SWOT Analysis of KPMG
KPMG is a British-Dutch multinational professional services network that serves a wide range of clients including businesses, government agencies, non-profit organizations, governments, and financial markets. It is well-known for its workplace culture and the high-quality service it provides to its customers.
KPMG has a well-established brand value in the fields of accounting, consulting, and finance as a member of the Big 4. Its marketing strategies are one of the reasons for its success.
The below articles talks about the SWOT Analysis of KPMG
Strengths of KPMG
To start with the SWOT analysis of KPMG, let’s check out what are the strengths of KPMG.
- KPMG has a large client base in a variety of industries all over the world. This is one of the major strenghts of KPMG. KPMG has partners in more than 650 offices in 145 countries, with 236,000 employees.
- Being a member of the Big 4 has made it a top-of-mind firm for audit, tax, and advisory services. KPMG is known all over the world for providing high-quality services.
- Integrity, excellence, courage, and togetherness are KPMG’s core values. According to Bloomberg Businessweek, KPMG was ranked 4th among the “50 Best Places to Launch a Career” in 2009.
- KPMG reported a 10% increase in US dollar revenue in FY21 compared to FY20.
- KPMG takes a client-centered approach. It offers customer loyalty programs. Clients are loyal as a result of the company’s customer-centric approach. Employees enjoy a pleasant working environment, and management is guiding a cultural shift.
- KPMG has received numerous awards and recognitions, including the experienced risk manager award, the 2009 top consultancy ranking, the 2011 world’s best outsourcing advisor, and many others.
- The KPMG brand has exclusive sponsorship agreements with various events around the world. They gain more market clarity by doing so. It has been a strategic sponsor of Brain Bar since 2016.
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Weaknesses of KPMG
The second quadrant of SWOT Analysis of KPMG is the weaknesses of KPMG.
- KPMG is unapproachable in terms of its high fee and expertise because it operates on a global scale.
- KPMG does not have a clear differentiating factor or USP that sets it apart from the other Big Four firms.
- KPMG has been involved in a number of controversies that have tarnished its reputation, including the incident involving a former partner who was involved in insider trading.
- While KPMG is successful in the current services it provides, it faces challenges and has had limited success in introducing new service segments.
- There may be a lack of communication and coordination in teams as a result of multiple sectors working at the same time. KPMG has been attempting to serve a number of mid-sized businesses as well, but it is up against the stiff competition, which could slow growth even further.
- Despite having various sector works, consulting is a major source of revenue for KPMG, which can be detrimental to the company in the long run.
- In terms of innovation and R&D, KPMG has been unable to compete with the industry’s leading players. It appears to be a mature company looking forward to releasing products with market-proven features.
Opportunities of KPMG
The third quadrant of SWOT Analysis of KPMG is Opportunities of KPMG
- Because KPMG has a global presence, it is easier for them to acquire companies with a smaller market share.
- Everyone wants to work for companies that provide a pleasant working environment, and KPMG can use this to select the best human resources available.
- Big 4 Label can assist them in seizing opportunities and ensuring global growth in emerging markets.
- They could use technological advancement to automate their work, which would save them money. Furthermore, their large revenues make it easier for them to invest heavily in technology.
- Demand for Audit, Tax, and Advisory Services Will Never Go Away: With constant changes in various policies and the growing scale of businesses, the demand for audit, tax, and advisory services will never go away.
- KPMG has technology-related financial and auditing experience that could be beneficial to global financial services.
- KPMG has a wide range of products and services that cater to a wide range of customers, which is why it will target mid-market companies. This will open up numerous opportunities for the company.
Threats of KPMG 2021
The last and important quadrant of SWOT Analysis of KPMG is Threats of KPMG. Let’s check out the threats of KPMG.
- KPMG faces stiff competition from firms such as Deloitte, PwC, Accenture, EY, and others that offer similar services.
- The Sarbanes-Oxley Act of 2002, as well as constant changes in GAAP, pose a threat to the accounting profession as a whole.
- Clients are losing faith in accounting firms as a result of a number of regulatory actions reported in recent times, such as the firm’s global network of affiliates being involved in regulatory actions as well as lawsuits.
- Because so much of KPMG’s work is based on technology and the internet, they are vulnerable to cybercrime.
- Because KPMG provides services to clients in other countries, fluctuations in foreign currency can result in losses.
This concludes the article on SWOT Analysis of KPMG.