This article is on the SWOT Analysis of Deloitte. This is a detailed analysis of Deloitte SWOT.
Deloitte is also known as “DELOITTE TOUCHE TOHMATSU LIMITED”. It is a professional financial auditing and financial service company established in 1845 and based in London, UK.
Services offered by Deloitte are Tax, Audit, Financial Advisory, Management Consulting, Risk Advisory, and Legal. Deloitte provides worldwide services through its members and employees.
Deloitte is a trusted brand in which many enthusiastic professionals who work together in independent firms around the world to provide their diverse services to its clients.
Deloitte has partners or profit sharers who are also called its member firms to provide its financial auditing services in many countries.
Each of the Deloitte Touche Tohmatsu Limited member companies provides various services in a geographic area and complies with the laws and regulations of the country in which it operates.
Deloitte is serving its clients with the help of its subsidiaries, members, affiliates, and other channels.
Every member is not able to cater to the services because certain services may not be accessible to assure clients under the different public accounting laws and regulations.
As a respected world-class player, the company aims to be a company where employees can flourish by concentrating on well-being, growth, and versatility.
The company employs individuals who are among the industry’s brightest and best. Deloitte is operating in many countries around the world mainly in India, China, Hong Kong.
Deloitte has started its operations in India after 1990 with another auditing firm KPMG. ICAI ‘s regulations do not authorize foreign companies to perform audits in India. Due to this, Deloitte has tie-up with its member firm CC Chokshi & Co. to perform its auditing business in India.
Let ‘s discuss Deloitte’s SWOT analysis.
Strength in the SWOT Analysis of Deloitte
- Serve Better to Its Customer through Technology Initiatives – Deloitte approaches its clients with the help of IT-enabled Services. That will allow them to better serve the customers.
- Wide Range of Services: Deloitte offers various forms of services. They are in the fields of accounting, management consultancy, tax, financial consultancy, risk advice, and legal. Deloitte provides services to more than 286200 professionals worldwide. Deloitte is the best advisory and consulting firm.
- Global Presence – Deloitte is present in around 100 countries worldwide and is acknowledged for its services of world-class quality. With several expert clients, it has a broad global presence.
- Among the Top Four – Deloitte is one of the Professional Services firms that represent a great strength for the sector.
- Huge WorkForce – Deloitte sees a workforce of over 240,000 people. The employees are experts in different areas that will meet the business goals.
- Sponsorship – Deloitte brand has an exclusive sponsorship deal with different events around the world. By doing so they tend to gain more market visibility. Since 2009, it has served as a prevailing sponsor of the United States Olympic Committee.
- Strong Advertising – Deloitte has a strong emphasis on advertising to retain its market presence.
- Customer-Focused Approach – Deloitte has a Customer focused approach. Deloitte has loyalty programs for its customers. Customers are loyal due to its customer-focused approach. It has a healthier environment for employees and a shift in culture that is led by management.
- Broad Enterprise Innovation – Deloitte tends to focus on the innovation and integration of Microsoft Dynamics. It has an online campaign dedicated to it.
- Research and Development-Deloitte have enhanced the R&D budget. Because of this, it was able to produce various customer services and products.
- Awards and Recognition-Deloitte has won several distinctions and honors. Deloitte was ranked among the best companies to work for during the year 2019 by Fortune magazine. Deloitte has been consistently named by Bloomberg Business as the best place to start a career.
Weaknesses in the SWOT Analysis of Deloitte
- Intense Rivalry – Deloitte has many competitors and hence has restricted growth in market share.
- Disputes – Deloitte has had numerous lawsuits and legal disputes that have ruined Deloitte’s brand image. This is an enormous weakness for the firm.
- Litigation and enforcement action – Deloitte has been involved in the case and had to settle it with claims against Adelphia Communications, Livent, and the Standard Chartered.
- Controversies – The tobacco industry hired Deloitte to compile a study on illegal tobacco for the year 2011.
- E-mail Hack – Deloitte experienced a cyber assault during 2017, which had violated client confidentiality. For the business, that has become a great weak point.
Opportunities in the SWOT Analysis of Deloitte
- Experience in financing and auditing – As Deloitte has technology in financial and auditing experience, it may be of benefit to global financial services.
- Mid-Market Businesses – While Deloitte has in place its numerous products and services that support many clients, it will reach mid-market businesses. That provides the company with a lot of opportunities.
- Small Firm Acquisition – Deloitte could further expand its business upon acquiring a small company. This will provide the company with more chances to expand.
- Broaden it’s Company Operations – Deloitte will expand its market to Analytics for People. That sees them with an enormous opportunity.
- Stable free cash flow offers incentives for investment in related segments of services. The company can invest in research and development as well as in new segments of product lines with more cash in the bank. That should open a big opportunity in many other business segments for Deloitte.
- After years of declining growth rate in the industry, economic upswing and increase in customer spending are an opportunity for Deloitte to increase its profitability its market share.
- The competitive advantages of a company may be a success in a similar field of other services. New consumer behavior patterns will open up a new Deloitte business. It offers the organization a great opportunity to construct new revenue streams and also to diversify into new product categories.
Threats in the SWOT Analysis of Deloitte
- Government Policies – Government Policies are the main factors and affect the business of a company like Deloitte.
- Strong Competitors – Lots of competitors appear to be on the market. When there is already competition from established players in the industry. This will ultimately continue to diminish Deloitte’s market share.
- Currency fluctuation – Where currency fluctuation occurs, international projects appear to be hitting. That is a serious challenge to the business.
- Knowledge centers – This can have an adverse effect on consulting firms’ business when firms established their own knowledge centers.
- Start-up companies – Many start-ups that penetrate the market can also present a threat to the business of the company.
- Many legal problems – Many legal disputes and litigation are destroying the company’s brand image.
- Member Companies – Member Companies can also be a threat. They can also take over the business of Deloitte in the Country.
References:
https://www2.deloitte.com/us/en.html
https://www.ey.com/en_uk/careers/what-yo
https://sg.linkedin.com/in/ingrid-visola
https://www.manchestereveningnews.co.uk/
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