Finding the Future: Crowdsourcing Versus the Delphi Technique SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Leadership & Managing People
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Finding the Future: Crowdsourcing Versus the Delphi Technique
When managers are unable to use quantifiable time series data to make forecasts or decide on uncertainties, they can either rely on their own intuition and judgment or resort to the insights of others. The Delphi technique is a well-known forecasting technique that relies on the pooled perspectives of experts to predict uncertain quantities or the outcomes of events. This relies on polling the opinions of experts, aggregating these opinions, feeding them back to the responding experts along with their own estimates, and having them repeat their judgment calls until some level of consensus is reached. More recently, however, the opinions of many others who are not experts have been sought on a range of topics in a loose assembly of similar techniques bundled under the title of crowdsourcing. This article compares Delphi and crowdsourcing as prediction and estimation tools for managers. It notes their differences and similarities, and provides a simple tool for executives to use in deciding whether or not to use these tools, and if so, which tool or combination of them will work best in a given situation.
Swot Analysis of "Finding the Future: Crowdsourcing Versus the Delphi Technique" written by Andrew Flostrand includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Delphi Experts facing as an external strategic factors. Some of the topics covered in Finding the Future: Crowdsourcing Versus the Delphi Technique case study are - Strategic Management Strategies, Innovation and Leadership & Managing People.
Some of the macro environment factors that can be used to understand the Finding the Future: Crowdsourcing Versus the Delphi Technique casestudy better are - – banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing energy prices, increasing household debt because of falling income levels, customer relationship management is fast transforming because of increasing concerns over data privacy, increasing commodity prices, supply chains are disrupted by pandemic , wage bills are increasing,
cloud computing is disrupting traditional business models, central banks are concerned over increasing inflation, etc
Introduction to SWOT Analysis of Finding the Future: Crowdsourcing Versus the Delphi Technique
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Finding the Future: Crowdsourcing Versus the Delphi Technique case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Delphi Experts, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Delphi Experts 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 Finding the Future: Crowdsourcing Versus the Delphi Technique can be done for the following purposes –
1. Strategic planning using facts provided in Finding the Future: Crowdsourcing Versus the Delphi Technique case study
2. Improving business portfolio management of Delphi Experts
3. Assessing feasibility of the new initiative in Leadership & Managing People field.
4. Making a Leadership & Managing People topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Delphi Experts
Strengths Finding the Future: Crowdsourcing Versus the Delphi Technique | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Delphi Experts in Finding the Future: Crowdsourcing Versus the Delphi Technique Harvard Business Review case study are -
High switching costs
– The high switching costs that Delphi Experts 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.
Highly skilled collaborators
– Delphi Experts 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 Finding the Future: Crowdsourcing Versus the Delphi Technique HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Low bargaining power of suppliers
– Suppliers of Delphi Experts in the sector have low bargaining power. Finding the Future: Crowdsourcing Versus the Delphi Technique has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Delphi Experts to manage not only supply disruptions but also source products at highly competitive prices.
Organizational Resilience of Delphi Experts
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Delphi Experts does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Innovation driven organization
– Delphi Experts is one of the most innovative firm in sector. Manager in Finding the Future: Crowdsourcing Versus the Delphi Technique Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Ability to lead change in Leadership & Managing People field
– Delphi Experts 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 Delphi Experts in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Training and development
– Delphi Experts has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Finding the Future: Crowdsourcing Versus the Delphi Technique 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.
Sustainable margins compare to other players in Leadership & Managing People industry
– Finding the Future: Crowdsourcing Versus the Delphi Technique firm has clearly differentiated products in the market place. This has enabled Delphi Experts to fetch slight price premium compare to the competitors in the Leadership & Managing People industry. The sustainable margins have also helped Delphi Experts to invest into research and development (R&D) and innovation.
High brand equity
– Delphi Experts has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Delphi Experts to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Successful track record of launching new products
– Delphi Experts has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Delphi Experts 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.
Learning organization
- Delphi Experts 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 Delphi Experts is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Finding the Future: Crowdsourcing Versus the Delphi Technique Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Cross disciplinary teams
– Horizontal connected teams at the Delphi Experts 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.
Weaknesses Finding the Future: Crowdsourcing Versus the Delphi Technique | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Finding the Future: Crowdsourcing Versus the Delphi Technique are -
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Delphi Experts is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Finding the Future: Crowdsourcing Versus the Delphi Technique can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Low market penetration in new markets
– Outside its home market of Delphi Experts, firm in the HBR case study Finding the Future: Crowdsourcing Versus the Delphi Technique needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Delphi Experts has relatively successful track record of launching new products.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study Finding the Future: Crowdsourcing Versus the Delphi Technique, it seems that the employees of Delphi Experts 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.
Aligning sales with marketing
– It come across in the case study Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Finding the Future: Crowdsourcing Versus the Delphi Technique can leverage the sales team experience to cultivate customer relationships as Delphi Experts is planning to shift buying processes online.
Lack of clear differentiation of Delphi Experts products
– To increase the profitability and margins on the products, Delphi Experts needs to provide more differentiated products than what it is currently offering in the marketplace.
Slow decision making process
– As mentioned earlier in the report, Delphi Experts 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. Delphi Experts 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
Delphi Experts 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 strategic competitive environment developments
– As Finding the Future: Crowdsourcing Versus the Delphi Technique HBR case study mentions - Delphi Experts 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, Delphi Experts 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.
Increasing silos among functional specialists
– The organizational structure of Delphi Experts is dominated by functional specialists. It is not different from other players in the Leadership & Managing People segment. Delphi Experts needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Delphi Experts to focus more on services rather than just following the product oriented approach.
Opportunities Finding the Future: Crowdsourcing Versus the Delphi Technique | 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 Finding the Future: Crowdsourcing Versus the Delphi Technique are -
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Delphi Experts 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, Finding the Future: Crowdsourcing Versus the Delphi Technique, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Leadership & Managing People industry, but it has also influenced the consumer preferences. Delphi Experts can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Creating value in data economy
– The success of analytics program of Delphi Experts has opened avenues for new revenue streams for the organization in the industry. This can help Delphi Experts to build a more holistic ecosystem as suggested in the Finding the Future: Crowdsourcing Versus the Delphi Technique case study. Delphi Experts 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 Delphi Experts to increase its market reach. Delphi Experts 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.
Using analytics as competitive advantage
– Delphi Experts 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 Finding the Future: Crowdsourcing Versus the Delphi Technique - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Delphi Experts to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Low interest rates
– Even though inflation is raising its head in most developed economies, Delphi Experts 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.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Delphi Experts 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 Delphi Experts to hire the very best people irrespective of their geographical location.
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 Delphi Experts 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.
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. Delphi Experts can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Leadership & Managing People industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Delphi Experts 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. Delphi Experts 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.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Delphi Experts in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Leadership & Managing People segment, and it will provide faster access to the consumers.
Developing new processes and practices
– Delphi Experts can develop new processes and procedures in Leadership & Managing People 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.
Building a culture of innovation
– managers at Delphi Experts 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 Leadership & Managing People segment.
Threats Finding the Future: Crowdsourcing Versus the Delphi Technique External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Finding the Future: Crowdsourcing Versus the Delphi Technique are -
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.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Finding the Future: Crowdsourcing Versus the Delphi Technique, Delphi Experts may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Leadership & Managing People .
Environmental challenges
– Delphi Experts 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. Delphi Experts can take advantage of this fund but it will also bring new competitors in the Leadership & Managing People industry.
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. Delphi Experts needs to understand the core reasons impacting the Leadership & Managing People industry. This will help it in building a better workplace.
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 Delphi Experts in the Leadership & Managing People sector and impact the bottomline of the organization.
Stagnating economy with rate increase
– Delphi Experts 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.
Regulatory challenges
– Delphi Experts 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 Leadership & Managing People industry regulations.
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. Delphi Experts 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.
Technology acceleration in Forth Industrial Revolution
– Delphi Experts has witnessed rapid integration of technology during Covid-19 in the Leadership & Managing People industry. As one of the leading players in the industry, Delphi Experts needs to keep up with the evolution of technology in the Leadership & Managing People 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.
Easy access to finance
– Easy access to finance in Leadership & Managing People field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Delphi Experts 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 Delphi Experts is facing in Leadership & Managing People sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Consumer confidence and its impact on Delphi Experts 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.
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 Delphi Experts.
Weighted SWOT Analysis of Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Finding the Future: Crowdsourcing Versus the Delphi Technique 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 Delphi Experts needs to make to build a sustainable competitive advantage.
