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Showing posts with label Business Strategy. Show all posts
Showing posts with label Business Strategy. Show all posts

Sunday, May 8, 2011

Nanotechnology for the Textile and Clothing Sectors

Introduction

The new technologies are now evolving expressively. One of the great evolutions is the creation of nanotechnology which was predicted as the second industrial evolution in the world. The created fresh properties not only improve the human’s quality of living, little amount material utilisation will help saving environment and energy.

Based on this viewpoint for nanotechnology, thorough studies have been commenced across industries and disciplines globally. And from this, textiles industry is not exception and nano textile products have already materialized in the marketplace and the quantity of by-products or nano-claimed products is increasing dramatically.

Discussion

UK clothing and textile market was once a foundation of the UK economy but since the production work has been outsourced to other countries most of production houses and factories in UK have been closed. In previous years, the prices of clothing and textile products are falling due to outsourcing in the developing countries and generating cheaper supplies. The technology and innovation in the industry also affects its development. However, the most important issue in clothing and textile market is the Republic of China, after the end of world trade agreement in 2005, China has flooded the UK and US markets with cheap products. This has resulted in a drop in employment in textile and leather industries from half a million in 1980 to less then 140,000 in 2005. According to Business Monitor PA1003 there were 12,030 VAT-registered companies involved in clothes retailing in the UK in 2003, where the vast majority of clothing retailers (89.3%) employed fewer than ten people in 2003, while 72.1% employ fewer than five. Those employing 50 or more accounted for just 1.9% of the total (Key Note, 2006). Despite of this, the key notes in the UK reveals that clothing and footwear market was worth an estimated £44.45bn in 2005, which accounted for less than 6% of total consumer expenditure (Key Notes 2006) and as of 2009 the industry was continuously growing with regards to the help and current evolution in technology.

The UK clothing and textile industry is growing strong in fashion and design and with regards to the development of technology in this industry such as the integration of nanotechnology in their manufacturing procedures, the costs of production are falling. However the UK clothing industry has lower productivity than leading European competitors and is increasingly being threatened by low-cost foreign competitors who are eroding the profit margins. Also downturn in the economy is a major threat to the clothing industry as it could cause men, in particular, to cut back on overall spending in this sector.

It is now a widely held view that the world economy has entered a much more complex phase where individual national economies have become inextricably linked. In this new world economy, resources and markets have ceased to have the indelible national identity of the past. Restricted resources and markets that were once legally isolated have become much more accessible to enterprises that have acquired a global strategic vision. To the more visionary global enterprises, the world is but a borderless environment with homogeneous consumers who have developed an unforgiving taste for the most sophisticated and high-quality products. In response to the needs of these global consumers, the enterprises have developed global products. How such homogenised consumers are served, however, is a question of the strategic orientation of the enterprises and their ability to exploit the ever-evolving global economic environment. One of the strategic orientations that has been practiced in textile industry was the integration of nanotechnology.

Nanotechnology is a sub-classification of technology in colloidal science, biology, physics, chemistry and other scientific fields. As a field of applied science, it focuses on the design, synthesis, characterization and application of materials and devices on the nanoscale. It is also used as an umbrella term to describe emerging or novel technological developments associated with microscopic dimensions (Allhoff F & Lin P (eds.), 2008).

In its broader term, nanotechnology includes the many techniques used to create structures at a size scale below 100 nanometers or 100 billionths of a meter. This includes those used in semiconductor fabrication such as deep ultraviolet lithography, electron beam lithography, focused ion beam machining, nano-imprint lithography, atomic layer deposition and molecular vapor deposition, those used for fabrication of nano-wires and those used at the molecular self-assembly techniques such as those employing di-block copolymers (Allhoff F & Lin P (eds.), 2008).

Nanotechnology uses two main approaches in its operation processes. First is the bottom-up approach where materials and devices are built up atom by atom. Second is the top-down approach where they are synthesized or constructed by removing existing materials from larger entities. The vastly increased ratio of surface area to volume present in many nanoscale materials is a unique aspect of this technology opening new possibilities in surface-based science such as catalysis. However, this catalytic activity also opens potential risks in their interaction with biomaterials (Allhoff F & Lin P (eds.), 2008).

According to Port (2002), nanotechnology is the new Industrial Revolution. It leaves virtually no business untouched or unscathed. The ability to create materials from building blocks the size of a virus unleashes unprecedented capabilities. Autos and airplanes, chemicals and plastics, computers and chips, cosmetics and drugs and plenty of the other industries face upheavals because of this technology (Port, 2002). Basically, the prefix 'nano' is used to indicate the billionth part or 109th part of a quantity. Sometimes, nanotechnology was also known as molecular manufacturing which is a branch of engineering that is related in manufacturing and designing of extremely small electronic circuits and mechanical devices built at the molecular level of matter. Actually, this type of technology has enabled researchers and scientist to gain precise control over matter at the atomic and molecular level. A scientist had once said that some of the problems of chemistry and biology could be simplified if we could work at the atomic level and actually see what we are doing.

This technology promises humans’ ways of making systems that are smaller, lighter, stronger and more efficient but cheaper to produce. Some of these current products include chemicals produced with microscopic catalytic particles, sun lotions with invisibly small zinc-oxide flakes to shield against ultraviolet rays, emulsifiers that keep paint from separating and coatings that make eyeglass lenses more scratch resistant or extend the life of industrial tools. More alluring products can be found in nanotechnology company laboratories but many need a year or two to reach the market because new manufacturing systems also must be developed (Port, 2002).

As explained by Professor Mark Welland, head of the University of Cambridge Nanoscale Science Laboratory, “Nanotechnology is not a technology in its own right. It is an enabling technology, so it will appear in many different products”. Welland added that such technology is already appearing in flash memory, computer chips and will increasingly be an enabling technology in other products like coatings and new types of sensors (as cited in Twist, 2004).

On the other hand, because of the very precise way in which their atoms are arranged, nano-materials exploit unusual electrical, optical and other properties. This means that fabrics could change colour electronically. Thus, exposing an army uniform to ultra-violet light could activate changes without undressing. But in medicine, nanotechnology offers the most remarkable advances (Twist, 2004).

With regards to the development of the Textile industry, the integration of the nanotechnology is a breakthrough (David R. 2009). As the extent of materials to which nanotechnology can be applied is increasing. Moreover, the opportunities for application are widening. Aside from the textile industry, nanotechnology has potential applications in computers (nano chips), aerospace (launch vehicles, nanotubes), colorants, and biotechnology and in varies other fields. Nanotechnology is without doubt, the technology of the future. In the field of textiles, nanotechnology has been employed in the synthesis of quantum dot (semiconductor nanocrystals) (David R. 2009). David R. (2009) stressed that dye molecules are used to cloud fibres. In nanocrystals, the colour changes with increase in particle size. It is thus possible to create different size particles from a single material having different optical properties that cover the entire visible region. Moreover, in textile manufacturing, the idea in which colour is imparted to fabrics through a process called subtractive colours mixing and later on many of the colours produced in nature are a result of interaction of light with matter, by interference or diffraction phenomenon is actually can be applied to textile dyes to obtain pure and bright hues which is known as Nanocrystals as colourants (David R. 2009). Finishing of textiles and fibre manufacturing are areas where nanotechnology has great potential for application. The lotus effect finish mentioned earlier is an example. Moreover, it is estimated that nanotechnology in textiles will be billion dollar business in the next few years.

In addition to the development of nanotechnology in the textile industry around the globe, the review of the products exported by USA to China in January-April 2005 shows that the top three textiles and apparel products in terms of percentage enhance in exports were Non-woven fabrics, tire cords and tire fabrics and textile/fabric finishing mills products (FICCI, 2005). These products are not seen in the items that India has provided. The entrance into an innovative application domain of industrial textiles, homes furnishings, nano-textiles and others becomes imperative if the market are to grow 5-6% of global market a these regions are projected to significantly grow. On one hand, innovation includes synthetic textiles which compose of 50% of the global textile market. However, in Indian synthetic industry, this aspect is not well entrenched. In this regard, the Technology Upgradation Fund of the Indian government is being utilised to motivate investment of small scale business in new processes.

Accordingly, textile and apparel policy has come along ways in decreasing uncertainties for the industry. Such policies are driven by global competition and also by the international trade provisions. However, in the Textile industry, few areas of policy weakness has been noted, which include the labour context, power availability and the customer clearance, credit for large scale investment, shipment operations from ports and quality, which are necessary for upgrading the technology, and enhancement of the manpower of the textile and apparel industry (Cover story 2002).

Moreover, the Massachusetts Institute of technology (MIT) in USA initiated a plan using nanotechnology to develop chameleon-lick uniforms and materials that could help protect soldiers against detection, threats, bullets and chemical agents, monitor their life support systems and even heal those who are wounded (Uldrich J 2002). Basically, it is a textile, which is woven together bringing lots of dissimilar kinds of potentials together in a single garment. It would offer chemical protection, ballistic protection, sensing, it could vary from a soft fabric to a hard kind of shell for defense.

Basically, it is designed to automatically generate splints and cast through so-called Ferro fluids filling the hollow Faber of the fabric. These will permit the suit to be converted from a flexible garment into a rigid shell of liquid armour or a splint for a broken bone when the wounded soldier activates power supply.

In addition, the research of Massachusetts Institute of technology (MIT) in accordance to the creation of Nanotechnology was actually design from being seen by using sensors so that the uniform would also blend into whatever background might be (Uldrich J 2002). The soldiers would also wear boots that would build-up a charge of energy so that, if needed, a leap of 20 feet up would be possible. A garment with Proshied phase change fibers senses body temperature, excess heat generated by the body is absorbed into the Outlast Thermocouples and the stores heat is released back to the skin when needed (Uldrich J 2002).

With regards to environmental effect, nanotechnology has the potential to substantially benefit the environment through pollution prevention, treatment and remediation. This would include improved detection and sensing, removal of the finest contaminants from air, water and soil, and creation of the new industrial processes that waste products and are green' (environment-friendly) (Allhoff F & Lin P (eds.), 2008).

Nanotechnology has the potential to have a positive effect on the environment. For example, airborne nano-robots could be programmed to rebuild the thinning ozone layer. Contaminants could be automatically removed from water sources, and oil spills could be cleaned up instantly. Manufacturing materials using the bottom-up method of nanotechnology also creates less pollution than conventional manufacturing processes (Port, O. 2002).

In addition to the positive benefits of nanotechnology, clean energy becomes possible (Port, O. 2002). The people dependence on non-renewable resources would diminish with nanotechnology. Many resources could in fact be constructed by nano machines. Cutting down trees, mining coal or drilling for oil may no longer be necessary. Resources could simply be constructed by nano-machines.

Basically, Global industrialisation requires the rapid development of clean energy in order to preserve the clean air we all breathe. And global energy catalyst markets are huge. For instance, consider Nano stellar, a US-based company that is currently tapping nanotechnology to develop highly efficient Platinum nano-composites catalyst solution to increase the efficiency of automobile catalytic converters and dramatically reduce their cost this, according to them, is the first in a series of Nanocomposites catalyst products to address the energy catalyst, hydrogen fuel cell, and solar power and battery markets (Port, O. 2002).

Nanotechnology is expected to transform the performance of materials like polymers, electronics, paints, batteries, sensors, fuel cells, solar cells, coatings, computers and display systems. “In five years' time, batteries that only last three days will be laughable. To say that in five years, an iPod will have 10 times its current storage capacity will be conservative”, said Professor Welland. “Similarly, in 10 years' time, the way medical testing is done now will be considered crude”, he added (as cited in Twist, 2004).

Likewise, in the not-so-distant future, a terabit of data equivalent to 10 hours of fine quality uncompressed video will be stored on an area the size of a postage stamp. Clearly, the devices themselves will not be nano-sized. But nanotechnology will play its part in shrinking components and making them work together a lot more efficiently (Twist, 2004).

Conclusion

We can therefore conclude that nanotechnology is the biggest breakthrough in the present development of textile industry. This biggest advance is the new materials and products that are developed and going to be developed. In this respect, nanotechnology could enable developing nations to leapfrog older technologies. Whatever nanotechnology does for the future, it will be an evolutionary process.

Nanotechnology is a high-tech wave that is designing to sweep the world. It holds an extremely promising future for textiles. The development if ultra fine fibres, functional finishes and smart textiles based on nanotechnology has endless possibilities and at present the application of nanotechnology in textile has merely reached the starting line. In future, one can expect to see many more developments in textile based on nanotechnology.

References:

Allhoff F & Lin P (eds.), (2008). Nanotechnology & Society: Current and Emerging Ethical Issues (Dordrecht: Springer).

Cover story (2002), Nanomaterials, A Big Market Potential, Chemical Week, Oct2002, p17

David R. (2009), Forrest: The Future Impact Of Molecular Nanotechnology On Textile Industry, Industrial Fabric & Equipment Exposition.

FICCI, (2005), “Trends Analysis of India & China’s Textiles and Apparel Exports to USA Post MFA, FICCI, New Delhi, July 2005.

Key Note (2006), Clothing and Footwear Industry, Keynote, London.

Port, O (2002, October 25), Nano Technology: The Tech Outlook. Business Week Magazine.

Twist, J (2004, July 28), Myths and realities of nano futures. British Broadcasting Corporation News Online. Retrieved May 19, 2009, from http://news.bbc.co.uk

Uldrich J (2002), Why Nanotechnology Will Arrive Sooner Than Expected, the Futurist, March April 2002, Pp 16-22,

Monday, April 25, 2011

Global Corporate Strategy

Introduction

The idea of global corporate strategy influenced the international businesses as guidance on their path towards success. The application of various business theories can generate sensible decision making to resolve problems. In addition, the global corporate knowledge is the basic skill in planning and solving the complex problems because of the policies, strategies and analytical techniques.

PowerGen

PowerGen is the UK’s second energy supplier that sells electricity, gas, and related services to the residential, businesses, and both corporate and government customers (Synovate, 2003). PowerGen used the strategy in the open competition in the business mail sector. Provided by their powerful tool as in reflected in the corporate strategy, PowerGen is benefited in the through their systematic times by the means of getting the customers in collection arrangements, consistent delivery through the better planning and forecasting, and the ability for the better management of customer communications with the justifiable expenses (Crown, 2006).

Discussion

The applied strategy of PowerGen is through capturing the customer data as an integral part that can drive the continuous improvement strategy. It started through measuring the employees’ knowledge and understanding regarding the organizations retail strategy and marketing campaigns that can affect the satisfaction of the customers. The activity of the organization is somehow, centered in the customer service and expanded customer research. Strategic decision done by the organization also brought PowerGen various benefits. The organization emphasized the cost-effective factor from their acquired automated-solution in customer researches that leads to a faster delivery of results and direct access to the customers (Synovate, 2003). For the companies, mostly in the international business, the thinking and strategic execution of the global policies and strategy can maintain the good “company-customer relationship”. PowerGen is successful in ensuring the effective communication plans and service implementation (Crown, 2006).

The management incorporated various theories and coordinated it to their idea of global corporate strategy. The theory of development is implemented particularly in part of the management meanwhile, it is accompanied with the theory that is part of the sensible decision making is the portfolio theory for stakeholders. In international business, it is common to see that there is a diversified business environment and the important of a investing in the portfolio of stocks in the market is possible if there is perfect information that is suitable in the perfect market. Corporate portfolios however, became less influential in strengthening the core competencies corporate strategies thus; the construction of the portfolio is in accordance of assessing the organization’s own risks of returns. In order to compensate the idea of strengthening the core competencies, the organization often turn to acquisitions. The merger and acquisitions activity of the organization resulted from the differentiated efficiency theory and efficiency represents the real gain in merging and acquisition businesses. As an effect of the merger and acquisition (M&A) activity, the organization can be derived on the complexity theory that is seen in the complex human or work activity systems. Complexities may the effect of the control and chaos in the workplace which depends on the power of the management. The lack of control may lead to chaos and the ignorance of the leader in the application of appropriate management discipline.

On the other hand, the comprehensive decision making of the organization is designed to the ability of the organization in formulating the results done by the application of system thinking. The process of systems thinking is not new as a global strategy because it promotes the system of thinking and the appropriate disciplines towards the analysis and engineering. The provided monitoring of the international businesses is indeed needed because of the country differences in which the organization should provide valuable strategies that can support its long term goal as much appropriate choice of the market to compete with.

It is better that the organization understands the complexities involve in the international and distributed business because of the range of issues in international environment. Such problems like the decision in establishing the business site, production activities, as well as minimizing the costs while maximizing the positive side of the organization. It is suggested that organizations should coordinate in the combination of monitoring and controlling the global activities and strategic processes.

Strategy and Techniques

Strategic control and the appropriate techniques are the process resulted from the collaboration of the managers in the ongoing monitoring activities of the organization. The established strategy is designed for the further improvement of the organization in evaluating the activities whether they did performed efficiently and effectively in accordance with the organizations’ goals and objectives. In the further monitoring action of the organizational leaders regarding the importance of the activities and its coordinated problems, the leaders also sought the various effects on the future of the organization. Thus, working together to achieve the solutions is the main approach for polishing the performance over time.

References:

Crown, (2006) “Case Study: PowerGen”, PostComm Factsheet, Accessed 26 April 2010, from http://www.psc.gov.uk/postcomm/live/about-the-mail-market/uk-market-reviews/postcomm-factsheets/Factsheet_-_Case_study_Powergen.pdf

Synovate, (2003) “Case Study: PowerGen Energy Supplier”, Synovate Result Reinvented, Accessed 26 April 2010, from http://www.synovate.com/viewscast/how/case-studies/pdf/synovate-viewscast-case-study-powergen.pdf

Works Cited:

University of Sunderland (2004) Global Corporate Strategy, Accessed 26 April 2010, from http://www.rdi.co.uk/pdf/MBASunderland.PDF

Saturday, April 9, 2011

Business to Consumer Website vs. Business to Business: Website related to Marketing

I. Introduction

With the emergence of the World Wide Web and information technology, more and more businesses are trying to adopt a new marketing approach attached or aligned with the internet. In this regard, two marketing approach under e-marketing has emerged: business-to-business and business-to-consumer. Primarily, the goal of this paper is to provide an analysis on these two online marketing approaches and have it differ with each other.

II. Discuss B2C (Business-to-Consumer) website: Marketing

B2C is purely in retail, which mostly involves common retail marketing approach such as branding and advertising (Cronin, 2000). The integration of ecommerce in B2C involves the utilization of computer data processing and Internet communications for labor services in the production of economic transactions. Its utilization has come to evolve in the Internet age perhaps because of the discovery of the potential of the latter in communication and transaction processes. According to Bakos (1998), the reason why organizations use Internet-centric business models resides in their efficiency in: reducing search costs by facilitating comparison of price, products, and services; reducing lead times; improving production and supply capability; managing demand; and improving personalization and customization of product offerings.

Wu (2001) stated that the business-to-consumer marketing approach can be used as an effective marketing tool to drive brand understanding and continuity of purchase because it is a medium that allows time for consumers to discover how a particular brand is relevant to their wants and needs. This is perhaps the most distinguishing advantage for online consumers – more freedom, time, and choices. In addition, online consumers don’t have to tire themselves walking around the mall. Instead, they can scroll to various products with just a mouse-click. Wu (2001) concluded that one of the most effective market segmentation online is through benefit segmentation. Through benefit segmentation, a marketing manager can understand the benefit needs of every segment, and then select the target segment and produce an on-line marketing strategy for the target consumer.

III. Discuss B2B (Business-to-Business) website: Marketing

Business-to-business marketing is considered by companies to be a sound business strategy and more so when the electronic means is utilized (Ramsdell, 2000). For buyers, B2B marketplaces promise not only to deliver more competitive prices but also to rid the supply chain of a host of inefficiencies. For sellers, B2B creates a channel for their product distribution thus minimizing the cost of transaction attained when they themselves engage with the end-users of their products. Factors such as trust and reputation are critical, and there is also the notion of cooperative strategies based on mutual benefit rather than the simplistic idea of maximizing revenues to individual organizations (Farrely and Quester, 2003). There is widespread research and anecdotal evidence of the importance of relationships in business-to-business markets and concepts such as the virtual value chain (Rayport and Sviokla, 1995) and cooperative supply chain structures (Holland 1996) extend the theory to market networks of separately owned organizations choosing to work closely together.

In practice, relationships in business-to-business marketing have come to mean trust that results in protective and complementary relations in Asia, and will thus include the sharing or pooling of resources (Hamzah-Sendut et al, 1990 in Abramson and Ai, 1999, p.10). In business-to-business trade among buyers and sellers, the relationship involves complex products traded where there are high levels of inter-dependencies. In these situations it is necessary to co-operate in order to maximize the opportunities for the network of companies, and to build in protection measures against opportunistic behavior, either through trust developed over time, contracts, or a combination of both (Agrawal and Pak, 2001; Ramsdell, 2000; Hollad, 1996). Two adjacent players--the buyer and the seller--usually share information at each stage of the supply chain and transaction process, and the nature and amount of what they share depends on the quality of their relationship (Agrawal and Pak, 2001). Thus, the successful exchange of information in the transaction of B2B reflects the amount of investment and trust buyers and sellers bestow to each other.

From the supplier side, marketing, sales, and service information is also readily gathered from business partners. Building and maintaining B2B relationships is the key to success in e-commerce and, unless service is maintained, customer loss may result, more than offsetting any cost efficiencies due to introducing e-commerce technology (Archer and Yuan, 2000). Since the core of e-commerce is information and communications, support for managing customer relationships particularly trust is of primary consideration in the buyer-seller relationship (Archer and Yuan, 2000).

IV. Discuss B2C (Business-to-Consumer) website: Marketing SIMILARITIES

It can be said that marketing approach through business to consumer gives importance ot personalisation and customisation. Online companies that use b2c approach are those companies that integrated customers as part of their business strategy. B2C involves to the direct transaction of the organization to the consumer; or in the case of a broadcaster, the direct transaction of the broadcasting organization to its viewers or listeners. Through electronic business, sharing of information, which is the core duty of broadcasting organizations, becomes faster and broadened. The e-business process then allows consumers or the audience to view and use the services of these broadcasting organizations.

Companies which use Business to consumer are usually banks, specifically the credit card system. It is said that credit card is the main choice of settlement for business-to-consumer (B2C) e-commerce transactions. Seven banks launched separate co-branded virtual credit card (i-Card, Netcard, Web mondial, Sanal Kart, Teleweb Card, eCard), suitable for online use only. To encourage e-Commerce, some banks are offering discount pricing and no liability for unauthorized use of the card together with enabling its cardholders to redeem points accumulated from shopping online. Most of the banks are offering Business Card for small businesses to separate personal expenses from business-related expenses. The consumer can purchase online through the use of credit card and most of the B2C companies tried ensure that their clients have credit cards. For instance, Wal-Mart.com is considered as one of the well-known b2c companies that offers and sell products online. In 2000, the company had already launched its improved website, which now features travel services, a pharmacy, and photography center. The site also helps customers with their shopping (Shah and Phipps, 2002).

Aside form Wal-Mart, other companies that offers and sell products to online consumers include Amazon.com and ebay.com. The similarities of these websites include their ability to be available 24/7 to reach and serve more and more clients. In addition, these websites have their customer service through online chat to answer the queries of the clients. The marketing approach of these websites is to ensure that clients will be able to have quality products without going around the mall and stores and be tired. They offer products via the internet and deliver it to the clients in the given period. In addition, these b2c companies had warehouses to store some merchandise but essentially used telecommunications to link to suppliers who delivered directly to customers, allowing the consumer to track the transactions and take a portion of the revenue as its fee. Customers used the Internet to reach these e-tailers to inquire about products or to conduct transactions (Levy & Weitz, 2001). Many of the processes used in this kind of retailing emerged out of catalogue-retailing practices more than one century old.

V. Discuss B2B (Business-to-Business) website: Marketing DIFFERENCES

If business to consumer sites has commonalities and similarities, business to business sites have their marketing differences. One of the major player in b2b marketing is Dell. The company has been able to bring together both suppliers and buyers through their b2b set-up which is unique than any other industry. Through their bb marketing, Suppliers and buyers can influence the company’s e-commerce expertise as well as its relationships with its other strategic Internet infrastructure partners to be able to access goods and services from the plethora of companies who are mostly Dell customers (Business Wire, 2000).

Aside from Dell, Denizbank launched a B2B payment card application for settlement of Internet B2B transaction. Currently three suppliers in IT sector are using the company service. In this regard, b2b can be form information technology and finance and banking industries. According to the study of Atakan et al. (2000) regarding e-commerce in the said countries, electronic commerce is important for their future.

Andrew et al (2000) mentioned some critical tactics for companies that use b2b such as apple, IBM and others. It is said that each of these industries have been able to create their own identity and differentiate it to others. Each of the company also has the varying cost-effective and focused as they implement their business to business relationship marketing. For instance in bank industry like Citibank, the bank uses data management approach which helps the company to reorganise the information and data of all the transaction in order to provide higher-quality customer service. In this data management approach, the bank is able to link its customers to the full range of international services and manage their processing wherever it chooses, which the bank sees as a considerable competitive advantage.

Reference

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