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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021

ROYAL BANK OF CANADA

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Royal Bank of Canada : RBC and Microsoft Launch New Program to Accelerate the Digital Transformation of Canadian Businesses

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06/18/2019 | 07:01am EDT

RBC's Go Digital™ program combines Microsoft's cutting-edge technology with the bank's industry-tailored advice and financing solutions to make the digital transformation journey more seamless and accessible to Canadian companies

TORONTO, June 18, 2019 /CNW/ - To help Canadian businesses unlock greater business value and capitalize on advancements in smart technologies and cloud solutions, RBC and Microsoft today announced the launch of RBC's Go Digital program. The program is designed to remove key barriers which businesses have cited as preventing or delaying their digital transformation. Go Digital offers a suite of turnkey technology solutions leveraging the power and security of the Microsoft cloud and skilled Partner Network, as well as innovation financing and tailored advice from RBC to help businesses embark on their digital transformation journey with greater ease and confidence. The program is currently available to Canadian food manufacturers and will continue to expand to other industries over time.

A recent IDC report found that while Canadian executives acknowledge the importance of embracing new technologies to digitally transform their business, the majority have yet to take action. A similar report found that 29 per cent of Canadian organizations are lagging in digital transformation and have not yet started their digital modernization. The most common barriers identified by Canadian companies include the challenge of finding the right solution, sourcing the right provider and securing capital.

"Technology is disrupting customer expectations and traditional business models everywhere, and businesses need to adapt to these historic changes to differentiate and lead in the market," said Greg Grice, Executive Vice-President, Business Financial Services, RBC. "RBC is committed to creating more value for clients and helping them along this journey. That's why we're coming together with industry-leading partners like Microsoft to deliver tailored solutions that will help accelerate and simplify their digital transformation."

RBC & Microsoft design tailored solutions to fuel business growth
The manufacturing sector in Canada accounts for approximately $174bn in GDP, more than 10% of the total GDP of the entire country.1 The adoption of advanced smart factory technologies can help fuel the next wave of business growth by way of significant cost savings, increased productivity and enhanced quality which ultimately results in delivering greater value to customers and employees.

Despite these benefits, mid-market Canadian manufacturing firms are falling behind when it comes to the digital transformation of their business, making Canada one of the worst performers in the Organization for Economic Co-Operation & Development (OECD)2. Fifty-five per cent of manufacturers do not use advanced technologies and one-fifth have no plans to invest in them in the next three years, naming cost and uncertainty as deterrents for digital transformation3.

______________________________

1 https://canadianvisa.org/life-in-canada/key-industries/manufacturing, Canadian Visa Org, 2019

2 Industrie 2030: Accelerating Adoption of Advanced Manufacturing Technologies, Canadian Manufacturers & Exporters, 2017

3 2018 Management Issues Survey, Canadian Manufacturers & Exporters, 2018

 

Given this significant opportunity, RBC's Go Digital program is now available to Canadian food manufacturers as part of its initial launch with plans to extend the program's reach to additional industries.

"This strategic partnership with RBC demonstrates our strong commitment to helping companies across Canada have greater access to digital technologies," said Kevin Peesker, President of Microsoft Canada. "By leveraging the breadth of Microsoft's trusted cloud platform, tapping into the skilled expertise of our Partner Network and maximizing RBC's sector-specific business and financial expertise, we believe this program will give organizations in Canada the confidence to truly embrace the next wave of computing, and expand that reach to more businesses across North America in the longer term."

Optimizing food manufacturing operations powered by Microsoft
RBC and Microsoft co-designed a curated suite of technology and innovation financing solutions tailored to food manufacturers. Leveraging a group of industry-leading partners from Microsoft's Partner Network, RBC's Go Digital program offers access to digital solutions that are powered by artificial intelligence, cloud business applications, data analytics, blockchain and the Internet of Things (IoT). These solutions include, but are not limited to:

  1. Environmental monitoring (i.e. temperature, humidity, air quality) leveraging the scale and intelligence of Microsoft's Azure Internet of Things (IoT)-enabled sensor technology to reduce waste, drive efficiency and realize cost savings;
  2. Food transparency and traceability leveraging blockchain technology to meet regulatory requirements and standards, from farm to table;
  3. Production variability monitoring using Microsoft's Artificial Intelligence (AI) and Azure IoT capabilities to reduce equipment downtime, increase output forecasting accuracy and improve quality control; and
  4. Cloud-Based Enterprise Resource Planning (ERP) leveraging Dynamics 365 to address food safety and compliance, quality and production, recipe development and management, and food recall traceability.

To learn more about RBC's Go Digital program, please speak with an RBC Account Manager or email godigital@rbc.com.

ABOUT RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to more than 16 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-sustainability.

ABOUT MICROSOFT CANADA
Established in 1985, Microsoft Canada Inc. is the Canadian subsidiary of Microsoft Corporation (Nasdaq "MSFT") the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft Canada provides nationwide sales, marketing, consulting and local support services in both French and English. Headquartered in Mississauga, Microsoft Canada has nine regional offices across the country dedicated to empowering innovation, prosperity and security through great software - any time, any place and on any device. For more information on Microsoft Canada, please visit www.microsoft.ca.

SOURCE Royal Bank of Canada

© Canada Newswire, source Canada Newswire English

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Financials (CAD)
Sales 2019 46 279 M
EBIT 2019 17 952 M
Net income 2019 12 815 M
Debt 2019 -
Yield 2019 3,87%
P/E ratio 2019 11,8x
P/E ratio 2020 11,2x
Capi. / Sales2019 3,25x
Capi. / Sales2020 3,20x
Capitalization 151 B
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Number of Analysts 17
Average target price 110,44  CAD
Last Close Price 104,91  CAD
Spread / Highest target 15,3%
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