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 - – there is backlash against globalization, increasing transportation and logistics costs, geopolitical disruptions, increasing government debt because of Covid-19 spendings, increasing household debt because of falling income levels, central banks are concerned over increasing inflation, cloud computing is disrupting traditional business models,
wage bills are increasing, challanges to central banks by blockchain based private currencies, 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 -
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.
High brand equity
– Coinmen Knowledge has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Coinmen Knowledge to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Diverse revenue streams
– Coinmen Knowledge is present in almost all the verticals within the industry. This has provided firm in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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.
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.
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.
High switching costs
– The high switching costs that Coinmen Knowledge 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.
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.
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.
Digital Transformation in Innovation & Entrepreneurship segment
- digital transformation varies from industry to industry. For Coinmen Knowledge digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Coinmen Knowledge 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.
Training and development
– Coinmen Knowledge has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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.
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 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.
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 -
Skills based hiring
– The stress on hiring functional specialists at Coinmen Knowledge 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 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.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Coinmen Knowledge is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Capital Spending Reduction
– Even during the low interest decade, Coinmen Knowledge has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Coinmen Knowledge supply chain. Even after few cautionary changes mentioned in the HBR case study - Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Coinmen Knowledge vulnerable to further global disruptions in South East Asia.
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.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture, it seems that the employees of Coinmen Knowledge 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.
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.
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.
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 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.
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 -
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.
Loyalty marketing
– Coinmen Knowledge 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.
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.
Buying journey improvements
– Coinmen Knowledge can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture 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.
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.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Innovation & Entrepreneurship industry, but it has also influenced the consumer preferences. Coinmen Knowledge can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
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.
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.
Low interest rates
– Even though inflation is raising its head in most developed economies, Coinmen Knowledge 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.
Using analytics as competitive advantage
– Coinmen Knowledge 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 Coinmen Consultants LLP: Adopting a Technology-Based Learning Culture - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Coinmen Knowledge 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 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.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Coinmen Knowledge 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 Coinmen Knowledge to hire the very best people irrespective of their geographical location.
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 -
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 .
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 Coinmen Knowledge.
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.
High dependence on third party suppliers
– Coinmen Knowledge 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.
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.
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.
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.
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.
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.
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.
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 Coinmen Knowledge in the Innovation & Entrepreneurship sector and impact the bottomline 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.
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.
