Introduction
A strategy plan helps determine the potential of a business. Information technology offers details about the management of a project with technology-enabled services (Fitzpatrick, Nguyen & Cayan, 2015). This strategic plan is about Youvic Technologies. It will discuss Porter’s five forces, the role of competitors, the potential strengths and weaknesses of the company under SWOT analysis. The paper will also focus on the PESTLE framework for the technology company. The blue ocean strategy will also be discussed to get an idea about the low-cost operations to capture the market space and generate new demand.
Porter Five Forces
The bargaining power of buyers for Youvic Technologies is high. In the case of a product with a large number of competitors, the value is increased, and undifferentiated products tend to represent a high cost for the client. The technology-based functions of the company in the industry allow it to switch in the loyalties and offer quality to its customers. The company is offering quality management to its potential business clients while the sector has several rivals.
The bargaining power of suppliers is low; in the technology industry, the inputs are purchased on different degrees of cost (Author, 2019). This accounts for the varying proportions of demand and hence, different levels of profit for the respective company. The one or two suppliers for an input provide the evidence of essential products, and if switching among suppliers is expensive, the supplier acquires a high level of power.
The threats of new entrants for the Youvic Technology company is high because due to advancement in technology and science, the accounting and management techniques are improved, and it needs more companies to work. A high level of demand is coped up with multiple firms, and this scenario constitutes that new companies can start producing products and offer services just like their competitors.
Threats of substitutes are low in the case of technical management, mainly due to the established demand of potential clients for the company (Business, 2019). The modern business management by the company is diversified, and it has engaged several customers by taking care of all their needs in a single place. Youvic has offered different tools to its customers and improved the performance ratio. The high threat of substitutes is based on the attractive price-performance level of trade, and when the cost of the buyer to switch, the alternative product is low.
The rivalry among existing competitors is intense. In the case of technical firms, the scope of the value of products is high, and they offer different software and related product that are close to their rivals. The competitors in this way are numerous and they are roughly equal in size and market competition to Youvic technologies. The exit barriers are high, and there are fixed costs due to price cuts and incentives.
SWOT Analysis
The SWOT analysis in a company is to discuss the potential strengths, weaknesses, threats, and opportunities for the technology industry. The company has inherent advantages in the form of offering the latest technology trends, business management solutions, and accounting business frameworks. It is providing advanced technology aid for doing business, assistance for client management, payroll, and HR activities. The role of management solutions is integral to build its customer base (Fitzpatrick, Nguyen & Cayan, 2015). Through HR-based services, several new horizons are explored. The functions related to technology development, software, and different applications are the key strengths of the company.
Potential weaknesses of the company are its interconnectivity among staff and low collaboration. It is facing difficulties in collaborating among staff members and effectively serve customers with technical trends (Author, 2019). There is a need to improve customer management services by hiring more staff and focusing on potential outlets to expand its services. The improved cooperation and affectivity of the team in responding to queries about services and products will not only help the technology company but will also advance the growth of the company.
The Youvic technologies have several opportunities; for instance, due to business expansion, it can introduce the latest software and management solution, client perspectives, scheduling, and the latest innovation about HR management (Business, 2019). It can improve its position by engaging more service outlets and broadening the exposure of staff. Working close to HR management aspects and developing new integrated software applications are liable to generate potential customers in the future.
There are significant threats to the company, for instance, increased rivalry, and a high level of new entrants that are potentially working on different projects. The scopes of Technology companies become limited if it does not focus on new techniques, software, and management solutions. There is a need to implement project management solutions with efficacy to retain its customers and position in the market.
Blue Ocean Strategy
A significant pursuit that can help to develop the low-cost techniques and functions for an established firm is the blue ocean strategy (Chang & Luo, 2010). For Youvic technologies, the role of the blue ocean strategy is significant because it will not only compete with its rivals but also focus on low-cost methods for its services. This strategy is workable in case of capturing the uncontested market and reducing the competition. In technical frameworks, the scope of the competition is high, based on the latest demand and trends. It will help Youvic company to get the appropriate opportunity for marketing and make the competition less relevant (Carton, 2017).
The blue ocean strategy is useful for technology companies because it will depend on the available data for ideas and services. This approach also focuses on the goals of the company and to serve the company integrally that it will act as the best service offering a place. By redrawing the boundaries of the industry will provide a suitable marketing scope. The HMBL accounting business is providing a wide variety of ease and real-time visibility. Under the blue ocean strategy, this facility will offer brand recognition and a potential solution to its clients (Carton, 2017). It is suitable to cater to business needs and tailored to keep accounts track and connect all the clients.
PESTEL Analysis
The PESTLE analysis is a comprehensive framework of the macro environment of a company that identifies the potential climate of the industry. It constitutes political, economic, social, technical, environmental, and legal factors.
There is substantial scope for political factors in Youvic Technologies. It caters to business needs; serves different entities like private and public businesses; therefore, the cost framework and services offered by the company will fulfill political demands and best cooperation among various parties (Author, 2019). The full scope of its functioning is appropriate for the legislative framework in Canada. The economic conditions for technical services and business management are open. It is rational for the company to work smoothly in an economically viable environment (Business, 2019). The business management solution, software, and application for HR imply a better economic framework under improved demand and supply mechanism.
Socially integrated platforms, business companies, and entities depend on technical-oriented functions, just like Youvic Technologies. The demographic segments in Canada provide value for the technical businesses, connectivity, freedom approach, and flexibility. Social networking is increasing due to an increase in the latest methods of connectivity. Technology savvy people are growing, and increased demand for management solutions is suitable for Youvic technologies. Different financial companies need assistance related to business management, and socially applicable software is helpful for them.
The technological factors such as new technology, implementation, and use of the internet and management solution framework are some critical aspects of the company. The public technical assistance in Canada is helpful for people to grow their businesses. The scope of accounting business under the technical framework is essential to discuss. Ecological factors that the company should focus on are a green business, ethical responsibility framework, and corporate responsibility (Chang & Luo, 2010). The environmental factors like natural calamities and disasters also matter for a company to implement its setup. The legal framework for the Youvic technologies is different such as taxes, labor unions, government regulations, and special software licenses. Focusing on these factors will serve the company better and streamline its growth. The startup of professional business in any new country will consider these factors to get smooth functioning and better productivity. For the Youvic Technologies, it is significant to identify the potential operating environment in a place where there is increased usage of internet, better connectivity, and use of business solutions (Fitzpatrick, Nguyen & Cayan, 2015). This will help developing accounting business and offer better and productive options for business customers.
Conclusion
The strategy for the technical business undertakes various aspects. It focuses on significant parts, functions, and processes of the company that can help develop new potential clients. Through business management solutions, software applications, and accounting business perspectives, in Canada, Youvic Technologies will perform significant functions. By focusing on business and corporate strategy, the company can bring long term growth rate. On accounting perspectives, it has a scope for the next ten years to flourish and use marketing activities based on PESTLE analysis.
References
Author, A. (2019). HMBL Accounting Business by Youvic Technologies Inc. Retrieved 23 October 2019, from https://appadvice.com/app/hmbl-accounting-business/1473248855
Business, A. (2019). HMBL Accounting Business | YouvicTech. Retrieved 23 October 2019, from https://youvictech.ca/HMBLAccountingBusiness
Carton, G. (2017). A Blue Ocean Strategy for “Blue Ocean Strategy”: on Performativity of Strategic Management. Academy Of Management Proceedings, 2017(1), 17635. doi: 10.5465/ambpp.2017.17635abstract
Chang, H., & Luo, C. (2010). Analyze innovation strategy of technical‐intensive industries: scenario analysis viewpoint. Business Strategy Series, 11(5), 302-307. doi: 10.1108/17515631011080713
Fitzpatrick, B., Nguyen, Q., & Cayan, Z. (2015). An Upgrade To Competitive Corporate Analysis: Creation Of A Personal Finance Platform To Strengthen Porters Five Competitive Forces Model In Utilizing. Journal Of Business & Economics Research (JBER), 13(1), 54. doi: 10.19030/jber.v13i1.9081
