Case Study Description of Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture
In 2016, the three co-founders of Coinmen Consultants LLP (Coinmen), an independent business advisory and chartered accountancy firm in New Delhi, faced a dilemma with respect to the knowledge management process at their firm. Due to the firm's rapid growth, a change was certainly necessary, but the partners held some reservations about adopting a technological process for knowledge-sharing in their company. Would the implementation of a knowledge management system have a negative impact on the learning culture of Coinmen by providing the employees with ready-made solutions? Would it make employees dependent on technology, thus compromising their personal development? How could Coinmen ensure that the new technology would be used in combination with-not instead of- employee expertise? And finally, after a knowledge management system was introduced, should Coinmen also consider implementing a human resources information system and talent analytics? The authors are affiliated with Management Development Institute.
Swot Analysis of "Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture" written by Pranati Aggarwal, Jyotsna Bhatnagar includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Coinmen Knowledge facing as an external strategic factors. Some of the topics covered in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture case study are - Strategic Management Strategies, IT, Knowledge management, Talent management and Innovation & Entrepreneurship.
Some of the macro environment factors that can be used to understand the Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture casestudy better are - – challanges to central banks by blockchain based private currencies, there is increasing trade war between United States & China, increasing energy prices, talent flight as more people leaving formal jobs, wage bills are increasing, competitive advantages are harder to sustain because of technology dispersion, customer relationship management is fast transforming because of increasing concerns over data privacy,
there is backlash against globalization, increasing inequality as vast percentage of new income is going to the top 1%, etc
Introduction to SWOT Analysis of Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Coinmen Knowledge, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Coinmen Knowledge 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture can be done for the following purposes –
1. Strategic planning using facts provided in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture case study
2. Improving business portfolio management of Coinmen Knowledge
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 Coinmen Knowledge
Strengths Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Coinmen Knowledge in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture Harvard Business Review case study are -
Learning organization
- Coinmen Knowledge 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 Coinmen Knowledge is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Effective Research and Development (R&D)
– Coinmen Knowledge 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Cross disciplinary teams
– Horizontal connected teams at the Coinmen Knowledge 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.
Successful track record of launching new products
– Coinmen Knowledge has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Coinmen Knowledge 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.
Strong track record of project management
– Coinmen Knowledge is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Organizational Resilience of Coinmen Knowledge
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Coinmen Knowledge does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Ability to lead change in Innovation & Entrepreneurship field
– Coinmen Knowledge 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 Coinmen Knowledge in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Highly skilled collaborators
– Coinmen Knowledge 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Ability to recruit top talent
– Coinmen Knowledge is one of the leading recruiters in the industry. Managers in the Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Sustainable margins compare to other players in Innovation & Entrepreneurship industry
– Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture firm has clearly differentiated products in the market place. This has enabled Coinmen Knowledge to fetch slight price premium compare to the competitors in the Innovation & Entrepreneurship industry. The sustainable margins have also helped Coinmen Knowledge to invest into research and development (R&D) and innovation.
Low bargaining power of suppliers
– Suppliers of Coinmen Knowledge in the sector have low bargaining power. Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Coinmen Knowledge to manage not only supply disruptions but also source products at highly competitive prices.
Analytics focus
– Coinmen Knowledge 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 Pranati Aggarwal, Jyotsna Bhatnagar 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture are -
Low market penetration in new markets
– Outside its home market of Coinmen Knowledge, firm in the HBR case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Products dominated business model
– Even though Coinmen Knowledge 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 - Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Knowledge has relatively successful track record of launching new products.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture, is just above the industry average. Coinmen Knowledge 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.
Slow decision making process
– As mentioned earlier in the report, Coinmen Knowledge 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. Coinmen Knowledge even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
High cash cycle compare to competitors
Coinmen Knowledge 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 operating costs
– Compare to the competitors, firm in the HBR case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Knowledge 's lucrative customers.
High bargaining power of channel partners
– Because of the regulatory requirements, Pranati Aggarwal, Jyotsna Bhatnagar suggests that, Coinmen Knowledge 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.
Slow to strategic competitive environment developments
– As Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture HBR case study mentions - Coinmen Knowledge 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.
Increasing silos among functional specialists
– The organizational structure of Coinmen Knowledge is dominated by functional specialists. It is not different from other players in the Innovation & Entrepreneurship segment. Coinmen Knowledge needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Coinmen Knowledge to focus more on services rather than just following the product oriented approach.
Need for greater diversity
– Coinmen Knowledge 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.
Opportunities Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture | 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture are -
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. Coinmen Knowledge can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Developing new processes and practices
– Coinmen Knowledge 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.
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 Coinmen Knowledge 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.
Building a culture of innovation
– managers at Coinmen Knowledge 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.
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 Coinmen Knowledge in the consumer business. Now Coinmen Knowledge can target international markets with far fewer capital restrictions requirements than the existing system.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Coinmen Knowledge can use these opportunities to build new business models that can help the communities that Coinmen Knowledge operates in. Secondly it can use opportunities from government spending in Innovation & Entrepreneurship sector.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Coinmen Knowledge 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.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Coinmen Knowledge can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
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. Coinmen Knowledge 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. Coinmen Knowledge 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.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Coinmen Knowledge 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, Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Creating value in data economy
– The success of analytics program of Coinmen Knowledge has opened avenues for new revenue streams for the organization in the industry. This can help Coinmen Knowledge to build a more holistic ecosystem as suggested in the Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture case study. Coinmen Knowledge can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Better consumer reach
– The expansion of the 5G network will help Coinmen Knowledge to increase its market reach. Coinmen Knowledge 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.
Leveraging digital technologies
– Coinmen Knowledge 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.
Threats Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture are -
Easy access to finance
– Easy access to finance in Innovation & Entrepreneurship field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Coinmen Knowledge can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
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.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Coinmen Knowledge in the Innovation & Entrepreneurship industry. The Innovation & Entrepreneurship 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.
Consumer confidence and its impact on Coinmen Knowledge 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.
Technology acceleration in Forth Industrial Revolution
– Coinmen Knowledge has witnessed rapid integration of technology during Covid-19 in the Innovation & Entrepreneurship industry. As one of the leading players in the industry, Coinmen Knowledge needs to keep up with the evolution of technology in the Innovation & Entrepreneurship 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.
Regulatory challenges
– Coinmen Knowledge 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
– Coinmen Knowledge 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.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture, Coinmen Knowledge 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 .
Environmental challenges
– Coinmen Knowledge 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. Coinmen Knowledge can take advantage of this fund but it will also bring new competitors in the Innovation & Entrepreneurship industry.
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 Coinmen Knowledge business can come under increasing regulations regarding data privacy, data security, etc.
Shortening product life cycle
– it is one of the major threat that Coinmen Knowledge is facing in Innovation & Entrepreneurship 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.
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. Coinmen Knowledge needs to understand the core reasons impacting the Innovation & Entrepreneurship industry. This will help it in building a better workplace.
Weighted SWOT Analysis of Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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 Coinmen Knowledge needs to make to build a sustainable competitive advantage.
