Broadcat SWOT Analysis
Broadcat is top in its field as it incorporates a behavioral approach in training employees on compliance. The company has partnered with True Office Learning to provide e-learning software, which has helped it improve its brand. Lack of risk-task assessment tools by Broadcat has led to many managers questioning its effectiveness in compliance training. Broadcat has an opportunity to venture into in-house training programs, a trend that is being adopted by big companies. The introduction of apprenticeship levies, the development of the Martini model in compliance design, and the merging of renowned compliance companies threaten the continuity of Broadcat.
- Broadcat has developed a strong, simple, and understandable product offering such as visual tools, job aids, and infographics that allow their clients to concentrate on core business functions.
- Broadcat brand portfolio has helped them develop a customized compliance training curriculum in areas such as code of conduct, anti-corruption, and workplace harassment, which has helped reduce employee misconduct in companies.
- Broadcat has adopted a behavioral approach in compliance training, which has enabled them to craft everyday behavioral tools that enlighten employees on the benefit of compliance and ethics. These tools have enabled Broadcat to fill behavioral gaps and foster a compliance knowledge culture, in organizations.
- The company has also provided bolt-on and fully integrated solutions design to suit their client specifications, which has enabled customers to not only design the resources as compliance newsletters but also translate them to policies and procedures.
- Another one of Broadcat strengths lies in its provision of a Broadkit communication that facilitates online training that has enabled learning time maximization, thus delivering on building a compliance culture.
- Its resources have been designed by experts and have been distributed across the globe; hence, their suitability in application across diverse employee groups. Also, its partnership with True Office Learning has enabled it to offer creative e-learning solutions.
- The introduction of a Broadcat podcast series has enabled them to shed light on the compliance initiatives to a broad audience globally.
- Broadcat has developed a task-specific checklist for employees in their compliance strategies. However, it has failed to create a risk- specific checklist, which is essential for ensuring employees apply learned knowledge in risky job tasks.
- Broadcast only relies on one technique in creating teaching compliance tools despite the diversity of the different clients they serve.
- Broadcat has several strategies to educate employees on compliance, such as checklist and infographics and job aids. However, it lacks an effective monitoring tool, to be able to gauge the effectiveness of these compliance strategies. Additionally, Broadcat products fail to provide an all-inclusive compliance tool that evaluates both management and the employees as management tool commit violations.
- In-house training of employees has become common. According to a 2018 report by Training Magazine, training expenditure on external services and products declined by 6.4%, with company revenues shifting to in-house training. Broadcat can develop tools that measure the effectiveness of models used to train employees on compliance.
- Broadcat can also train individuals in an organization to become professionals who offer compliance training within the company.
- Currently, Broadcat's strategy is to design compliance programs and present them to companies for integration. The majority of individuals in managerial positions are pragmatists and question the effectiveness of compliance programs in their organizations. Broadcat can link compliance initiatives with company objectives to achieve meaningful results.
- Company resources and competing demands may affect compliance efforts, while designing compliance programs according to institution objectives will lead to the company's long-term success.
- The introduction of apprenticeship levy in 2017 in the United Kingdom has led to uncertainty in the market. Employers in the UK can only choose to train providers who are listed in the Register of Apprenticeship Training Providers (RoATP). This poses a threat to Broadcat as it has to indulge in more marketing, ensure they are up-to-date with new apprenticeship standards, and stay responsive to employers as a means of being competitive.
- Broadcat offers paid training, and its content is not accessible online. The Martini model developed by City & Guilds Group has become more common among businesses worldwide. The model is learner-driven and takes into account their needs and expectations.
- Learners can access content anywhere, anytime, and anytime allowing them to create personalized blends to achieve compliance.
- City & Guilds Group partnership with Makewaves and Digitalme, renowned not-for-profit organizations, poses a threat to the existence of Broadcat. They work directly with training providers and employers and have big clients such as the BBC, O2, and Mozilla providing competition for Broadcat.