Expansion Process & Ecosystem Based Management In Exchange Bank Of Canada

Conduct research into the company's expansion, using the six aspects of EBM as starting points and focus of your investigation. Please note that the six aspects of EBM can apply to all ecosystems. Please ensure that you adapt the generic meaning of each of the aspects to the specifics of the ecosystem(s) you are investigating.

Write an essay in which you evaluate whether the expansion or project was an EBM success or failure.

Organizational Readiness for Expansion

In order to monitor organizational growth, every organization needs to take up strategies that ensure organizational change. It can be monitored that the process of expanding a business is helpful in bringing new opportunities to the organization. However, it can easily be understood that the process is not devoid of perils and inefficient strategies can bring serious trouble in the process. Moreover, it is also to be mentioned that the process of physical expansion of an organization also requires effective policies to support the organizational sustenance. The present report will focus on the expansion process taken up by Exchange Bank of Canada. Moreover, the Ecosystem Based Management (EBM) policies that the organization has taken up in order to support the sustainability policies. It has been monitored that the Exchange Bank of Canada has aimed at physical expansion of their business. Hence, the process of physical expansion of the bank and its strategies to support the EBM is to be analyzed.

It is to be mentioned that in order to expand to a new market an organization needs to take up several steps. One of the most important aspects of organizational change is ensuring organizational readiness. It has been noticed that in order to expand to a new market, the organization needs to understand the cultural difference of the two demographics. This is considered as one of the most important aspect of business expansion (Gregory et al., 2013). Hence, it can be said that in order to support the expansion process and maintain organizational sustainability, the organization needs to comply with the requirement of the local market. Moreover, the organization needs to understand the various cultural aspects of the new market. In the context of the Exchange Bank of Canada, it can be said that the bank has taken up successful measures in order to ensue organizational readiness.

Another important aspect of the expansion process is to ensure the legal readiness of the organization. It is to be monitored that the governmental rules and regulations differ from one country to another. Many a times it has been noticed that the organizations that fail to comply with the legal rules and regulations as well as taxation policies, also fail to achieve organizational sustenance. The Exchange Bank of Canada has taken up effective strategies and planning to ensure legal readiness of the organization.

Ecosystem Based Management is one of the most important aspects of organizational sustenance and expansion. In the context of the Exchange Bank of Canada it can be sad that the organization primarily deals in the exchange of foreign currencies. Hence, it can easily be understandable that the primary concern of the organization was to be aware of the economic aspects of the new country to which it is going to expand (García-Holgado, García-Peñalvo & Rodríguez-Conde, 2015). Moreover, it can also be understood that the Exchange Bank of Canada has successfully complied with the social rules and practices of the targeted market. In order to ensure the global expansion of the organization, Exchange Bank of Canada however needed to consider the socio-economic considerations. It is also to be monitored that the economic changes of a market is capable of influencing the operations of banking sector to a great extent. Changes in the economic and financial condition of a country can directly affect the expansion process of a bank.

Importance of Legal Readiness for Expansion

In the context of Exchange Bank of Canada it can be said that the primary stakeholders are human beings. Hence, in order to maintain organizational and ecological sustenance, the bank should provide primary importance to the demand of the consumers. In this regard, it can be said that in order to bring effective change and support the process of global expansion, the Exchange Bank of Canada has come up with policies that are flexible enough to address the needs of the new market (Piekkari, Welch & Welch, 2014). In addition to this, it is also to be understood that the economic conditions of the country has direct and high influence on the buying capability of the consumers. This in turn will affect the functioning of the organization.

As it has been monitored that the Exchange Bank of Canada deals in the exchange of foreign currencies and international payments. Hence, it can be understood that the organization needs to monitor the ecological aspects as well. To explain it furthermore, it can be said that the organization is responsible for monitoring ecological aspects of business expansion and sustainability policies (Schaper et al., 2014). It can be monitored that in order to deal in a global market, the Exchange Bank of Canada needs to be dependent on various aspects such as condition of the global market, demographical position of the country and the climate of the new market. In this regard, it is to be mentioned that the buying and consuming capability of the consumer are highly dependent on these factors. Hence, it is to be mentioned that the ecological aspects of the new market lay significant role in the expansion process.

It has to be mentioned that in order to expand to a global market, Exchange Bank of Canada needs to understand and address the demands of the stakeholders of the organization. In this regard, it is to be mentioned that the major stakeholders of the organization are the consumers, governing bodies of the country and the local businesses (Kaynak & Baker, 2013). Hence, it can easily be understood that the stakeholders play important roles in the expansion process. The potential consumers of the bank are the individual customers and the institutions that will look forward to international currency exchange and international payment. Hence, the process expansion has been highly dependent of the on the stakeholders and the market demands.

In the context of business expansion it can be understood that an organization needs to take up activities that support the process as well as ensure sustainability. In this regard it can be said that the Exchange Bank of Canada needs to primary focus on the customers as well as the stakeholders as the important components of the business ecosystem. It has been acknowledged that the operations of an organization cannot be perceived as any individual act. Moreover, theories have also pointed out that no organization is to be regarded as a single entity (Tolmay, 2017). It is to be considered as a part and component of a business ecosystem. In this regard it is also to be mentioned that the suppliers, competitors as well as the producers are also part of this ecosystem. Hence, it can be said Exchange Bank of Canada needs to focus on the business ecosystem and the components of it. The primary step of complying with the business ecosystem is to address the demand of the new market. Another important aspect of ecosystem processes is to accessing the competitive environment (Prokhorova et al., 2016). In addition to this, the organization needs to take up collaborative approach in order to understand the new market. The organization needs to comply with the social and environmental rules.

Ecosystem Based Management in Exchange Bank of Canada

In order to expand to a new market the organization needs to adopt certain policies that are helpful in maintaining the ecological and integrity as well as monitor the overall wellbeing of their consumers (Wang, Huang & Shou, 2015). In this regard, it is to be mentioned that the sustainability policies that the Exchange Bank of Canada needs to take up primarily deals with providing the stakeholders with the better facilities. The sustainability policy that the organization can take up are as follows:

For an industry that deals with the financial activities, the primary and most important sustainability policy that can be taken up is coming up with better offers and policies. In the context of Exchange Bank of Canada, it can be said that the organization can introduce easy and hassle free methods of currency exchange. Moreover, it has also been noticed that the organization needs to take up policies that are suitable for the global market. It has been noticed that the Exchange Bank of Canada specializes in selling foreign bank drafts (Schwartz, 2017). Hence, coming up new policies have been helpful in grabbing the attention of the customers towards the service. It has been noticed that often business organizations as well as governmental institutions need to buy foreign drafts in order to maintain business to a foreign entity or institution. Hence, better and user-friendly policies, that the Exchange Bank of Canada has introduced, have encouraged them to take up more such activities.

The primary step of maintaining organizational sustainability as well as ensure an effective business expansion, is accessing the demands of the foreign market. While expanding to a global market, the organization needs to make changes according to the demand of the market (Schwartz, 2017). Moreover, it can be understood that the nature consumer behavior and buying capability changes along with the changing demography and economy. Hence, the Exchange Bank of Canada has taken up flexible strategies that will be helpful for the global market.

Another important aspect of global expansion is ensuring ecological sustenance. In the context of Exchange Bank of Canada it can be said that the banking activities and organizational operations are causing few environmental pollutions. It is easily understandable that any industrial activity is subjected to environmental pollutions (Carroll, 2015). Hence, in order to ensure organizational sustenance, Exchange Bank of Canada needs to take up strategies to support environmental stability. The possible policies that can be taken up by the organization hence can be discussed. The Exchange Bank of Canada can take up programs to be energy efficiency. It has been monitored that in order to expand to a global market, the Exchange Bank of Canada needs to take up expansion process. In order to support the entire process, the organization needs to take up construction activities (Ni & Van Wart, 2015). It can be said that the construction activities can affect the surrounding environment to an extent. In order to overcome this issue, the Exchange Bank of Canada can take up tree plantation and energy saving program.

Importance of Cultural Factors in Expansion Process

Another important CSR activity that can be taken up by the bank is day light saving program (Servaes & Tamayo, 2013). As many of the countries face severe problems regarding the shortage of electricity. Hence, taking up the daylight saving program will help n maintaining environmental sustenance.

Another important CSR activity that the organization can take up in order to support the sustenance policies is to ensure fair business practices. The primary step of ensuring fair business practice is to include risk management. It can be said that during the process of expansion, the construction activities can have potential risks (Grayson & Hodges, 2017). Hence, a well-structured risk management activity will be helpful for the maintenance of sustenance.

Another important aspect of supporting the process of physical expansion of the organization is to abide by the laws regarding human rights. In this context it is to be mentioned that the labor and wage laws tend to differ from one country to another (Carroll, 2015). Hence, the Exchange Bank of Canada needs to be aware of the changing rules and regulations as well. However, it can be understood that the bank has taken up effective measures to comply with the laws of the host country.

Based upon the analysis of the necessary strategies and practices that has to been taken up by Exchange Bank of Canada, following recommendations can be made. It is expected that he following strategies will ensure more efficiency of the organization. Exchange Bank of Canada needs to have detailed knowledge about the laws and regulations of the host countries. The services that the bank offers are to be modified based upon the demand and economic situation of the host country. CSR policies and environmental sustenance need special attention.

To conclude, it can be said that the Exchange Bank of Canada has taken up effective and efficient strategies in order to support their expansion process. As it can be understood that one of the significant aspect of global expansion is complying with the organizational as well as environmental sustenance, detailed planning is required to address the possible issues. An effective understanding of the social and environmental laws of the host country is required. To maintain the ecological sustenance, the Exchange Bank of Canada has successfully emploed better strategies to support the EBM framework.

Reference

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García-Holgado, A., García-Peñalvo, F. J., & Rodríguez-Conde, M. J. (2015, October). Definition of a technological ecosystem for scientific knowledge management in a PhD Programme. In Proceedings of the 3rd International Conference on Technological Ecosystems for Enhancing Multiculturality (pp. 695-700). ACM.

Grayson, D., & Hodges, A. (2017). Corporate social opportunity!: Seven steps to make corporate social responsibility work for your business. Routledge.

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Kaynak, E., & Baker, J. C. (2013). International business expansion into less-developed countries: the International Finance Corporation and its operations. Routledge.

Ni, A., & Van Wart, M. (2015). Corporate Social Responsibility: Doing Well and Doing Good. In Building Business-Government Relations (pp. 175-196). Routledge.

Piekkari, R., Welch, D., & Welch, L. S. (2014). Language in international business: The multilingual reality of global business expansion. Edward Elgar Publishing.

Prokhorova, V. V., Klochko, E. N., Kolomyts, O. N., & Gladilin, A. V. (2016). Prospects of the agro-industrial complex development: economic diversification, business development, mono-industry town strengthening and expansion. International review of management and marketing, 6(6S), 159-164.

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Schwartz, M. S. (2017). Corporate social responsibility. Routledge.

Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), 1045-1061.

Tolmay, A. S. (2017). The correlation between relationship value and business expansion in the South African automotive supply chains. Journal of Transport and Supply Chain Management, 11(1), 1-8.

Wang, F., Huang, M., & Shou, Z. (2015). Business expansion and firm efficiency in the commercial banking industry: Evidence from the US and China. Asia Pacific Journal of Management, 32(2), 551-569.