businesses today are starting to realize the importance of sustainability and long-term success and benefit; the ones practicing it are the ones who, in reality, cement their places in the business world.
 
Take Unilever, for instance; the company’s mission is to offer sustainable living options as a common phenomenon for all. All the company’s efforts are towards providing value to customers. The community, and society, enhancing the standard of living, and offering life-simplifying products. Nowhere in any statement or mission policy of the company is the phrase “enhanced shareholder value” found. The company, currently worth $60 billion, offers more to its employees and customers; it provides value through its different products, attempting to make the world a better place for all.
   
 
Some believe that businesses thrive with the sole purpose of creating value for shareholders (only shareholders). They are not the least concerned about whether or not in any way they are affecting humanity, community, society, employees, etc. They only believe in adding to the business’s revenue and earning money for shareholders. Though this may have been the essence of companies in the past, today, the same model is not effective anymore.
 
 
The Right Path To Choose
 
Let’s be clear about one thing here. When we say that businesses should take the path of long-term sustainability, it does not mean that profits are no longer the center of business activities. Profits are and will always be the core of business objectives. However, the concept of earning profits has transformed into earning good profits. The purpose here is thus to earn profits so that something better can be done with them. The ‘something’ here makes all the difference; it is what justifies the business.
 
Any business today should decide whether it functions for sole profit-earning purposes only through maximizing the value offered to shareholders by means of profits reallocation in the form of buybacks and dividends or whether the prime function of all its activities is to serve all involved stakeholders.
 
 
The Outdated Profit Based Businesses Model
 
The term ‘shareholders’ was first introduced in 1963, referring to that group related to an organization without whom it would simply cease existence. Businesses today operate keeping profit earning as the sole purpose of all their activities. Whereas it should be taken as an outcome of a much broader sense.
 
In the late 70s, businesses were almost all focused on bottom-line results, calculating expenses from revenues and maximizing profits to endless bounds. While this allowed them to enhance below-average profit margins to record-high ones in the last three decades, they also had to pay a heavy price. While profits maximized over time, the businesses minimized their value, especially towards other stakeholders such as the community, employees, customers, etc.
 
This meant they were sharing only a small part of their earned wealth with those who initially helped them make it. While this attitude may have helped them achieve higher profits for some time, it ultimately hurt the economy and their future performance. It is high time that businesses realized that if they are unwilling to share their profits with the economy and their stakeholders, it will reduce their capacity to enhance their lifestyle, ultimately resulting in minimized sales for the businesses. If the living standard of the community, the society, and the employees are deteriorated, how can companies proceed with their profit maximization goal?
   
 
 
Example of Walmart
 
Let us consider an example here. Walmart employs around 1% of the US population and, on average, pays its workers $12 per hour, amounting to $480 for a free day week, $25,000 per annum. This figure is barely above the poverty line, while the company enjoys an annual total profit of $27 billion. 
 
Remember, this affects almost 1.4 million American citizens and affects their lives. Now, if Walmart were to offer a $500 increase to all its employees, it would cost around $7 billion annually. A $100 increase per week would definitely affect the life quality of life of all its employees. It will enhance motivation and loyalty towards the organization. Also, expectedly a lot of it is bound to return to Walmart again. Who will still be enjoying an adorable $20 billion profit. Likewise, if all other businesses in other sectors do the same, the economy will only swell, and more business opportunities will be available.
 
This was the reason that first led innovational business entrepreneurs to realize that to thrive in a society, all businesses must consider their goodwill as well, as only when the community thrives can the companies in it as well. Businesses require offering products, services, and value to their stakeholders, which involves every concerned part of society, not just those that economically support us.
 
 
The Path Of The Future Businesses
 
As the world around us gets more complex and dynamic, businesses must keep up with time and offer value to enhance their profitability and offerings to their stakeholders. Success in today’s world is driven not only by finances. But by people and knowledge-sharing processes that are in use to employ a coherent business model.
 
In today’s competitive world, employing more capital is not the solution to any problem but only an addition. It is the true inner capability of an organization that will empower it to excel and grow and derive from available opportunities. The prospects of achieving competitive edge that keeps them on top. The need is to offer meaning and dignity to an organization’s offerings that benefit the stakeholders and create an enthusiastic and energetic enterprise. The businesses models where one central command and control system was applicable are over. When businesses go global, so does the model they practice, and companies today are trying to find a center-less model, a model where businesses structure their operations on values, knowledge, people, and, of course, coherence.
   
 
We analyze businesses and enterprises, realizing their core capabilities and offering them a chance to excel at what they already own. However, they may need more awareness or misguided. Value is created from within. It will be only when a business realizes its true worth and capability. It construct a business model that benefits itself and its stakeholders in the long term, cementing its position while contributing to society as a whole.
 
 
Look at the Approaching World of Tomorrow For Businesses
 
The only businesses that can dream of existing in the fast-approaching world of tomorrow. They are the ones that focus on offering value and realize that contributing to the entire picture. It is the only way to be seen by all. They are the innovators who quickly understood the need of rapidly changing times and the need to enhance capabilities and derive maximum out of available resources to maintain profitability in account books and society.  
 
 
 
 
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Read More:
 
THE RESEARCH PROPOSAL FOR BANKING INDUSTRY
 
EMOTIONAL INTELLIGENCE BENEFITS IN PROFESSIONAL LIFE
 
WANT TO LEARN FROM SWOT ANALYSIS OF CIGNA
 
 
 
 
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  Banking Industry  
 
 
BusinessManagementMarketingScholarlyWriting
 
The Research Proposal For Banking Industry
 
 by Shamsul   
 
 
 
 
 
 
Research Proposal For Banking Industry
  
 
Research Proposal
 
Banking Industry
 
Citi Bank
  
Contents
 
Executive Summary.
 
Introduction. 
 
Management Decision Statement.
 
Research Questions.
 
Business Research Objectives. 
 
Report Research Design. 
 
Ethical Concerns. 
 
References. 
 
 
 
 
 
Executive Summary
 
The research proposal explains initially the need to conduct this research. It is shedding light on some recent facts and figures that clearly explain. Why Citibank requires immediate remedial actions if it wishes to challenge competitors and restore its former position in the banking market.
   
 
The proposal discusses how Citibank has suffered and how it can bounce back through exploiting its own competencies and brightening up and adding a new life into its core competitive advantages.
 
The proposal extends the need to research and investigate two main objectives that are proven to offer results when applied efficiently. First is expansion in developing economies, and second incorporating technology in banking operations.
 
The research will be based on a mixed-method research design. Where both quantitative and qualitative research data used to derive answers to the research questions.
 
All ethical concerns are in under consideration to ensure that all parties/individuals involved in the research are aware of the research’s purpose.
 
Introduction
 
Citibank, the Global Consumer Banking (GCB) division of CitiGroup revealed in its 2017, second quarter statement. A total earning of $8 billion which is an increase of 5% compared to the same period in 2016 (Citi, 2017). Revenues were also recorded at an increase of 5%, derived from a 5% increase in both the North American GCB operations and International GCB operations (Citi, 2017).
 
The net income of Citibank’s GCB operations decreased by 12% in the second quarter of 2017, revealing an income of $1.1 billion (Citibank, 2017). The revenues were highly cut down as an offset of higher operating expenses and high credit costs that prevail currently. The operating expenses also enhanced by 5% both on a constant dollar basis and reported basis largely owed to Costco portfolio addition. Other reasons include continued investments by the GCB branch growth in volume, which were measures taken as an ongoing efficiency saving technique (Citi, 2017).
 
 
In a break-up analysis of Citi Bank’s GCB operations, North American GCB revenue was recorded at $4.9 billion, and the International GCB operations even though showing 4% increase, still amounted to $3.1 billion (Citi, 2017). Similarly, net income reported from the North American GCB operations revealed earnings of $670 million, a decrease of 18%, whereas the International GCB operations showed an income of $455 million which is a decrease of 3% (Citi, 2017).
 
 
The above figures clearly depict that Citibank is struggling to keep its market competitiveness. Even though the banking industry has been experiencing a downfall worldwide; however, banks are employing new techniques to exploit areas that can offer them a competitive edge, using which they can enhance not only their annual performances but also offer tough competition in the already competitive global banking market.
 
American Express Bank, is a credit card giant and gains its competitiveness from its various loyalty and credit card offers. For example, Citi credit card offers more than 2 billion different credit cards, manages about 60 billion credit card transactions, and focuses on the transaction volumes of customers offering various benefits (Trefis, 2014). 
 
 
This earns the company a 1.65% increase in share value (Trefis, 2014). American Express comparatively has only 107 million cards, and manages only 6 billion transactions (10% of Visa); however, it shows a 1.71% increase in its share value, as it opposing to Visa focuses on spent amount volume rather than transaction volume (Trefis, 2014). American Express thus earns $33 billion worth of revenues, with Visa earning only $14 billion (Trefis, 2014).
 
As far as the case of Citi Bank is concerned, its competitive edge lies in its global reach, expanding out to 160 countries, where the bank is physically present. This report analyzes how this competitive advantage can be managed and what can be done to help Citi regain its lost glory at a time when the overall banking sector is struggling badly.
 
Management Decision Statement
 
Statement 1 – Expanding Global Consumer Banking Operations To Developing Countries Other Than Asia Pacific
 
It is a proven fact that Citibank’s biggest strength is its massive global presence, and sighting the level of income and revenue being generated from operations in the past few years, even though Citibank has managed to come out of the crisis it faced in 2007, the bank however is not established enough to sustain growth on a regular basis and thus the need is to enhance and strengthen its ace competitive advantage, global presence. It is clear from the figures discussed in the introduction section that International GCB operations are suffering badly compared to North American GCB operations. 
 
In a scenario where even though the European banking region is suffering overall, increased banking activities are being experienced in developing countries (Middle East and African region, also including the Latin American region), especially in those regions where the use of internet is increasing vastly (Panara, 2013).  The research will focus primarily on which countries would prove to be viable options for Citibank operations to be introduced, and how in the present situation can Citibank incorporate the level of investment required for this expansion.
   
 
Statement 2 – Focusing On Online Banking Services
 
Online banking services is a weak point of Citibank, which needs to be focused on a priority basis so that business that is being lost owed to inefficient online presence and services can be regained.
 
Whatever services Citibank is offering its customers in the name of online services is not at all adequate as to what is currently being offered by competitors in this regard. Secondly, most of the Citibank online services are targeted towards US customers only, ignoring largely customers from other parts of the world (The Nation, 2014). Incorporating technology is an essential element of banking these days as every bank that is competing on any level in the industry today uses technology as its backbone (Kumar, 2012). Banking is a services industry that dwells on customer experience and using technology is the one ensured way to engage with customers in the most reliable manner (Ramey, 2012).
 
Research Questions
 
This research is centered primarily on researching ways through which Citibank can enhance its performance and move towards sustainable growth in the future. According to EY (2012) the global banking outlook was very gloomy with banks facing several structural issues and tackling already struggling economies. Standing at that point the future of banks did not look very bright and this was the time when many banks declared bankruptcy or were taken over. 2013 however was a bit optimistic and even though the prospects may not have been great, they were definitely better (EY, 2014).
 
 
Fast forwarding to 2017, recovery has been evident in Europe, where banking has improved owed largely to refinancing operations of the European Central Bank however challenges still remain limiting the percentage of bounce back. USA in terms of banking has been much better however other factors that depict economic recovery have been very slow, limiting the assumptions as to what the future will bring.
 
Asia has been much better comparatively, with China developing a soft landing for its banks and aiming towards long-term development of the economy, which is good news for banks, whereas rapid growth economies of Asia, other than China, have also largely focused on infrastructure and high-end industry set up, depicting gradual enhancement of economy, signaling a brighter banking future in the region.
 
 
Also, technology integration has been the buzzword in every industry and the banking industry is no exception. Banks have increasingly begun to virtualize their services with a significant increase in banks that operate solely online. This indicates how considerably important it is for banks to incorporate technology in their processes and operations and offer value to their customers (EY. 2014).
  
Keeping these major factors in mind the research questions that will be answered in the report will be
 
Q1 – What countries or regions can offer profitable expansion opportunities to Citibank, transforming into sustainable returns over time?
 
Q2 – What should be done to incorporate technology in the banking operations of Citibank and how can Citibank reach out to its International customers via online operations?
 
 
Business Research Objectives
 
The General Research Objectives of the report are specific research on ways through which Citibank can enhance its market share and organize its annual earnings and revenues in a manner that induces some level of sustainability. 
 
Specific objectives of this research include
 
     
  1. To analyze the viable options of expansion that will not only enhance the competitive advantage of Citibank but also offer means of sustainable growth in future operations.
    2.  
  2. To develop a proper plan of expansion.
    3.  
  3. To determine how technology can be used to aid the business operations of Citibank.
    4.  
  4. To establish a sound online banking system that caters to all customers of Citibank spread in 160 countries.
    5.  
 
 
After the 2007 banking crisis that hit financial institutions, Citibank was one bank that was hit badly, primarily as 60% of the loans the bank was buying were defective. Also, Citibank has always been an aggressive market player which has earned its competitive advantage of being a globally present bank worldwide (Seeking Alpha, 2013).
 
After the restructuring of Citibank started off in 2010 when the government sold off its share of Citibank, and the appointment of a new CEO was made, a lot of changes were brought about in the overall Citibank structure. Citibank has been involved in a lot of purchasing and acquisition deals, however, during the restructuring process, a lot of bad assets were laid off in an attempt to lower the financial debt of the bank, and it was decided that market expansion would be adopted as a measure of expanding operations and revenues.
 
 
Even though the decision was made however no significant action was taken in this direction which is evident from the revenues and income discussed of North American GCB and International GCB. The banking sector is still struggling in North America, with even worse situations in Europe however, the Asian and African banking markets are faring much better and developing economies are in need of banks that can cater to their requirements (Seeking Alpha, 2013).
   
 
By 2013 Citibank’s 60% of revenues were generated from its International GCB operations however this has declined in the previous couple of years and there is a need to explore developing economies in Asia, the Middle East and Africa, where economies are growing and require support of financial statements. A few such markets include India, Malaysia, China (Seeking Alpha, 2013), the Philippines, Myanmar, Cambodia and Laos (Jennings, 2017). All these economies are showing growth rates that recommend their need for financial institutions, with a significantly growing middle class, which serves as the main customer class of Citibank.
 
 
What can benefit from expanding in these areas is that not many global banks are present in these countries to offer any significant competition, but also the absence of Fintech (institutions other than banks that offer finance-related services instantly) offers the chance to capture a wider societal segment, offering instant services that can hamper the success of Fintech in these economies as they progress further on (John, 2017). 
 
 
Assessing newer economies and introducing services that offer the capability of challenging Fintech technologies and services will offer extra benefits and more market share. It is obvious that as economies grow, services from other parts of the world will reach them to offer their services; however, the early movers are always at an advantage as they can establish market demand and offer advance services that will be needed in future, eliminating the ease of market entry for competitors and Fintech companies, owing to the market trust factor involved. Here again focusing on middle-class, small and medium-sized enterprises and any other segment of society that is either under-banked or unbanked at this stage will be key to enhancing market share and annual profits (Vinayak, Lee, Rajendran & Sengupta, 2016). 
 
 
The second main objective of the research is to induce a value-focused digital transformation of Citibank. Online banking and other digital solutions to banking that are readily being offered to banking consumers nowadays by competitors are found to be lacking in Citibank operations. Citibank does manage online banking services. However firstly they need to incorporate more services in their digital offering. It included mobile banking and acknowledging credit card use via mobile (Poh, 2017). This is one area that can be of immense benefit. It will incur only the initial costs of setting up digital technologies. However, that can be used to favor Citibank and satisfy its customers, as later on it can be a leading cost control element of the bank (Vinayak, et.al., 2016).
 
It is an essential requirement for any business, including banks, to adapt to the changing environment and the shift of finances from cash to credit and online transactions demands banks to cater to the different requirements of customers in this area.
 
Report Research Design
 
The research design will constitute a mixed method which will incorporate both qualitative and quantitative data. The qualitative data to be collected from currently performed surveys and research done on the economies of developing countries and the potential they carry for banking. This method will primarily be used for assessing which countries are the most viable expansion options for Citibank. Here examples of expansion in these economies will also considered (if available) to generalize any threats or shortcomings that may be faced.
 
The quantitative research will include information collected from questionnaires sent out to existing and new customers. These are related to what they expect their banks to offer them in terms of technology-based services. Along with collecting information on what is being offered to existing customers and how satisfied they are with these services. This method of research will be undertaken chiefly to assess what services will be needed or demanded by customers. These are based on which information for the next step of how to offer that service/s will be decided upon.
 
 
Analysis of available literature will offer enhanced information on the expansion viability of selected countries. Out of which the best growth-inducing economies can be available for the next expansion projects. Whereas detailed analysis of questionnaires and comprehensive investigation of results can help in assessing which online services are suitable for customers. Thus offering a point from where Citibank can start its online operations. It star focusing initially on popular on-demand services, before moving towards introducing other innovative and enhanced online services.
 
Ethical Concerns
 
All the coolected information about any customer used in the research will be kept secret. These are solely for the purpose of this research. Also, all participants of research will be informed on the reason for collecting this information. Also, will be asked for permission for the given information to be used/limited to this report only.
 
 
 
 
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References
 
Citi. (2017) Second Quarter 2017 Results and Key Metrics. (online) Available at http://www.citigroup.com/citi/news/2017/second-quarter-2017-earnings.htm [Accessed: 10 Sep, 2017].
 
EY. (2014) Banking And The Global Economy. (online) Available at http://www.ey.com/gl/en/industries/financial-services/banking—capital-markets/global-banking-outlook-2013-14–banking-and-the-global-economy [Acessed: 11 Sep, 2017].
 
Jennings, R. (2017) These Are the Fast Growing Economies In East Asia In 2017. (online) Available at https://www.forbes.com/sites/ralphjennings/2017/03/23/east-asias-5-fastest-growing-countries-in-2017/#56c485085ac6 [Accessed: 10 Sep, 2017].
 
John, A. (2017) The Changing Shape Of Asia’s Private Banking Sector. (online) Available at http://www.scmp.com/business/banking-finance/article/2086780/changing-shape-asias-private-banking-sector [Accessed: 10 Sep 2017].
 
Kumar, B. (2013) The Importance Of Technology In Banking Industry. (online) [Accessed: 10 Sep, 2017].
 
Panara, C. (2013) Citibank. (online) Available at https://www.slideshare.net/chetanpanara/citi-bank-16606482 [Accessed: 10 Sep, 2017].
 
 
Poh, M. (2017) 10 Ways To Turn Your Smartphones Into Credit Card Readers. (online) Available at http://www.hongkiat.com/blog/smartphones-into-creditcard-readers/ [Accessed: 10 Sep, 2017].
 
Ramey, K. (2012) The Role Of Technology In Banking Industry. (online) Available at https://www.useoftechnology.com/role-technology-banking-industry/ [Accessed: 10 Sep, 2017].
 
Seeking Alpha. (2013) Citigroup’s Competitive Advantage. (online) Available at https://seekingalpha.com/article/1584612-citigroups-competitive-advantage [Accessed: 10 Sep, 2017].
 
The Nation. (2014) Role Of IT In Banking Sector. (online) Available at http://nation.com.pk/business/09-Jun-2014/role-of-it-in-banking-sector [Accessed: 10 Sep, 20-17].
 
Trefis. (2014) How American Express Gains A Competitive Advantage From its Closed-Loop Network. (online) Available at https://www.forbes.com/sites/greatspeculations/2014/03/13/how-american-express-gains-a-competitive-advantage-from-its-closed-loop-network/#20ef7a014be7 [Accessed: 10 Sep, 2017].
 
Vinayak, H. V., Lee, G., Rajendran, K., & Sengupta, J. (2016) Weathering The Storm: Asia Pacific Banking Review 2016. (online) Available at http://www.mckinsey.com/industries/financial-services/our-insights/weathering-the-storm-asia-pacific-banking-review-2016 [Accessed: 10 Sep, 2017].
 
 
 
 
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  EQ Benefits In Professional Life  
 
 
Better TipsBusinessManagementMarketingPersonal GrowthTop 10TrendingWriting
 
Emotional Intelligence Benefits In Professional Life
 
 by Shamsul   
 
 
 
 
 
 
Emotional Intelligence Benefits In Professional Life
  
Emotional intelligence is an analytical skill in the professional world, and it offers numerous benefits for individuals and organizations. Here are some key advantages of possessing strong emotional intelligence in your professional life.
 
Using EI to optimize your interpersonal skills at work is a real subject. Emotions are still far from having good news in our societies. However, identified, analyzed and channeled, they are valuable indicators for interacting effectively with others.
 
Emotional intelligence has many advantages, particularly in terms of interpersonal skills. Skillfully handling your emotions can help you better management of your stress, manage conflicts or even motivate your colleagues. At the personal level, it strengthens leadership and promotes teamwork and negotiation skills.
 
 
What is Emotional intelligence? 
 
But before taking advantage of emotional intelligence, you must first understand what exactly it is. The Art of Training and Expert in Management and Leadership defines EI in three skills:
 
1- The first consists of knowing how to understand, analyze and express one’s emotions.
 
2- The second is understanding the information they give us and reusing it to adapt our actions.
   
 
3- The third is to regulate one’s emotional states and those of others and assert oneself with good relational skills.
 
Knowing your emotions to experience them better, managing your emotions to be more effective, and improving interpersonal and professional relationships. These are the challenges of emotional intelligence.
 
 
The Rise of Emotional Intelligence!
 
It all starts with becoming aware of your emotions. Listening to your body and mantle signals is also important because emotions are closely linked to the body and mind. Then, manage them effectively. A much more delicate step is needed because it requires clearly differentiating each emotion and finding its meaning. However, it is delicate but accessible. However, you can develop emotional intelligence with training, coaching, and sharing groups. Moreover, getting closer to people who have already into it is also essential. 
 
  
Techniques to Achieve Emotional Intelligence in You:
 
These steps will help to progress in bringing in the emotional intelligence techniques.
 
   
 
1- Effective Communication: 
 
High EI individuals are better at understanding and interpreting the emotions of others, which allows them to communicate more effectively. They can tailor their communication style to different people and situations, leading to clearer and more productive conversations.
 
2- Conflict Resolution | Emotional Intelligence
 
It helps in managing conflicts constructively. People with high EI can navigate disagreements with empathy, understanding, and tact, reducing the likelihood of escalations and promoting collaboration.
 
3- Leadership: 
 
Effective leaders often have high emotional intelligence. They can inspire and motivate their teams, understand their employees’ needs, and provide constructive feedback. Leaders with this quality tend to create more positive and productive work environments.
 
4- Teamwork and Collaboration: 
 
High EI individuals are better team players. They can navigate the complexities of group dynamics, build rapport with colleagues, and foster a sense of trust and camaraderie within teams.
 
5- Stress Management: 
 
It contributes to better stress management. People with strong emotional intelligence can recognize their own stressors, cope with pressure more effectively, and maintain composure during challenging situations, which is crucial in the workplace.
 
6- Decision-Making: 
 
It plays a role in making sound decisions. It helps individuals consider not only the facts and logic but also the emotions and potential impact of their choices on others. This can lead to more balanced and thoughtful decision-making.
 
7- Customer Relations| Emotional Intelligence
 
For jobs involving customer service or client interactions, high EI is invaluable. It allows professionals to empathize with customers, understand their needs, and provide more personalized and satisfactory service.
   
 
8- Adaptability: 
 
In today’s fast-paced, ever-changing work environments, adaptability is a valuable trait. It helps individuals adapt to new situations and challenges more effectively by managing their emotional responses and staying open to new ideas.
 
9- Motivation and Goal Achievement: 
 
People with high emotional intelligence tend to be more self-motivated and driven. They can set and pursue goals with determination, even in the face of obstacles.
 
10- Career Advancement: 
 
Individuals with strong EI often find advancing their careers easier. Their ability to build positive relationships, lead effectively, and handle challenging situations can make them stand out in the workplace.
 
11- Job Satisfaction: 
 
High EI can lead to greater job satisfaction. Individuals who can manage their emotions and connect with their colleagues are more likely to enjoy their work and feel a sense of fulfillment.
 
12- Innovation and Creativity | Emotional Intelligence
 
It fosters an environment where people feel comfortable expressing their ideas and creativity. It encourages open communication and collaboration, which can lead to innovative solutions and ideas.
 
 
Final Words on Emotional Intelligence:
 
In summary, emotional intelligence is a valuable asset in the professional world. It not only improves individual well-being but also enhances relationships, teamwork, leadership, and overall job performance, making it an essential skill for success in today’s workplace. Emotional intelligence allows you to rediscover and know how to enhance your personal skills. It includes self-awareness, management of your emotions, and self-motivation. It also provides recognition of the importance of relational skills, that are empathy and interactivity.
   
 
 
 
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Read More:
 
HISTORY AND PROPONENTS OF EMOTIONAL INTELLIGENCE
 
THE NEED OF SOFT SKILLS IN THE RECRUITMENT
 
THE SANDWICH METHOD OF CRITICISM | A SIMPLE METHOD TO MAKE ANY CRITICISM THAT GOES SMOOTHLY
 
 
 
 
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  Broadcom SWOT  
 
 
BusinessManagementMarketingSWOT & PESTLE Writing
 
Want to Do SWOT Analysis of Broadcom
 
 by Shamsul   
 
 
 
 
 
 
SWOT Analysis of Broadcom
  
In this post will do the SWOT Analysis of Broadcom, which is involved in IT and Technology sector. We want to learn from their experience to grow our businesses.
 
Broadcom Inc. is a leading American multinational corporation specializing in manufacturing, developing, designing, and distributing a diverse portfolio of infrastructure software products and semiconductors in the world. With a strong presence in various industries, including storage, wireless, software, broadband, data center, and networking, Broadcom’s extensive product offerings cater to a wide range of market needs.
 
This SWOT Analysis of Broadcom will help uncover the company’s strengths, weaknesses, opportunities, and threats. When assessing Broadcom, it is important to consider its internal factors, such as strengths and weaknesses, and the external macro challenges represented by opportunities and threats. These factors collectively shape Broadcom’s position within the US and other markets where it operates.
  
Company Name: Broadcom
 
Founders: Henry Samueli, Henry Nicholas
 
Founded: August 1991
 
Headquarters: San Jose, California, United States
 
CEO & President: Hock E. Tan (2006-)
 
Type: Semiconductors
 
Sector: IT and Technology
 
Tagline: A world connected by Broadcom 
 
Unique Selling Proposition (USP): A frontrunner on the global stage, Broadcom is an industry leader and innovator in providing cutting-edge semiconductor solutions for both wired and wireless communication.
 
Customers: Companies and businesses looking for communication solutions.
 
Target Consumers: Large enterprises and organizations looking for advanced communication solutions.
 
No. of Employees: 20,000 (2022)
 
Revenue: 33.2 billion USD (2022)
   
 
Net Income: 11.5 billion USD (2022)
  
Major Factors of SWOT Analysis of Broadcom
 
 
SWOT Analysis serves as a strategic methodology to comprehensively evaluate Broadcom’s internal factors, including its strengths and weaknesses, while also assessing the external dynamics of the competitive landscape and macro-economic factors in the United States. This analysis enables a holistic understanding of the organization’s capabilities and potential and the opportunities and threats it encounters within its operating environment.
 
SWOT analysis offers valuable insights into the internal and external factors that influence an organization’s performance. It enables strategic decision-makers to optimize performance, effectively manage competition, identify new opportunities, minimize potential business and policy-related risks, and maximize resource utilization. By leveraging the findings of a SWOT analysis, organizations can make informed choices to enhance their overall efficiency and achieve their desired objectives.
  
Here’s the Detailed SWOT Analysis of Broadcom
 
Strengths of Broadcom
 
Strengths encompass a firm’s inherent resources and capabilities, which can be effectively utilized to establish, sustain, and cultivate a competitive advantage.
 
Advantage of Being First Mover
 
Broadcom is leveraging its first-mover advantage within the highly competitive market, positioning itself as a leader. The introduction of new and innovative products has significantly contributed to the rapid expansion of Broadcom’s market share in its sector.
 
Great Margins
 
Despite facing negative pressure on profitability, Broadcom continues to maintain higher profit margins compared to its competitors within the Semiconductors industry.
 
Powerful Brand Image
 
Broadcom has established a powerful brand recognition within the Semiconductors industry, which empowers the company to command premium pricing in comparison to its rival companies.
 
Effective Talent Management
 
At Broadcom, skill development and talent management of workers play a pivotal role in driving the company’s success. Human resources are recognized as integral to its achievements and growth.
 
Innovative Track record
 
While many players in the technology industry strive for innovation, Broadcom has a proven track record of successful consumer-driven innovation.
 
Strong Market Position
   
 
The company holds a prominent market leadership position, allowing it to expand its newly launched products’ success swiftly.
 
 
Weaknesses of Broadcom | SWOT Analysis of Broadcom
 
Broadcom’s weaknesses can be attributed to either the lack of necessary capabilities and resources. It can the absence of certain strengths that are currently unavailable to the organization. To address these weaknesses effectively, decision-makers need to determine whether they stem from a lack of strategic planning or result from deliberate strategic choices made by the company.
 
Increasing Expenses of Retaining Experts
 
The cost associated with substituting current experts within the company is significantly high. Very few employees hold a crucial role in maintaining the company’s knowledge base, making it exceedingly challenging to find suitable replacements under the current circumstances.
 
High Turnover Rate
 
The high employee turnover at lower levels poses a big worry for the company. This situation may result in the need for higher salaries to retain talented individuals within the company.
 
Low Rate of Loyalty Among Suppliers
 
Considering Broadcom’s track record of consistently introducing innovative solutions to drive down prices within the suppliers.
 
Operating and Gross Margins
 
There is potential for improvement in both the operating margins and gross margins of Broadcom, which may exert pressure on the company’s financial statement going forward.
 
Expenses to Build New Logistics Network and Supply Chain Network
 
The advent of Artificial Intelligence (AI) and the Internet has substantially changed the business model within the technology sector. With the diminishing significance of the dealers, Broadcom is compelled to establish a new, resilient supply chain network, which can entail significant expenses.
 
Current Business Model
 
The company’s business model is susceptible to imitation by competitors within its sector. Broadcom must develop a platform model capable of integrating end users, suppliers, and vendors to address this challenge. This platform approach will help foster a competitive edge and overcome the imitability of the business model.
 
 
Opportunities for Broadcom
 
Opportunities represent potential areas where the company can identify prospects for market share expansion, increased profits, and growth.
 
Rapid Growth of Economy
   
 
With the United States economy experiencing a faster recovery than other developed economies, Broadcom has a favorable opportunity to expand its presence there. Leveraging its existing expertise in navigating the competitive landscape, Broadcom is well-positioned to capitalize on this opportunity.
 
Rapid Technological Advancements
 
The rapid advancements in technology and innovation are enhancing industrial efficiency, enabling suppliers to create a wide range of services and products. This presents a significant opportunity for the company to discover and diversify into adjacent products.
 
Opportunities in the Online Sector
 
The increasing customer adoption of online services creates a favorable environment for the company to introduce new offerings within the Semiconductors sector, catering to customers’ evolving needs.
 
Rising Regulations from Government
 
The rising government regulations are posing challenges for disorganized players, making a chance for the company to expand its customer base. The company can leverage its compliance with regulations to attract customers seeking reliable and compliant solutions.
 
Launching of Affordable Products
 
Broadcom can capitalize on the emerging trend of leveraging dedicated social networks and third-party retail partners to lower the price of new products. This approach allows the company to initiate product releases on a smaller scale, enabling them to gauge initial success before scaling up.
 
Ever-Evolving Preferences of Customers
 
The current market dynamics, characterized by the rapid adoption of technological products, easy access to information, and increasing disposable incomes, have resulted in customers becoming more open to experimenting and trying the latest products. Broadcom must diligently observe broader trends in this context to identify and respond to emerging opportunities effectively.
 
 
Threats to Broadcom | SWOT Analysis of Broadcom
 
Threats represent potential dangers to a company’s business models due to evolving consumer perceptions and shifts in macroeconomic factors. While threats can be managed, the company cannot entirely control them.
 
Strict Rules and Regulations
 
Enforcing WTO laws and regulations across different markets has proven to be challenging, with legal procedures becoming increasingly costly and time-consuming. These factors can discourage the company from making significant investments in developing markets, potentially causing in sluggish growth for Broadcom.
 
Unstable Political Environment
 
The evolving political landscape, characterized by events such as the US-China trade war, Brexit’s impact on the European Union, and uncertainty in the Middle East, can significantly influence the company’s business operations in international and local markets. These geopolitical factors introduce uncertainties and challenges that may require strategic adjustments to navigate successfully.
 
Shortage of Skilled Workers
   
 
With a high turnover of workers and an increasing reliance on new solutions, the company may encounter challenges in acquiring and retaining skilled workers.
 
Challenges in Urban and Rural Markets
 
Broadcom faces an ongoing challenge within the Semiconductors industry, as the deliberate adoption of services and products in rural markets and the higher costs associated with serving rural customers compared to urban customers pose significant obstacles. These challenges stem from the great distances and limited infrastructure in rural areas, impacting Broadcom’s operations and profitability.
 
Rising Competition
 
While maintaining its leadership within the Semiconductors industry, the company experiences formidable challenges from local and international competitors.
 
Competitive Pressure
 
The shrinking product launch in technology has intensified competitive stresses on companies like Broadcom. Due to its huge customer base, Broadcom experiences challenges in swiftly responding to the specific demands of niche markets targeted by disruptors.
 
 
 
 
 
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  Cigna SWOT Analysis  
 
 
BusinessHealthManagementMarketingMedicalSWOT & PESTLE Writing
 
Want to Learn from SWOT Analysis of Cigna
 
 by Shamsul   
 
 
 
 
 
 
SWOT Analysis of Cigna
  
 
Before starting SWOT Analysis of Cigna, let megive a brief on Cigna company. Cigna is a prominent American insurance company that helps people in the United States stay healthy. They work closely with many people and have over 180 million customers from over 30 places. Because of their teamwork with customers, they can make unique plans to ensure people are healthy in every way.
 
Cigna is a big company that works in 30 countries. They have about 70,000 workers and care for a lot of money, about 155.451 billion USD. They are the 13th biggest company in the United States based on how much money they make. The company do this because they want to improve and sustain the healthcare system. They want to make people healthier, treat everyone fairly, make sure people stay healthy, prevent health problems, and look at a person’s overall health.
 
Before we start looking at the SWOT Analysis of Cigna, let’s find out more about Cigna as a company. We’ll learn about how it started, what it sells, how much money it has, and who its competitors are.
 
 
About Cigna
 
In 1982, the two biggest and oldest insurance companies in America, Insurance Company of North America and Connecticut General Life Insurance Company, joined to create a new company called Cigna. They mainly provide insurance to people in the United States and some other countries. They offer different types of insurance, like life, health, accident coverage, and Medicare and Medicaid plans.
 
Cigna have over 70,000 employees worldwide who work towards Cigna’s goals. Most of their insurance plans are offered through employers and groups. They also run a health organization called the Cigna Medical Group.
  
Company Name: Cigna
 
Founders: Insurance Company of North America (INA), Connecticut General Life Insurance Company (CG)
 
Founded: 1982
 
Headquarters: Bloomfield, Connecticut, United States
 
CEO: David Cordani (Dec 25, 2009-)
   
 
Type: Health Care
 
Sector: Pharma and Health Care
 
Tagline: A Business of Caring
 
Unique Selling Proposition (USP): To become a diverse and leading insurance company in the world.
 
Customers: Individuals, families, employers, organizations, consultants, and brokers.
 
Target Consumers: Individuals, companies, and families.
 
No. of Employees: 70,231 (2022)
 
Revenue: 180.5 billion USD (2022)
 
Net Income: 6.67 billion USD (2022)
  
Products and Services Offered by Cigna
 
     
  • PBM
    •  
  • Healthcare services
    •  
  • Life insurance
    •  
  • Health insurance
    •  
 
 
Main Competitors of Cigna
 
     
  • CVS Caremark
    •  
  • Aetna
    •  
  • Anthem
    •  
  • United Health Group
    •  
  • Humana
    •  
  
 
Keep reading to read the complete SWOT analysis of Cigna.
   
 
A SWOT analysis helps Cigna figure out what they’re good at, what they’re not so good at, the chances they can take, and the challenges they might face. It’s like a roadmap Cigna uses to see how they’re doing compared to their competitors and the whole industry. This tool helps determine where the business is doing well and where it could be better, find ways to fix problems and plan how the business can get bigger.
 
 
Strengths of Cigna | SWOT Analysis of Cigna
 
The special things a company is really good at, which help it get more customers, do better in the market, and make more money, are called its strengths. Here are some of the things Cigna is good at:
 
Brand Image and ReputationCigna is a very big and well-known company in its field. It’s actually the biggest insurance company in the world, and it helps people in over 30 countries. Most of its customers, about 180 million of them, are in the US, but they also serve people in the Middle East, Europe, North America, and Asia.
 
     
  • Ideal Social Schemes
    •  
 
Cigna has always been a strong supporter of health plans that work worldwide. These plans usually cover things like medical care, dental care, mental health, and help when someone can’t work because of an injury or illness. They are known for offering top-quality services and are leaders in the field of health and dental insurance.
 
     
  • Recognitions and Accolades
    •  
 
The company received two important awards. In 2009, they got the Gartner and 1to1 Customer Experience Excellence award because they had a clear plan for how they treat their customers and did a really good job at it. Then, in 2010, they got the JD Power award.
 
 
     
  • Skilled Employees
    •  
 
The training and learning programs have made the employees very good at their jobs. They’re not only really skilled but also really motivated to do even better.
 
     
  • Affordable Insurance Plans
    •  
 
Cigna insurance is the top choice in the market, offering people in the US affordable insurance with excellent benefits.
 
     
  • Strong Financial Status
    •  
 
Cigna is doing really well financially. They’ve been making money year after year and saved up some extra money that they can use for future expenses or marketing.
 
     
  • Amazing Customer Service
    •  
 
Cigna has earned the trust of over a million customers. They have a great team that cares for their current customers and ensures they are happy. This makes people who might become customers like Cigna as a brand.
 
     
  • Good Supplier Community
    •  
 
Cigna has created a culture among its suppliers where they advertise the company’s services and help train the consulting team. This team then teaches customers how to get the most out of their insurance services.
 
 
Weaknesses of Cigna | SWOT Analysis of Cigna
 
Weaknesses are the things Cigna needs to improve. Here are some things that Cigna needs to get better at:
 
     
  • R&D
    •  
 
Cigna invests in research and development but spends less than other companies in their industry. Those other companies have made more money by developing new and creative products.
   
 
     
  • Lack of Diversity in the Staff
    •  
 
Most people who work at Cigna are from the local area, making it hard for people from outside to fit in. This sometimes leads to the company losing talented employees.
 
     
  • Lack of Investment in Technology
    •  
 
Cigna only invests a little in new technologies. But since they want to grow and expand to different places, they should put more money into technology to make things work better together.
 
     
  • Lobbying and Public Relations
    •  
 
People who were connected to the company started making fake blogs, and this caused Cigna to face legal trouble because they were accused of trying to influence laws.
 
     
  • Insignificant Market Share
    •  
 
The company operates in over 30 countries, including the USA, but only a few people know about it because it has a small market share.
 
 
Opportunities for Cigna | SWOT Analysis of Cigna
 
Opportunities are outside things that a person or company can use to their advantage. These outside things could help Cigna do better in the market. Here are some opportunities for Cigna:
 
     
  • Focus on Online Technology
    •  
 
As more clients use online services, Cigna Group can provide new and creative services to people who want life insurance.
 
     
  • Social Media
    •  
 
As more people use social media, Cigna can use its social media accounts to advertise its products, talk to customers, and help them even after they’ve bought something.
 
     
  • Impact of Insurance
    •  
 
The growth of life insurance around the world is expected to go up by 3%. This is because people are more aware of risks due to COVID-19, and as the global economy gets better, more people want to buy life insurance.
 
     
  • Upcoming Trends
    •  
 
In the next 10 years, the insurance industry will change from old-fashioned products to ones that focus more on what customers need. After the pandemic, they will offer personalized services by using information from outside sources and devices to make their products better.
 
     
  • Changing Trends
    •  
 
Many people are focusing more on preventing problems instead of dealing with them after they happen. This means insurance companies should also pay more attention to preventing risks rather than just dealing with them when they occur.
 
 
Threats to Cigna | SWOT Analysis of Cigna
 
Threats are things that can hurt the organization in some way. Here are some threats to Cigna:
   
 
     
  • Gig Economy
    •  
 
Many big companies worldwide provide group insurance to their employees. However, online companies like Amazon Mechanical Turk and Fiverr have attracted freelancers who don’t work for traditional companies. This has caused a big problem for insurance companies, as they’re losing a lot of potential customers.
 
     
  • Fierce Competition
    •  
 
After insurance became run by private companies, Cigna is not as popular as it used to be. It now faces strong competition from other private insurance companies that have made the industry more exciting and competitive.
 
     
  • Change of Government
    •  
 
Since each new government has different financial and monetary policies, we have to change our strategies accordingly. This leads to a lot of problems.
 
 
To Sum Up
 
Cigna is a famous insurance company known around the world. In our analysis of Cigna, we noticed that the company relies a lot on its good reputation and trust from customers. It also has a strong way of getting its products to customers and is present in all the places it operates. However, it faces more competition from other companies in the same field, and these competitors are doing better research and development. It’s important to mention that Cigna is doing well with its marketing. They have built a group of customers by using the internet and being active on social media on different websites.
 
Now, this is the end of SWOT Analysis of Cigna. You can read more articles on SWOT and PESTLE here.
 
 
 
Need Help or Advice in Academic Writing
 
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