Opportunities Analysis for Citigroup Project Essay

Opportunities Analysis for Citigroup Project - Essay Example Citigroup is being recognized as the largest company in the world as per Forbes in 2008. It also has a customer base of over 200 million. The business of the company is divided into three in order to enable specialized services for the customers. The three groups are Global consumer, Global wealth management, and Institutional clients group. "Citi is organized into three major business groups - Global Consumer, Institutional Clients Group, and Global Wealth Management." (How Citi is organized, 2007). Here the company plans to implement a project in which they focus on undertaking an up gradation in their computer systems. The new project is aimed at providing improved and speedy services for the customers. The company is very keen on providing services to the customers strictly on the basis of their needs. Inconvenience for their customers is something that the company cannot afford to happen. The company has thus come up with the idea that, for speeding up the process the systems in the company has to be improved and upgraded. This report looks into the various areas regarding the implementation of this project. The relevance of focusing extremely on customer needs is being discussed on the basis of Citigroup. It is explained in the report about the link between the goals and objectives of the company and the new project proposal. As the company is highly focused on the customer needs the new system will enable them to deliver even better quality results. In this section of the report, an analysis of the new project proposal is being done.Environmental scan of Citi group: Like any other business Citigroup too is influenced by the changes in the environment in which it operates. The major environmental factors that affect the company are political, economic and social conditions. Among all these, the economic condition is the factor that has the most influence. Any changes in the economic factors affect the company directly and indirectly. The interest rate dif ference made by the central bank on the basis of the economy makes the company revise its own interest rates. Similarly, political instability will adversely affect the better functioning of the company in the country. The changes in the attitude of the society towards the company also have an impact on the functioning. The strategies of the competitors of the company are one of the major external factors that affect the company. Citigroup faces very high competition from the other leading banks and financial companies. "Citigroup competitors are primarily in the Money Center Banks industry. Citigroup also competes in the Online Banking, Private Banking, and Asset Management sectors."(Citigroup competitors, 2008). The major competitors of Citigroup are Bank of America, Deutsche Bank, and JPMorgan Chase. These are some of the leading banks in the world along with Citigroup.Customer needs and expectations: The customers in this particular sector are very choosy. One of the reasons for this is that there are a number of service providers in this sector. Since there are a number of companies operating in the sector the customers are left with a sufficient number of products to choose from. The company already has a very large customer base in the market. The major expectation and desire of the customers are fast and better services from the banks.