Document Process Industry and Financial Service Industry in Canada al Affiliation) Overview of Xerox Company Xerox is one of the multi-national companies located in the United States that focus on document management, through; production and selling of black and white as well as colored printers (Elis, 2006). The company also produces photocopy machines, multi-function systems, digital forms of printing presses as well as the provision of consultative services. As at December, 2013, the company had a total of $29.036 billion worth of total assets, indicating a significant reduction in comparison to the financial year 2012, when its net-worth in relation to its total assets was $30.015 billion (www. hoovers. com).
As a multinational company, it has extended its services to countries like Canada and other European nations. The first segment of this discussion will focus on an analysis of the Canadian market and how it affects Xerox’s performance (www. hoovers. com). Overview of the Canadian Market In a recent report, published by the Business Monitor International, it is indicated that the Canadian IT market is set to prosper, a factor that could benefit the Documentation industries.
The report specifically, indicated that the Canadian IT market would experience a positive performance in relation to its annual growth between 2014 and 2018, with a general improvement at 3% (ianmartin. com). The report also indicated that consumer premium and individual technology was set to continue growing, while services such as cloud-computing, data management and software services are likely to face an upwards trend in terms of growth. These positive indications have been associated with a recent assessment that indicated positive improvement in relation to sale of software as in: A 2.7% increase from 2013 to 2014 at $9.3 billion to the current $9.5 billion (ianmartin. com).
Additionally, a forecast on the Canadian IT and documentation market has indicated that IT sales are likely to experience a positive growth; with a 2.6% increase from 2013’s $21.4 billion to $21.9 billion (ianmartin. com). The increasing demand in relation to documentation and IT services in the Canadian Market is expected to have a positive implication among companies selling computer hardware by a 1.4% increase leading to accrual of $15.
6 billion from $15.4 billion in the previous year (ianmartin. com). Analysis of Xerox Competitors in Canada Xerox Canada is smaller branch of Xerox that provides similar services as the parent company in the United States. The Canadian IT market is characterized by a high rate of competition from other companies that offer similar products and those that offer alternative products. This has been one of the major hurdles faced by the company as it strives to maximize its profit in this Canadian market. An analysis of its competitors is provided as indicated below: Hewlett Packard Canada (HP) This is considered the top three competitors to Xerox Canada.
It offers a wide range of IT products and services to the Canadian market. The company also offers data storage devices, hi-tech PC’s, networking equipment as well as printing services (www. hoovers. com). Additionally, the company offers software services such as: Print Management Solutions, network infrastructure, operating systems as well as network infrastructure. Consequently, it offers consultative services just as Xerox Canada in relation to hardware and software data management systems (www. hoovers. com).
Other consultative services offered by the Company, are inclusive of finance management, support services, outsourcing and maintenance. Dell Canada Inc Dell Canada Inc is another major competitor to Xerox Canada, offering alternative and similar products as Xerox. Specifically, the Company provides consulting services just like Xerox; it also offers training, support and system integration services to the wide Canadian Market (www. hoovers. com). Additionally, the company offers workgroup and personal data printing materials, large data storage systems, plasma and LCD televisions and handheld computers, thus making it a big competitor for Xerox Canada (www. hoovers. com).
Lexmark Canada Inc This is a subsidiary company to the US based Company Lexmark; it focuses on the support and sale of printers to consumers, government and corporate in the Canadian Market. It also offers multi-functional devices such as printing machines, with scans, fax capabilities and photocopies (www. hoovers. com). Additionally, the company offers a stiff competition to Xerox through the provision of print cartridges and document management software. Lexmark also offers customer support services and effectively handle issues ascribed to warranties (www. hoovers. com). Canadian Financial Services Industry According to the Canadian Trade Commissioner Service, Canada is considered among the countries with the strongest financial service sector globally (ianmartin. com).
The Canadian service sector is made up of Banks, mutual fund companies, insurance companies, pension fund management stakeholders, loan and trust companies, credit unions, independent insurance brokers and agents (ianmartin. com). The World Economic Forum has also ranked the Canadian Banking systems as one of the most sound in regard to financial management in the global banking environment (ianmartin. com).
The success with, which Canadian financial sector has been associated with is majorly perceived as a contributing factor of the increasing Canadian Population and a strong Gross Domestic Product: As at December, 2013, the country recorded a Gross Domestic Product, of approximately $1.83 trillion (Owens, 2013). Additionally, the increased rate at, which international companies have increased their levels of investment has been a factor attributed to the success of the companies offering financial services (ianmartin. com). On the other hand, the World Economic Forum has associated the success attributed to various financial services companies in Canada with the strong foundation of regulatory frameworks that guide financial services in Canada as well as the annual review, which all stakeholders offering financial services are subjected to (ianmartin. com).
The forum also took into account the fact that Canada’s cost environment is conducive for financial service professionals owing to the fact that they can save up to 17.8% of the total costs of operations as compared to those operating in the United States (ianmartin. com). Canadian Consumers within the financial service market, enjoy a wide variety of improved services from the high level of competition among Canadian Financial service firms.
Economic evidence indicates that Canada has more large banks that compete against each other as compared to any other nation in the world. Currently, there are approximately 80 banks in Canada including local and foreign banks (www. cba. ca/en/media-room). Foreign banks in Canada are currently 24 in number and have provided a stiff competition to the Local Banks including other financial service organisations, for instance: HSBC, which is the largest foreign bank in Canada.
Additionally, the stiff competition in the Canadian bank has been heightened by existence of over 900 credit unions as well as 200 finance companies, 90 life insurance organisations and 35 trust fund companies (www. cba. ca/en/media-room). Consequently, high level of quality services offered to consumers in the Canadian market can be attributed to the leadership styles that have been offered by various leaders managing certain financial service companies like; Kevin Prins, who is the Vice-President of the BMO Exchange Trade Funds, the President and the CEO of the Canadian Depository for Securities, Fraser Howell, the President of First Trust Fund Portfolios, the Minister for Trade and Commerce, Hon.
James Moore among other leaders (www. tmx. com). References Dell Canada IncCompany Information. (n. d.). Retrieved November 24, 2014, from http: //www. hoovers. com/company-information/cs/company-profile. Dell_Canada_Inc. 239ae92446b91b0b. html Top of Form Bottom of Form Canadian IT market forecast is looking rosy - Ian Martin Group. (n. d.). Retrieved November 24, 2014, from http: //ianmartin. com/news/canadian-it-market-forecast-is-looking-rosy/ Top of Form Bottom of Form Hewlett-Packard (Canada) CoCompany Information. (n. d.). Retrieved November 24, 2014, from http: //www. hoovers. com/company-information/cs/company-profile. Hewlett-Packard_(Canada)_Co. 96d79dbcd2a0bd81.html Top of Form Bottom of Form Financial Services.
(n. d.). Retrieved November 24, 2014, from http: //www. international. gc. ca/investors-investisseurs/sector-secteurs/financial-financier. aspx? lang=eng Top of Form Bottom of Form Ellis, C. (2006). Joe Wilson and the creation of Xerox. Hoboken, N.J. : John Wiley & Sons. Top of Form Bottom of Form Owens, R. (2013). Canadian Financial Services. Ottawa: Task Force on the Future of the Canadian Financial Services Sector. Competition in the Financial Services Sector. (n. d.). Retrieved November 24, 2014, from http: //www. cba. ca/en/media-room/50-backgrounders-on-banking-issues/121-competition-in-the-financial-services-sector Top of Form Bottom of Form TMX group. (n. d.). Retrieved November 24, 2014, from http: //www. tmx. com/en/news_events/broadcast_centre/events_calendar. html