If Only We Knew What We Know: Identification and Transfer of Internal Best Practices SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Organizational Development
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of If Only We Knew What We Know: Identification and Transfer of Internal Best Practices
One of the most effective avenues toward improvement is the process of internal benchmarking--identifying, sharing, and using the knowledge and "best practices" inside one's organization. But the process can be tricky and time consuming because of obstacles such as ignorance about resources or others' needs, a culture that values personal expertise more than knowledge sharing, and a lack of resources for implementation of best practices. This article explores how organizations conduct successful internal benchmarking, relating details ranging from requirements for successful transfer to lessons learned.
Swot Analysis of "If Only We Knew What We Know: Identification and Transfer of Internal Best Practices" written by Carla O'Dell, C. Jackson Grayson Jr. includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Benchmarking Internal facing as an external strategic factors. Some of the topics covered in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices case study are - Strategic Management Strategies, Organizational culture and Organizational Development.
Some of the macro environment factors that can be used to understand the If Only We Knew What We Know: Identification and Transfer of Internal Best Practices casestudy better are - – there is backlash against globalization, cloud computing is disrupting traditional business models, challanges to central banks by blockchain based private currencies, wage bills are increasing, supply chains are disrupted by pandemic , banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing transportation and logistics costs,
central banks are concerned over increasing inflation, technology disruption, etc
Introduction to SWOT Analysis of If Only We Knew What We Know: Identification and Transfer of Internal Best Practices
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Benchmarking Internal, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Benchmarking Internal operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of If Only We Knew What We Know: Identification and Transfer of Internal Best Practices can be done for the following purposes –
1. Strategic planning using facts provided in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices case study
2. Improving business portfolio management of Benchmarking Internal
3. Assessing feasibility of the new initiative in Organizational Development field.
4. Making a Organizational Development topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Benchmarking Internal
Strengths If Only We Knew What We Know: Identification and Transfer of Internal Best Practices | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Benchmarking Internal in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices Harvard Business Review case study are -
Ability to lead change in Organizational Development field
– Benchmarking Internal is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Benchmarking Internal in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Diverse revenue streams
– Benchmarking Internal is present in almost all the verticals within the industry. This has provided firm in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
Highly skilled collaborators
– Benchmarking Internal has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Innovation driven organization
– Benchmarking Internal is one of the most innovative firm in sector. Manager in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Operational resilience
– The operational resilience strategy in the If Only We Knew What We Know: Identification and Transfer of Internal Best Practices Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
Training and development
– Benchmarking Internal has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in If Only We Knew What We Know: Identification and Transfer of Internal Best Practices Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Strong track record of project management
– Benchmarking Internal is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Superior customer experience
– The customer experience strategy of Benchmarking Internal in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
High switching costs
– The high switching costs that Benchmarking Internal has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Digital Transformation in Organizational Development segment
- digital transformation varies from industry to industry. For Benchmarking Internal digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Benchmarking Internal has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Organizational Resilience of Benchmarking Internal
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Benchmarking Internal does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Low bargaining power of suppliers
– Suppliers of Benchmarking Internal in the sector have low bargaining power. If Only We Knew What We Know: Identification and Transfer of Internal Best Practices has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Benchmarking Internal to manage not only supply disruptions but also source products at highly competitive prices.
Weaknesses If Only We Knew What We Know: Identification and Transfer of Internal Best Practices | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of If Only We Knew What We Know: Identification and Transfer of Internal Best Practices are -
Workers concerns about automation
– As automation is fast increasing in the segment, Benchmarking Internal needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices, in the dynamic environment Benchmarking Internal has struggled to respond to the nimble upstart competition. Benchmarking Internal has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Interest costs
– Compare to the competition, Benchmarking Internal has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.
Products dominated business model
– Even though Benchmarking Internal has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - If Only We Knew What We Know: Identification and Transfer of Internal Best Practices should strive to include more intangible value offerings along with its core products and services.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the If Only We Knew What We Know: Identification and Transfer of Internal Best Practices HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Benchmarking Internal has relatively successful track record of launching new products.
Slow decision making process
– As mentioned earlier in the report, Benchmarking Internal has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Benchmarking Internal even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Benchmarking Internal supply chain. Even after few cautionary changes mentioned in the HBR case study - If Only We Knew What We Know: Identification and Transfer of Internal Best Practices, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Benchmarking Internal vulnerable to further global disruptions in South East Asia.
Skills based hiring
– The stress on hiring functional specialists at Benchmarking Internal has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
Low market penetration in new markets
– Outside its home market of Benchmarking Internal, firm in the HBR case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Lack of clear differentiation of Benchmarking Internal products
– To increase the profitability and margins on the products, Benchmarking Internal needs to provide more differentiated products than what it is currently offering in the marketplace.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Benchmarking Internal is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Opportunities If Only We Knew What We Know: Identification and Transfer of Internal Best Practices | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices are -
Manufacturing automation
– Benchmarking Internal can use the latest technology developments to improve its manufacturing and designing process in Organizational Development segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Benchmarking Internal in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Organizational Development segment, and it will provide faster access to the consumers.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Benchmarking Internal to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Learning at scale
– Online learning technologies has now opened space for Benchmarking Internal to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Organizational Development industry, but it has also influenced the consumer preferences. Benchmarking Internal can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Developing new processes and practices
– Benchmarking Internal can develop new processes and procedures in Organizational Development industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Benchmarking Internal can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, If Only We Knew What We Know: Identification and Transfer of Internal Best Practices, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Benchmarking Internal can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
Loyalty marketing
– Benchmarking Internal has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Benchmarking Internal can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Leveraging digital technologies
– Benchmarking Internal can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Organizational Development industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Benchmarking Internal can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Benchmarking Internal can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
Buying journey improvements
– Benchmarking Internal can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. If Only We Knew What We Know: Identification and Transfer of Internal Best Practices suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Threats If Only We Knew What We Know: Identification and Transfer of Internal Best Practices External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices are -
Stagnating economy with rate increase
– Benchmarking Internal can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Benchmarking Internal can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices .
Increasing wage structure of Benchmarking Internal
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Benchmarking Internal.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Benchmarking Internal in the Organizational Development sector and impact the bottomline of the organization.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Benchmarking Internal in the Organizational Development industry. The Organizational Development industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Technology acceleration in Forth Industrial Revolution
– Benchmarking Internal has witnessed rapid integration of technology during Covid-19 in the Organizational Development industry. As one of the leading players in the industry, Benchmarking Internal needs to keep up with the evolution of technology in the Organizational Development sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
Shortening product life cycle
– it is one of the major threat that Benchmarking Internal is facing in Organizational Development sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Consumer confidence and its impact on Benchmarking Internal demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Benchmarking Internal.
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Benchmarking Internal business can come under increasing regulations regarding data privacy, data security, etc.
Easy access to finance
– Easy access to finance in Organizational Development field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Benchmarking Internal can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices, Benchmarking Internal may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Organizational Development .
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Benchmarking Internal needs to understand the core reasons impacting the Organizational Development industry. This will help it in building a better workplace.
Weighted SWOT Analysis of If Only We Knew What We Know: Identification and Transfer of Internal Best Practices Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study If Only We Knew What We Know: Identification and Transfer of Internal Best Practices is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of If Only We Knew What We Know: Identification and Transfer of Internal Best Practices is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Benchmarking Internal needs to make to build a sustainable competitive advantage.
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