QuickMedx has created a chain of small kiosks, located in drugstores and shopping malls in the Minneapolis area, that cater to patients with a limited range of very simple primary care conditions. Service is rapid and cheap and patients wait only a few minutes to be seen. The kiosks provide an alternative to the primary care physician's office and the emergency room. Clinical care itself is highly standardized and is delivered by nurse practitioners whose decisions are governed by detailed protocols. The company is now considering its expansion strategy. Should it increase the number of kiosks or widen the currently restricted range of conditions treated?
Swot Analysis of "QuickMedx, Inc." written by Richard Bohmer, Jonathan P. Groberg includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Kiosks Quickmedx facing as an external strategic factors. Some of the topics covered in QuickMedx, Inc. case study are - Strategic Management Strategies, Innovation and Technology & Operations.
Some of the macro environment factors that can be used to understand the QuickMedx, Inc. casestudy better are - – competitive advantages are harder to sustain because of technology dispersion, central banks are concerned over increasing inflation, increasing commodity prices, talent flight as more people leaving formal jobs, increasing government debt because of Covid-19 spendings, increasing transportation and logistics costs, increasing inequality as vast percentage of new income is going to the top 1%,
digital marketing is dominated by two big players Facebook and Google, wage bills are increasing, etc
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in QuickMedx, Inc. case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Kiosks Quickmedx, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Kiosks Quickmedx 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 QuickMedx, Inc. can be done for the following purposes –
1. Strategic planning using facts provided in QuickMedx, Inc. case study
2. Improving business portfolio management of Kiosks Quickmedx
3. Assessing feasibility of the new initiative in Technology & Operations field.
4. Making a Technology & Operations topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Kiosks Quickmedx
Strengths QuickMedx, Inc. | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Kiosks Quickmedx in QuickMedx, Inc. Harvard Business Review case study are -
Ability to lead change in Technology & Operations field
– Kiosks Quickmedx 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 Kiosks Quickmedx in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Highly skilled collaborators
– Kiosks Quickmedx 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 QuickMedx, Inc. HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Analytics focus
– Kiosks Quickmedx is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by Richard Bohmer, Jonathan P. Groberg can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.
Operational resilience
– The operational resilience strategy in the QuickMedx, Inc. 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.
Sustainable margins compare to other players in Technology & Operations industry
– QuickMedx, Inc. firm has clearly differentiated products in the market place. This has enabled Kiosks Quickmedx to fetch slight price premium compare to the competitors in the Technology & Operations industry. The sustainable margins have also helped Kiosks Quickmedx to invest into research and development (R&D) and innovation.
Low bargaining power of suppliers
– Suppliers of Kiosks Quickmedx in the sector have low bargaining power. QuickMedx, Inc. has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Kiosks Quickmedx to manage not only supply disruptions but also source products at highly competitive prices.
High switching costs
– The high switching costs that Kiosks Quickmedx 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.
Cross disciplinary teams
– Horizontal connected teams at the Kiosks Quickmedx are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Training and development
– Kiosks Quickmedx has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in QuickMedx, Inc. 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.
Effective Research and Development (R&D)
– Kiosks Quickmedx has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study QuickMedx, Inc. - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
High brand equity
– Kiosks Quickmedx has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Kiosks Quickmedx to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Strong track record of project management
– Kiosks Quickmedx is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Weaknesses QuickMedx, Inc. | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of QuickMedx, Inc. are -
Products dominated business model
– Even though Kiosks Quickmedx 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 - QuickMedx, Inc. 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 QuickMedx, Inc. 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 Kiosks Quickmedx has relatively successful track record of launching new products.
Increasing silos among functional specialists
– The organizational structure of Kiosks Quickmedx is dominated by functional specialists. It is not different from other players in the Technology & Operations segment. Kiosks Quickmedx needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Kiosks Quickmedx to focus more on services rather than just following the product oriented approach.
Aligning sales with marketing
– It come across in the case study QuickMedx, Inc. that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case QuickMedx, Inc. can leverage the sales team experience to cultivate customer relationships as Kiosks Quickmedx is planning to shift buying processes online.
Low market penetration in new markets
– Outside its home market of Kiosks Quickmedx, firm in the HBR case study QuickMedx, Inc. needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Workers concerns about automation
– As automation is fast increasing in the segment, Kiosks Quickmedx 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.
Need for greater diversity
– Kiosks Quickmedx has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
Lack of clear differentiation of Kiosks Quickmedx products
– To increase the profitability and margins on the products, Kiosks Quickmedx needs to provide more differentiated products than what it is currently offering in the marketplace.
High bargaining power of channel partners
– Because of the regulatory requirements, Richard Bohmer, Jonathan P. Groberg suggests that, Kiosks Quickmedx is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
Capital Spending Reduction
– Even during the low interest decade, Kiosks Quickmedx has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
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 Kiosks Quickmedx supply chain. Even after few cautionary changes mentioned in the HBR case study - QuickMedx, Inc., it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Kiosks Quickmedx vulnerable to further global disruptions in South East Asia.
Opportunities QuickMedx, Inc. | 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 QuickMedx, Inc. are -
Better consumer reach
– The expansion of the 5G network will help Kiosks Quickmedx to increase its market reach. Kiosks Quickmedx will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Low interest rates
– Even though inflation is raising its head in most developed economies, Kiosks Quickmedx can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Kiosks Quickmedx in the consumer business. Now Kiosks Quickmedx can target international markets with far fewer capital restrictions requirements than the existing system.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Kiosks Quickmedx in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Technology & Operations segment, and it will provide faster access to the consumers.
Buying journey improvements
– Kiosks Quickmedx can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. QuickMedx, Inc. 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.
Building a culture of innovation
– managers at Kiosks Quickmedx can make experimentation a productive activity and build a culture of innovation using approaches such as – mining transaction data, A/B testing of websites and selling platforms, engaging potential customers over various needs, and building on small ideas in the Technology & Operations segment.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Technology & Operations industry, but it has also influenced the consumer preferences. Kiosks Quickmedx can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Using analytics as competitive advantage
– Kiosks Quickmedx has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study QuickMedx, Inc. - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Kiosks Quickmedx to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Developing new processes and practices
– Kiosks Quickmedx can develop new processes and procedures in Technology & Operations 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.
Creating value in data economy
– The success of analytics program of Kiosks Quickmedx has opened avenues for new revenue streams for the organization in the industry. This can help Kiosks Quickmedx to build a more holistic ecosystem as suggested in the QuickMedx, Inc. case study. Kiosks Quickmedx can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Kiosks Quickmedx 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, QuickMedx, Inc., to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Kiosks Quickmedx to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Kiosks Quickmedx to hire the very best people irrespective of their geographical location.
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. Kiosks Quickmedx can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Threats QuickMedx, Inc. External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study QuickMedx, Inc. are -
Regulatory challenges
– Kiosks Quickmedx needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Technology & Operations industry regulations.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study QuickMedx, Inc., Kiosks Quickmedx may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Technology & Operations .
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 Kiosks Quickmedx in the Technology & Operations sector and impact the bottomline of the organization.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Kiosks Quickmedx will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
Shortening product life cycle
– it is one of the major threat that Kiosks Quickmedx is facing in Technology & Operations sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
Environmental challenges
– Kiosks Quickmedx needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Kiosks Quickmedx can take advantage of this fund but it will also bring new competitors in the Technology & Operations industry.
High dependence on third party suppliers
– Kiosks Quickmedx high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
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. Kiosks Quickmedx needs to understand the core reasons impacting the Technology & Operations industry. This will help it in building a better workplace.
Stagnating economy with rate increase
– Kiosks Quickmedx 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.
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 Kiosks Quickmedx business can come under increasing regulations regarding data privacy, data security, etc.
Increasing wage structure of Kiosks Quickmedx
– 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 Kiosks Quickmedx.
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
Weighted SWOT Analysis of QuickMedx, Inc. 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 QuickMedx, Inc. 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 QuickMedx, Inc. 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 QuickMedx, Inc. 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 QuickMedx, Inc. 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 Kiosks Quickmedx needs to make to build a sustainable competitive advantage.