Data Sharing and Analytics Drive Success With IoT SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
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Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Data Sharing and Analytics Drive Success With IoT
This is an MIT Sloan Management Review Article. We found that obtaining business value using the connections the IoT creates between an organization and its customers, suppliers, and competitors depends on companies'willingness to share data with other organizations.
Authors :: Stephanie Jernigan, David Kiron, Sam Ransbotham
Swot Analysis of "Data Sharing and Analytics Drive Success With IoT" written by Stephanie Jernigan, David Kiron, Sam Ransbotham includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Iot Companies'willingness facing as an external strategic factors. Some of the topics covered in Data Sharing and Analytics Drive Success With IoT case study are - Strategic Management Strategies, Internet and Technology & Operations.
Some of the macro environment factors that can be used to understand the Data Sharing and Analytics Drive Success With IoT casestudy better are - – competitive advantages are harder to sustain because of technology dispersion, there is increasing trade war between United States & China, digital marketing is dominated by two big players Facebook and Google, banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing government debt because of Covid-19 spendings, cloud computing is disrupting traditional business models, technology disruption,
increasing energy prices, increasing inequality as vast percentage of new income is going to the top 1%, etc
Introduction to SWOT Analysis of Data Sharing and Analytics Drive Success With IoT
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Data Sharing and Analytics Drive Success With IoT case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Iot Companies'willingness, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Iot Companies'willingness 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 Data Sharing and Analytics Drive Success With IoT can be done for the following purposes –
1. Strategic planning using facts provided in Data Sharing and Analytics Drive Success With IoT case study
2. Improving business portfolio management of Iot Companies'willingness
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 Iot Companies'willingness
Strengths Data Sharing and Analytics Drive Success With IoT | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Iot Companies'willingness in Data Sharing and Analytics Drive Success With IoT Harvard Business Review case study are -
Cross disciplinary teams
– Horizontal connected teams at the Iot Companies'willingness 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.
Ability to lead change in Technology & Operations field
– Iot Companies'willingness 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 Iot Companies'willingness in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Successful track record of launching new products
– Iot Companies'willingness has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Iot Companies'willingness has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Ability to recruit top talent
– Iot Companies'willingness is one of the leading recruiters in the industry. Managers in the Data Sharing and Analytics Drive Success With IoT are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Training and development
– Iot Companies'willingness has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Data Sharing and Analytics Drive Success With IoT 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.
Analytics focus
– Iot Companies'willingness 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 Stephanie Jernigan, David Kiron, Sam Ransbotham 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.
Digital Transformation in Technology & Operations segment
- digital transformation varies from industry to industry. For Iot Companies'willingness digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Iot Companies'willingness 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.
Diverse revenue streams
– Iot Companies'willingness is present in almost all the verticals within the industry. This has provided firm in Data Sharing and Analytics Drive Success With IoT 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.
Innovation driven organization
– Iot Companies'willingness is one of the most innovative firm in sector. Manager in Data Sharing and Analytics Drive Success With IoT Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Sustainable margins compare to other players in Technology & Operations industry
– Data Sharing and Analytics Drive Success With IoT firm has clearly differentiated products in the market place. This has enabled Iot Companies'willingness to fetch slight price premium compare to the competitors in the Technology & Operations industry. The sustainable margins have also helped Iot Companies'willingness to invest into research and development (R&D) and innovation.
Superior customer experience
– The customer experience strategy of Iot Companies'willingness in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Highly skilled collaborators
– Iot Companies'willingness 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 Data Sharing and Analytics Drive Success With IoT HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Weaknesses Data Sharing and Analytics Drive Success With IoT | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Data Sharing and Analytics Drive Success With IoT are -
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Data Sharing and Analytics Drive Success With IoT, in the dynamic environment Iot Companies'willingness has struggled to respond to the nimble upstart competition. Iot Companies'willingness has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study Data Sharing and Analytics Drive Success With IoT, is just above the industry average. Iot Companies'willingness needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
Capital Spending Reduction
– Even during the low interest decade, Iot Companies'willingness 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.
Aligning sales with marketing
– It come across in the case study Data Sharing and Analytics Drive Success With IoT 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 Data Sharing and Analytics Drive Success With IoT can leverage the sales team experience to cultivate customer relationships as Iot Companies'willingness is planning to shift buying processes online.
Skills based hiring
– The stress on hiring functional specialists at Iot Companies'willingness 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.
High operating costs
– Compare to the competitors, firm in the HBR case study Data Sharing and Analytics Drive Success With IoT has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Iot Companies'willingness 's lucrative customers.
High cash cycle compare to competitors
Iot Companies'willingness has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
High bargaining power of channel partners
– Because of the regulatory requirements, Stephanie Jernigan, David Kiron, Sam Ransbotham suggests that, Iot Companies'willingness 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.
Products dominated business model
– Even though Iot Companies'willingness 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 - Data Sharing and Analytics Drive Success With IoT should strive to include more intangible value offerings along with its core products and services.
Need for greater diversity
– Iot Companies'willingness 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.
Interest costs
– Compare to the competition, Iot Companies'willingness 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.
Opportunities Data Sharing and Analytics Drive Success With IoT | 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 Data Sharing and Analytics Drive Success With IoT are -
Learning at scale
– Online learning technologies has now opened space for Iot Companies'willingness 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.
Building a culture of innovation
– managers at Iot Companies'willingness 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.
Using analytics as competitive advantage
– Iot Companies'willingness 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 Data Sharing and Analytics Drive Success With IoT - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Iot Companies'willingness to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Iot Companies'willingness 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.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Iot Companies'willingness can use these opportunities to build new business models that can help the communities that Iot Companies'willingness operates in. Secondly it can use opportunities from government spending in Technology & Operations sector.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Iot Companies'willingness is facing challenges because of the dominance of functional experts in the organization. Data Sharing and Analytics Drive Success With IoT case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Iot Companies'willingness 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, Data Sharing and Analytics Drive Success With IoT, 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 Iot Companies'willingness 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 Iot Companies'willingness to hire the very best people irrespective of their geographical location.
Leveraging digital technologies
– Iot Companies'willingness 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.
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 Iot Companies'willingness 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.
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 Iot Companies'willingness in the consumer business. Now Iot Companies'willingness can target international markets with far fewer capital restrictions requirements than the existing system.
Creating value in data economy
– The success of analytics program of Iot Companies'willingness has opened avenues for new revenue streams for the organization in the industry. This can help Iot Companies'willingness to build a more holistic ecosystem as suggested in the Data Sharing and Analytics Drive Success With IoT case study. Iot Companies'willingness can build new products and services such as - data insight services, data privacy related products, data based consulting services, 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. Iot Companies'willingness can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Threats Data Sharing and Analytics Drive Success With IoT External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Data Sharing and Analytics Drive Success With IoT are -
Technology acceleration in Forth Industrial Revolution
– Iot Companies'willingness has witnessed rapid integration of technology during Covid-19 in the Technology & Operations industry. As one of the leading players in the industry, Iot Companies'willingness needs to keep up with the evolution of technology in the Technology & Operations 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.
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 Iot Companies'willingness in the Technology & Operations sector and impact the bottomline of the organization.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Iot Companies'willingness 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 Data Sharing and Analytics Drive Success With IoT .
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. Iot Companies'willingness needs to understand the core reasons impacting the Technology & Operations industry. This will help it in building a better workplace.
Increasing wage structure of Iot Companies'willingness
– 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 Iot Companies'willingness.
Consumer confidence and its impact on Iot Companies'willingness 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.
Regulatory challenges
– Iot Companies'willingness 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.
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 Iot Companies'willingness.
Easy access to finance
– Easy access to finance in Technology & Operations field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Iot Companies'willingness can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
High dependence on third party suppliers
– Iot Companies'willingness 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.
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. Iot Companies'willingness 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.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Data Sharing and Analytics Drive Success With IoT, Iot Companies'willingness 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 .
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Iot Companies'willingness in the Technology & Operations industry. The Technology & Operations 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.
Weighted SWOT Analysis of Data Sharing and Analytics Drive Success With IoT 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 Data Sharing and Analytics Drive Success With IoT 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 Data Sharing and Analytics Drive Success With IoT 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 Data Sharing and Analytics Drive Success With IoT 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 Data Sharing and Analytics Drive Success With IoT 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 Iot Companies'willingness needs to make to build a sustainable competitive advantage.