Managing Millennials' Personal Use of Technology at Work SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Technology & Operations
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Managing Millennials' Personal Use of Technology at Work
Growing up with the internet and unparalleled access to technology, millennials (individuals born during 1981-1995, also known as Gen Y and Gen Me) extensively use various technologies for non-work-related reasons while at work. Both popular media and scholarly research have portrayed this issue negatively and have supported monitoring and restricting personal use of technology. However, if organizations are to attract and retain millennials-now the largest generation in the U.S. workforce-it is crucial to understand their characteristics and what drives them. Drawing on research on generational differences, organizational control, and cyberloafing, this article explains how unique characteristics of millennials lead them to engage in personal use of technology at work and how organizations might address this issue. Specifically, I contrast two one-sided approaches (deterrence and laissez-faire) that can lead to dysfunctional outcomes when used in excess and recommend more viable solutions. These solutions include establishing a workplace technology use policy based on shared understanding, fostering both relaxation and urgency mentalities, and training both millennials and their managers.
Swot Analysis of "Managing Millennials' Personal Use of Technology at Work" written by Sungdoo Kim includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Millennials Gen facing as an external strategic factors. Some of the topics covered in Managing Millennials' Personal Use of Technology at Work case study are - Strategic Management Strategies, Internet, IT and Technology & Operations.
Some of the macro environment factors that can be used to understand the Managing Millennials' Personal Use of Technology at Work casestudy better are - – banking and financial system is disrupted by Bitcoin and other crypto currencies, cloud computing is disrupting traditional business models, talent flight as more people leaving formal jobs, technology disruption, there is increasing trade war between United States & China, customer relationship management is fast transforming because of increasing concerns over data privacy, increasing government debt because of Covid-19 spendings,
increasing energy prices, challanges to central banks by blockchain based private currencies, etc
Introduction to SWOT Analysis of Managing Millennials' Personal Use of Technology at Work
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Managing Millennials' Personal Use of Technology at Work case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Millennials Gen, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Millennials Gen 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 Managing Millennials' Personal Use of Technology at Work can be done for the following purposes –
1. Strategic planning using facts provided in Managing Millennials' Personal Use of Technology at Work case study
2. Improving business portfolio management of Millennials Gen
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 Millennials Gen
Strengths Managing Millennials' Personal Use of Technology at Work | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Millennials Gen in Managing Millennials' Personal Use of Technology at Work Harvard Business Review case study are -
Innovation driven organization
– Millennials Gen is one of the most innovative firm in sector. Manager in Managing Millennials' Personal Use of Technology at Work Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Diverse revenue streams
– Millennials Gen is present in almost all the verticals within the industry. This has provided firm in Managing Millennials' Personal Use of Technology at Work 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.
Strong track record of project management
– Millennials Gen is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Learning organization
- Millennials Gen is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Millennials Gen is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Managing Millennials' Personal Use of Technology at Work Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Ability to recruit top talent
– Millennials Gen is one of the leading recruiters in the industry. Managers in the Managing Millennials' Personal Use of Technology at Work are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Effective Research and Development (R&D)
– Millennials Gen 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 Managing Millennials' Personal Use of Technology at Work - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Sustainable margins compare to other players in Technology & Operations industry
– Managing Millennials' Personal Use of Technology at Work firm has clearly differentiated products in the market place. This has enabled Millennials Gen to fetch slight price premium compare to the competitors in the Technology & Operations industry. The sustainable margins have also helped Millennials Gen to invest into research and development (R&D) and innovation.
Operational resilience
– The operational resilience strategy in the Managing Millennials' Personal Use of Technology at Work 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.
Digital Transformation in Technology & Operations segment
- digital transformation varies from industry to industry. For Millennials Gen digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Millennials Gen 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.
Superior customer experience
– The customer experience strategy of Millennials Gen in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Successful track record of launching new products
– Millennials Gen has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Millennials Gen 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.
Analytics focus
– Millennials Gen 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 Sungdoo Kim 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.
Weaknesses Managing Millennials' Personal Use of Technology at Work | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Managing Millennials' Personal Use of Technology at Work are -
No frontier risks strategy
– After analyzing the HBR case study Managing Millennials' Personal Use of Technology at Work, it seems that company is thinking about the frontier risks that can impact Technology & Operations strategy. But it has very little resources allocation to manage the risks emerging from events such as natural disasters, climate change, melting of permafrost, tacking the rise of artificial intelligence, opportunities and threats emerging from commercialization of space etc.
High operating costs
– Compare to the competitors, firm in the HBR case study Managing Millennials' Personal Use of Technology at Work 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 Millennials Gen 's lucrative customers.
Lack of clear differentiation of Millennials Gen products
– To increase the profitability and margins on the products, Millennials Gen needs to provide more differentiated products than what it is currently offering in the marketplace.
Workers concerns about automation
– As automation is fast increasing in the segment, Millennials Gen 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.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study Managing Millennials' Personal Use of Technology at Work, is just above the industry average. Millennials Gen 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.
High bargaining power of channel partners
– Because of the regulatory requirements, Sungdoo Kim suggests that, Millennials Gen 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.
Increasing silos among functional specialists
– The organizational structure of Millennials Gen is dominated by functional specialists. It is not different from other players in the Technology & Operations segment. Millennials Gen needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Millennials Gen to focus more on services rather than just following the product oriented approach.
Slow to strategic competitive environment developments
– As Managing Millennials' Personal Use of Technology at Work HBR case study mentions - Millennials Gen takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Capital Spending Reduction
– Even during the low interest decade, Millennials Gen 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.
Products dominated business model
– Even though Millennials Gen 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 - Managing Millennials' Personal Use of Technology at Work should strive to include more intangible value offerings along with its core products and services.
Aligning sales with marketing
– It come across in the case study Managing Millennials' Personal Use of Technology at Work 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 Managing Millennials' Personal Use of Technology at Work can leverage the sales team experience to cultivate customer relationships as Millennials Gen is planning to shift buying processes online.
Opportunities Managing Millennials' Personal Use of Technology at Work | 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 Managing Millennials' Personal Use of Technology at Work are -
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. Millennials Gen can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Millennials Gen 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 Millennials Gen to hire the very best people irrespective of their geographical location.
Creating value in data economy
– The success of analytics program of Millennials Gen has opened avenues for new revenue streams for the organization in the industry. This can help Millennials Gen to build a more holistic ecosystem as suggested in the Managing Millennials' Personal Use of Technology at Work case study. Millennials Gen can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Millennials Gen is facing challenges because of the dominance of functional experts in the organization. Managing Millennials' Personal Use of Technology at Work 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.
Developing new processes and practices
– Millennials Gen 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.
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. Millennials Gen can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Low interest rates
– Even though inflation is raising its head in most developed economies, Millennials Gen 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.
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 Millennials Gen 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.
Better consumer reach
– The expansion of the 5G network will help Millennials Gen to increase its market reach. Millennials Gen 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.
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 Millennials Gen in the consumer business. Now Millennials Gen can target international markets with far fewer capital restrictions requirements than the existing system.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Millennials Gen can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
Manufacturing automation
– Millennials Gen can use the latest technology developments to improve its manufacturing and designing process in Technology & Operations 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.
Building a culture of innovation
– managers at Millennials Gen 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.
Threats Managing Millennials' Personal Use of Technology at Work External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Managing Millennials' Personal Use of Technology at Work are -
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 Millennials Gen.
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 Millennials Gen 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, Millennials Gen 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 Managing Millennials' Personal Use of Technology at Work .
Regulatory challenges
– Millennials Gen 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 Managing Millennials' Personal Use of Technology at Work, Millennials Gen 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 .
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. Millennials Gen can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Shortening product life cycle
– it is one of the major threat that Millennials Gen is facing in Technology & Operations sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
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. Millennials Gen 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.
High dependence on third party suppliers
– Millennials Gen 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.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Millennials Gen with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
Consumer confidence and its impact on Millennials Gen 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.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Millennials Gen 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.
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.
Weighted SWOT Analysis of Managing Millennials' Personal Use of Technology at Work 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 Managing Millennials' Personal Use of Technology at Work 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 Managing Millennials' Personal Use of Technology at Work 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 Managing Millennials' Personal Use of Technology at Work 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 Managing Millennials' Personal Use of Technology at Work 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 Millennials Gen needs to make to build a sustainable competitive advantage.
