SWOT Analysis / TOWS Matrix for Topvision Eye Specialist (Malaysia)
Based on various researches at Oak Spring University , Topvision Eye Specialist is operating in a macro-environment that has been destablized by – challanges to central banks by blockchain based private currencies, increasing energy prices, talent flight as more people leaving formal jobs, customer relationship management is fast transforming because of increasing concerns over data privacy, there is increasing trade war between United States & China, increasing household debt because of falling income levels, geopolitical disruptions,
banking and financial system is disrupted by Bitcoin and other crypto currencies, technology disruption, etc
Introduction to SWOT Analysis of Topvision Eye Specialist
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University, we believe that Topvision Eye Specialist can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Topvision Eye Specialist, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Topvision Eye Specialist 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 Topvision Eye Specialist can be done for the following purposes –
1. Strategic planning of Topvision Eye Specialist
2. Improving business portfolio management of Topvision Eye Specialist
3. Assessing feasibility of the new initiative in Malaysia
4. Making a Healthcare Facilities sector specific business decision
5. Set goals for the organization
6. Organizational restructuring of Topvision Eye Specialist
Strengths of Topvision Eye Specialist | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Topvision Eye Specialist are -
High brand equity
– Topvision Eye Specialist has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Topvision Eye Specialist to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Highly skilled collaborators
– Topvision Eye Specialist has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive Healthcare Facilities industry. Secondly the value chain collaborators of Topvision Eye Specialist have helped the firm to develop new products and bring them quickly to the marketplace.
Sustainable margins compare to other players in Healthcare Facilities industry
– Topvision Eye Specialist has clearly differentiated products in the market place. This has enabled Topvision Eye Specialist to fetch slight price premium compare to the competitors in the Healthcare Facilities industry. The sustainable margins have also helped Topvision Eye Specialist to invest into research and development (R&D) and innovation.
Diverse revenue streams
– Topvision Eye Specialist is present in almost all the verticals within the Healthcare Facilities industry. This has provided Topvision Eye Specialist 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.
Ability to recruit top talent
– Topvision Eye Specialist is one of the leading players in the Healthcare Facilities industry in Malaysia. It is in a position to attract the best talent available in Malaysia. The firm has a robust talent identification program that helps in identifying the brightest.
Training and development
– Topvision Eye Specialist has one of the best training and development program in Healthcare industry. The effectiveness of the training programs can be measured in – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Innovation driven organization
– Topvision Eye Specialist is one of the most innovative firm in Healthcare Facilities sector.
Successful track record of launching new products
– Topvision Eye Specialist has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Topvision Eye Specialist 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
- Topvision Eye Specialist 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 Topvision Eye Specialist is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders at Topvision Eye Specialist emphasize – knowledge, initiative, and innovation.
Ability to lead change in Healthcare Facilities
– Topvision Eye Specialist is one of the leading players in the Healthcare Facilities industry in Malaysia. Over the years it has not only transformed the business landscape in the Healthcare Facilities industry in Malaysia but also across the existing markets. The ability to lead change has enabled Topvision Eye Specialist in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Digital Transformation in Healthcare Facilities industry
- digital transformation varies from industry to industry. For Topvision Eye Specialist digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Topvision Eye Specialist 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.
Effective Research and Development (R&D)
– Topvision Eye Specialist has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in – Topvision Eye Specialist staying ahead in the Healthcare Facilities industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Weaknesses of Topvision Eye Specialist | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Topvision Eye Specialist are -
Lack of clear differentiation of Topvision Eye Specialist products
– To increase the profitability and margins on the products, Topvision Eye Specialist needs to provide more differentiated products than what it is currently offering in the marketplace.
Aligning sales with marketing
– From the outside it seems that Topvision Eye Specialist needs to have more collaboration between its sales team and marketing team. Sales professionals in the Healthcare Facilities industry have deep experience in developing customer relationships. Marketing department at Topvision Eye Specialist can leverage the sales team experience to cultivate customer relationships as Topvision Eye Specialist is planning to shift buying processes online.
Capital Spending Reduction
– Even during the low interest decade, Topvision Eye Specialist 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 Healthcare Facilities industry using digital technology.
High dependence on Topvision Eye Specialist ‘s star products
– The top 2 products and services of Topvision Eye Specialist still accounts for major business revenue. This dependence on star products in Healthcare Facilities industry has resulted into insufficient focus on developing new products, even though Topvision Eye Specialist has relatively successful track record of launching new products.
Slow decision making process
– As mentioned earlier in the report, Topvision Eye Specialist has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the Healthcare Facilities industry over the last five years. Topvision Eye Specialist 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.
Employees’ less understanding of Topvision Eye Specialist strategy
– From the outside it seems that the employees of Topvision Eye Specialist 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 bargaining power of channel partners in Healthcare Facilities industry
– because of the regulatory requirements in Malaysia, Topvision Eye Specialist 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 Healthcare Facilities industry.
Increasing silos among functional specialists
– The organizational structure of Topvision Eye Specialist is dominated by functional specialists. It is not different from other players in the Healthcare Facilities industry, but Topvision Eye Specialist needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Topvision Eye Specialist to focus more on services in the Healthcare Facilities industry rather than just following the product oriented approach.
High operating costs
– Compare to the competitors, Topvision Eye Specialist has high operating costs in the Healthcare Facilities industry. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Topvision Eye Specialist lucrative customers.
No frontier risks strategy
– From the 10K / annual statement of Topvision Eye Specialist, it seems that company is thinking out the frontier risks that can impact Healthcare Facilities industry. But it has very little resources allocation to manage the risks emerging from events such as natural disasters, climate change, melting of permafrost, tacking the rise of artificial intelligence, opportunities and threats emerging from commercialization of space etc.
High cash cycle compare to competitors
Topvision Eye Specialist has a high cash cycle compare to other players in the Healthcare Facilities industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
Topvision Eye Specialist Opportunities | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities of Topvision Eye Specialist are -
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 Topvision Eye Specialist 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.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Topvision Eye Specialist can use these opportunities to build new business models that can help the communities that Topvision Eye Specialist operates in. Secondly it can use opportunities from government spending in Healthcare Facilities sector.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Topvision Eye Specialist in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Healthcare Facilities industry, and it will provide faster access to the consumers.
Use of Bitcoin and other crypto currencies for transactions in Healthcare Facilities industry
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Topvision Eye Specialist in the Healthcare Facilities industry. Now Topvision Eye Specialist can target international markets with far fewer capital restrictions requirements than the existing system.
Learning at scale
– Online learning technologies has now opened space for Topvision Eye Specialist to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Loyalty marketing
– Topvision Eye Specialist 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.
Better consumer reach
– The expansion of the 5G network will help Topvision Eye Specialist to increase its market reach. Topvision Eye Specialist 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.
Building a culture of innovation
– managers at Topvision Eye Specialist 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 Healthcare Facilities industry.
Buying journey improvements
– Topvision Eye Specialist can improve the customer journey of consumers in the Healthcare Facilities industry by using analytics and artificial intelligence. It 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.
Low interest rates
– Even though inflation is raising its head in most developed economies, Topvision Eye Specialist 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.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Topvision Eye Specialist can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Topvision Eye Specialist is facing challenges because of the dominance of functional experts in the organization. Topvision Eye Specialist can utilize new technology in the field of Healthcare Facilities industry to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Using analytics as competitive advantage
– Topvision Eye Specialist has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in Healthcare Facilities sector. This continuous investment in analytics has enabled Topvision Eye Specialist to build a competitive advantage using analytics. The analytics driven competitive advantage can help Topvision Eye Specialist to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Threats Topvision Eye Specialist External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats of Topvision Eye Specialist are -
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. Topvision Eye Specialist needs to understand the core reasons impacting the Healthcare Facilities industry. This will help it in building a better workplace.
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.
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 Topvision Eye Specialist in the Healthcare Facilities 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 Topvision Eye Specialist in Healthcare Facilities industry. The Healthcare Facilities 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.
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. Topvision Eye Specialist 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.
Easy access to finance
– Easy access to finance in Healthcare Facilities industry will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Topvision Eye Specialist can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
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 Topvision Eye Specialist business can come under increasing regulations regarding data privacy, data security, etc.
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, Topvision Eye Specialist may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Healthcare Facilities sector.
Shortening product life cycle
– it is one of the major threat that Topvision Eye Specialist is facing in Healthcare Facilities sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Stagnating economy with rate increase
– Topvision Eye Specialist 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 Healthcare Facilities industry.
Technology acceleration in Forth Industrial Revolution
– Topvision Eye Specialist has witnessed rapid integration of technology during Covid-19 in the Healthcare Facilities industry. As one of the leading players in the industry, Topvision Eye Specialist needs to keep up with the evolution of technology in the Healthcare Facilities 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.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Topvision Eye Specialist 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 Topvision Eye Specialist prominent markets.
Weighted SWOT Analysis of Topvision Eye Specialist Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers at Topvision Eye Specialist 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 Topvision Eye Specialist 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 Topvision Eye Specialist 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 Topvision Eye Specialist 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 Topvision Eye Specialist needs to make to build a sustainable competitive advantage.