Case Study Description of MINTing Innovation at NewYork-Presbyterian (A)
Several top surgeons at NewYork-Presbyterian hospital (NYP) are receiving financial and administrative support to advance their surgical device inventions through the earliest stages of commercialization.
Swot Analysis of "MINTing Innovation at NewYork-Presbyterian (A)" written by Richard G. Hamermesh, David Kiron includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Newyork Presbyterian facing as an external strategic factors. Some of the topics covered in MINTing Innovation at NewYork-Presbyterian (A) case study are - Strategic Management Strategies, Financial management, Innovation, Intellectual property, Marketing, Technology and Innovation & Entrepreneurship.
Some of the macro environment factors that can be used to understand the MINTing Innovation at NewYork-Presbyterian (A) casestudy better are - – customer relationship management is fast transforming because of increasing concerns over data privacy, technology disruption, talent flight as more people leaving formal jobs, competitive advantages are harder to sustain because of technology dispersion, wage bills are increasing, increasing transportation and logistics costs, supply chains are disrupted by pandemic ,
increasing commodity prices, cloud computing is disrupting traditional business models, etc
Introduction to SWOT Analysis of MINTing Innovation at NewYork-Presbyterian (A)
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in MINTing Innovation at NewYork-Presbyterian (A) case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Newyork Presbyterian, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Newyork Presbyterian 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 MINTing Innovation at NewYork-Presbyterian (A) can be done for the following purposes –
1. Strategic planning using facts provided in MINTing Innovation at NewYork-Presbyterian (A) case study
2. Improving business portfolio management of Newyork Presbyterian
3. Assessing feasibility of the new initiative in Innovation & Entrepreneurship field.
4. Making a Innovation & Entrepreneurship topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Newyork Presbyterian
Strengths MINTing Innovation at NewYork-Presbyterian (A) | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Newyork Presbyterian in MINTing Innovation at NewYork-Presbyterian (A) Harvard Business Review case study are -
Strong track record of project management
– Newyork Presbyterian is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
High switching costs
– The high switching costs that Newyork Presbyterian 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.
Analytics focus
– Newyork Presbyterian 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 G. Hamermesh, David Kiron 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.
Highly skilled collaborators
– Newyork Presbyterian 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 MINTing Innovation at NewYork-Presbyterian (A) HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Cross disciplinary teams
– Horizontal connected teams at the Newyork Presbyterian 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.
Superior customer experience
– The customer experience strategy of Newyork Presbyterian in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Learning organization
- Newyork Presbyterian 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 Newyork Presbyterian is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in MINTing Innovation at NewYork-Presbyterian (A) Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Effective Research and Development (R&D)
– Newyork Presbyterian 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 MINTing Innovation at NewYork-Presbyterian (A) - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Operational resilience
– The operational resilience strategy in the MINTing Innovation at NewYork-Presbyterian (A) 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.
High brand equity
– Newyork Presbyterian has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Newyork Presbyterian to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Organizational Resilience of Newyork Presbyterian
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Newyork Presbyterian does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Digital Transformation in Innovation & Entrepreneurship segment
- digital transformation varies from industry to industry. For Newyork Presbyterian digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Newyork Presbyterian 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.
Weaknesses MINTing Innovation at NewYork-Presbyterian (A) | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of MINTing Innovation at NewYork-Presbyterian (A) are -
Interest costs
– Compare to the competition, Newyork Presbyterian 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.
High cash cycle compare to competitors
Newyork Presbyterian 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.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Newyork Presbyterian is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study MINTing Innovation at NewYork-Presbyterian (A) can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Increasing silos among functional specialists
– The organizational structure of Newyork Presbyterian is dominated by functional specialists. It is not different from other players in the Innovation & Entrepreneurship segment. Newyork Presbyterian needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Newyork Presbyterian to focus more on services rather than just following the product oriented approach.
Need for greater diversity
– Newyork Presbyterian 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.
Slow to strategic competitive environment developments
– As MINTing Innovation at NewYork-Presbyterian (A) HBR case study mentions - Newyork Presbyterian 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.
High operating costs
– Compare to the competitors, firm in the HBR case study MINTing Innovation at NewYork-Presbyterian (A) 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 Newyork Presbyterian 's lucrative customers.
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 Newyork Presbyterian supply chain. Even after few cautionary changes mentioned in the HBR case study - MINTing Innovation at NewYork-Presbyterian (A), it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Newyork Presbyterian vulnerable to further global disruptions in South East Asia.
Lack of clear differentiation of Newyork Presbyterian products
– To increase the profitability and margins on the products, Newyork Presbyterian needs to provide more differentiated products than what it is currently offering in the marketplace.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study MINTing Innovation at NewYork-Presbyterian (A), it seems that the employees of Newyork Presbyterian don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
Slow decision making process
– As mentioned earlier in the report, Newyork Presbyterian 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. Newyork Presbyterian 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.
Opportunities MINTing Innovation at NewYork-Presbyterian (A) | 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 MINTing Innovation at NewYork-Presbyterian (A) are -
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Newyork Presbyterian can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
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 Newyork Presbyterian in the consumer business. Now Newyork Presbyterian 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 Newyork Presbyterian in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Innovation & Entrepreneurship segment, and it will provide faster access to the consumers.
Low interest rates
– Even though inflation is raising its head in most developed economies, Newyork Presbyterian 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.
Developing new processes and practices
– Newyork Presbyterian can develop new processes and procedures in Innovation & Entrepreneurship 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.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Newyork Presbyterian is facing challenges because of the dominance of functional experts in the organization. MINTing Innovation at NewYork-Presbyterian (A) 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.
Buying journey improvements
– Newyork Presbyterian can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. MINTing Innovation at NewYork-Presbyterian (A) 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.
Manufacturing automation
– Newyork Presbyterian can use the latest technology developments to improve its manufacturing and designing process in Innovation & Entrepreneurship 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.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Innovation & Entrepreneurship industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Newyork Presbyterian 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. Newyork Presbyterian 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.
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. Newyork Presbyterian can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Loyalty marketing
– Newyork Presbyterian 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.
Building a culture of innovation
– managers at Newyork Presbyterian 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 Innovation & Entrepreneurship segment.
Better consumer reach
– The expansion of the 5G network will help Newyork Presbyterian to increase its market reach. Newyork Presbyterian 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.
Threats MINTing Innovation at NewYork-Presbyterian (A) External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study MINTing Innovation at NewYork-Presbyterian (A) are -
Consumer confidence and its impact on Newyork Presbyterian 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.
Increasing wage structure of Newyork Presbyterian
– 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 Newyork Presbyterian.
High dependence on third party suppliers
– Newyork Presbyterian 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.
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 Newyork Presbyterian business can come under increasing regulations regarding data privacy, data security, etc.
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 Newyork Presbyterian in the Innovation & Entrepreneurship sector and impact the bottomline of the organization.
Environmental challenges
– Newyork Presbyterian 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. Newyork Presbyterian can take advantage of this fund but it will also bring new competitors in the Innovation & Entrepreneurship industry.
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.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study MINTing Innovation at NewYork-Presbyterian (A), Newyork Presbyterian may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Innovation & Entrepreneurship .
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.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Newyork Presbyterian 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 MINTing Innovation at NewYork-Presbyterian (A) .
Regulatory challenges
– Newyork Presbyterian 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 Innovation & Entrepreneurship industry regulations.
Stagnating economy with rate increase
– Newyork Presbyterian 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.
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. Newyork Presbyterian 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.
Weighted SWOT Analysis of MINTing Innovation at NewYork-Presbyterian (A) 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 MINTing Innovation at NewYork-Presbyterian (A) 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 MINTing Innovation at NewYork-Presbyterian (A) 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 MINTing Innovation at NewYork-Presbyterian (A) 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 MINTing Innovation at NewYork-Presbyterian (A) 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 Newyork Presbyterian needs to make to build a sustainable competitive advantage.
