Business Strategy

Business Strategy Five forces analysis Bargaining Power of Buyers: Rating: Medium Explanation: When it comes to bargaining power, independent individuals and members of IEEE do have bargaining power, because they can easily choose to use the standards or intelligence of other organizations. However, because of its widespread usage and standard adoptions along with strong reputation and history, IEEE is able to avoid these risks to a certain degree. Bargaining Power of Suppliers: Rating: Low Explanation: IEEE's main sources are the expertise, prowess, and knowledge of their members and volunteers. They are not subject to any suppliers as their sources and power stem from the knowledge of the individuals who form part of the organization. Threat of Substitutes: Rating: Medium Explanation: There are other organizations within the industry. However, the history and reputation of IEEE make it the most dominant standards organization, which would reduce chances and therefore reduce the overall threat. Threat of New Entrants: Rating: Medium Explanation: Despite it being a challenge for new organizations to solidify themselves in the standards development industry, it is never considered impossible. The IEEE has a solid and powerful reputation, but there is always room for newcomers with unique and innovative approaches. Rivalry Among Competitors: Rating: Low Explanation: IEEE deals with competition from other organizations and standards groups, however IEEE is one of the dominant players in the field. The competition is not intense, and the IEEE's reputation and reach give it a major advantage. Competitive Strategy: The IEEE's competitive strategy is primarily differentiation through its reputable standards development, membership, and widespread global reach. It focuses on innovation and maintaining a leadership position in setting industry standards. Value chain and business processes Value Chain: Standards IEEE is involved in the formulation and development of technical standards for different technological innovations in multiple industries. Technological Experts from different technological branches and industries come together to form and update technological standards. Membership IEEE provides a community where professionals from different technological industries can come together and network by becoming members, joining societies, attending conferences, and attending workshops. Conferences IEEE is a worldwide organization that hosts conferences all across the world, at these conferences professionals speak, network, and share new information and research. Publications IEEE has a variety of different publications, magazines, journals, and editorials that offer information on many different topics revolving around Electronics, Technologies, and Engineering. Business Processes Standards Processes: This process incorporates both engineering and technological experts who come together to decide on new technological standards for innovations, as well as updating standards for previous innovations. Membership Management: This process requires the management and maintenance of current members which involves providing services to those current members as well as maintaining the member database. Event/Conferences Management: Organizing, planning, and enacting conferences, events, and seminars across the globe with intentions of exchanging ideas, new concepts, and networking. Publication Processes/Management: Reviewing, managing, and publishing new publications, magazines, journals, and editorials for members and those interested to purchase. How do the information systems support the strategy? Documenting Systems: Inhibits the ability to store, retrieve, and alter information regarding technological standards. Membership Systems: Management of member information, payment processing, subscriptions, member information storage. Publication Systems: Reviewing and editing current and future magazines, editorials, publications, and journals. Event Management Systems: Execution and planning of events/conferences which involves scheduling, venue planning, registration management, logistics. Data Analytics: Permits the analysis of trends in membership renewals and purchases, event attendance trends, and publication purchases and usage. Websites and Online IEEE Platforms: Allows members to connect, view publications, view resources, and provides access to standards, contact info, and conferences/events. Structured Process Analysis IEEE Membership Processing/ Onboarding Membership Application ↓ Application Review ↓ ↓ Application Approval Application Denial ↓ Payment for Membership Dues ↓ Welcome Package ↓ Access to services/resources ↓ Membership Engagement/Membership Renewal Information system that supports the process Membership Management Systems: Management of member information, payment processing, subscriptions, member information storage. Basic tools and equipments used Equipment: Computers, Printers, Fax Machines Scanners, Office Supplies Programs: Feith(Document Storage), Oracle(Next Gen/Siebel), NextGen(Payments/Payment Management), Siebel(Member Management), Tableau(Data Analytics, Metrics, Statistics), Google Suite. (Examine critical procedures, people, and essential skills.) People: MGA(Membership Geographical Activities): This is the department that is responsible for the management of member related activities including membership applications, renewals, information management, and payment processing. It consists of support staff, contact center staff, analysts, and committee members. Procedures: Application Reviews, Membership Approvals, Membership Renewals. Essential Skills: Data Entry Communication Skills Great Customer Service for Members. Attention to Details Problems with the existing systems Data Entry Data entry entered manually or by members may be entered incorrectly or may be inaccurate. Manual Application Reviews Manual Application Review may result in a delayed response rate or delayed decision/welcome rate. Communication Failure Miscommunication between members and within the department may lead to delays or confusion. Dynamic Process Analysis Membership Engagement Membership Strategy Development Outgoing Communications and Planning Member Content Creation Member Interactions/Engagement Engagement Data Analytics IEEE society and member community collaboration Information system that supports the process Membership Engagement Systems Programs used to contribute to member engagement and are used for analytics, membership information, member collaboration/communication. Integration of member information database, member collaborative platforms, communication platforms and communication tools. Develop a social media plan (figure 9-9) (Figure 1) Set Goal For Member Engagement Success Metrics- Higher Member Engagement, Membership Growth Target Audience: Technological, Electronical, Engineering Professionals/Members Define Value: Growth of Membership community, more engagement within platforms, more membership conversions, higher event attendance. Tailored Content Strategy to drive new members and member engagement. Tableau/Google/Social Media Data Analytics Problem with the existing systems Missed Opportunities: Issues with central platform can lead to missed opportunities with members and potential members. Outdated or Ineffective Engagement Metrics: Most metrics for member engagement are manually measured which can lead to missed results. Some metrics are outdated and not as important or imperative as other metrics. Communication Methods: Different communication platforms/tools may lead to missed messages or missed communications across platforms with members. Recommendations Identify alternative (2) solutions Member Oriented Data Engagement Strategy More tailored and advanced analytics would provide more accurate results or metrics which would drive engagement over the long term. Through member driven engagement strategy one can better reach the target audience through tailored communication strategies and campaigns. Integrated Engagement Platform: A centralized communication system would allow members to receive all messages and by implementing this all members would not miss messages. A centralized system also would improve the member experience which would definitely drive overall engagement. Evaluate alternative solutions Effective when solving missed member engagement situations. Improvement in member engagement metrics through advanced analytics and tailored analytics. Heavy time demand because a data driven engagement strategy and a centralized system require advanced analytics, advanced data, and high skill to execute. The overall recommendation is to create a unified engagement system that will permit centralized communication and aid with engagement metrics. This will allow for more advanced metrics and detailed analytics which would reduce missed members and opportunities, allowing for greater engagement, a tailored content strategy, and improvement of the overall experience. In summary the Institute of Electrical and Electronics Engineers(IEEE) carries out multiple different operations and employs a variety of different information systems to execute its daily operation and fulfill its members. IEEE is a very successful not-for-profit organization that generates millions of dollars every year, and unifies many for the greater good of technological innovations towards the advancement of humanity. By recognizing particular issues in regards to communication and member engagement early, solutions can be implemented to drive greater results, a better member experience, and growth within the organization and community to ultimately drive the world of technology and technological standards and create a better tomorrow. Figure 1 Business Strategy Five Forces: The five forces of analysis can be of great assistance to almost any company, allowing them to position themselves more successfully, and understand their industry competitiveness and attractiveness much better. When discussing bargaining power of buyers, independent individuals and members of IEEE do have bargaining power, because they can easily choose to use the standards or intelligence of other organizations with varying industry options. However, because of its widespread usage and standard adoptions along with strong reputation and history, IEEE is able to avoid these risks to a certain degree. As for bargaining power of suppliers, IEEE are not subject nor do they work directly with any suppliers. This is due to the fact that their sources and power stem from the knowledge and expertise of individuals who form part of the organization as employees, volunteers, or members of IEEE. There is a medium threat of substitutes, this is because despite there being multiple standards organizations within the industry, the history and reputation of IEEE makes it the most dominant standards organization of all, this ultimately reduces the overall threat. For new threats this is a challenging industry to enter and to solidify oneself in, however it is possible. IEEE is well known and has a powerful reputation within this industry which makes it challenging for newcomers and keeps the threat of new entrants at a medium level. In regards to competitors IEEE deals with competitors from other other standards organizations, however the competition is not intense and IEEE leads with its powerful reputation and history, making it without a doubt one of the most dominant players in its industry. Forces IEEE Example Force Strength IEE Response Bargaining Power of Buyers A school chapter or individual is looking to join part of a standards organization to gain access to events, networking, and knowledge. Medium Provides access to a worldwide network of experts in industry, plethora of information and knowledge. Join part of a leading tech standards organization in industry. Bargaining Power of Suppliers Supplier reaches out to IEEE in regards to becoming their main supplier for the physical needs. Low IEEE relies heavily on their network of professionals whether that is members, volunteers, and employees. With such a wide variety of suppliers they can choose who they really prefer. Threat of Substitutes A new technology is being developed the company has seeked out IEEE and a couple organizations as options to to develop their standards. Medium With IEEE being globally recognized, and having their standards used internationally, it would be better and more convenient to use IEEE standards as they are widely recognized throughout multiple industries. Threat of New Entrants A new organization has entered the industry with a unique approach. Medium IEEE will use its powerful reputation and history, and it will also continue to adapt to new approaches and techniques to better suit the members, network, and organization. Rivalry of Competitors A competitor has lowered their United States membership dues for all applicants for the month of december. Low IEEE will push the concept that their organization has more to offer, with their powerful network of professional, global conferences, and various periodicals, articles, e-texts, and magazines. Competitive Strategy: When discussing IEEE in terms of their competitive strategy, they rely primarily on differentiation through the pillars of what the organization provides such as standards development, membership, and widespread global reach. IEEE focuses on innovation of technology standards for the benefit and growth of humanity, and maintaining their position of leadership in setting industry standards. With IEEE having such a well established position within the industry of technological standards, and being one of the most dominant players in the industry, it will continue to lead the mark among its competitors, and therefore the rivalry among competitors will stay rather low. In regards to the threat of new entrants, one must never rule out the chances of new competition, and despite being challenging to establish oneself in a well established industry with a set of heavy competitors it is possible. However, because of IEEE’s powerful reputation and well cemented history in the industry it would pose a significant challenge for those looking to enter the industry. Value chain Primary Activity Description Standards IEEE is involved in the formulation and development of technical standards for different technological innovations in multiple industries. Technological Experts from different technological branches and industries come together to form and update technological standards. Membership IEEE provides a community where professionals from different technological industries can come together and network by becoming members, joining societies, attending conferences, and attending workshops. Conference IEEE is a worldwide organization that hosts conferences all across the world, at these conferences professionals speak, network, and share new information and research. Publications IEEE has a variety of different publications, magazines, journals, and editorials that offer information on many different topics revolving around Electronics, Technologies, and Engineering. Business Process Standard Development As the leading global standards development organization, IEEE is embedded in advocating and creating standards that continuously support the evolution of technology. “Standardization provides the foundation on which technology innovation is based. It enables more complex solutions to be developed at a better cost structure. Standards drive technological innovation, fuel growth of global markets, expand consumer choice, support interoperability and help protect public health and safety.” The business process that IEEE utilizes is reflected through technology professionals that collaborate and convene for technological advances. This process incorporates both engineering and technological experts who come together to decide on new technological standards for innovations, as well as updating standards for previous innovations. As developing standards are a vigorous process, the IEEE uses a time tested, effective and trusted process. IEEE standards are classified as: Standards – documents with mandatory requirements Recommended Practices – documents in which procedures and positions preferred by IEEE are presented Guides – documents in which alternate approaches to good practices are suggested but no explicit recommendations are made Trial-Use – documents in effect for no more than three years. The documents can be a Standard, Recommended Practices or Guide. Stage 1: Initiating the Project In standard development, all projects begin with an idea that is eventually brought to the standards committee. Once a group or network of companies identify a standards need, and the committee is in support, they assume the responsibility of development which includes the organization of a working group, all activities that correspond and proposal submission. After the committee is selected based on scope, the Project Authorization Request (PAR) must go through its approval process. Once the PAR is submitted, the NesCom members have one month to review the proposal and provide recommendations to the board. Once approved, the PAR has four years to be completed; four years for the standard to be fully developed. Stage 2: Mobilizing the Working Group The working groups consist of a group of volunteers, individuals or entities, to participate in the development of the standard. Please note, for individual standards, membership is not required, while with entity standards, advanced corporate membership is needed to participate in the working group. Stage 3: Drafting the Standard As working groups prepare the standards, program managers (staff liaison and staff project editors) draft and edit the content to ensure that working groups have a streamlined process while continuing to research and develop standards. Stage 4: Balloting the Standard Once the draft has been reviewed and approved, it is submitted to the Standard Committee for final approval and to move forwards to the SA Ballot. Utilizing a balloting information system, ballot groups are formed, in which each group receives one vote. Ballots are open for 30 days, in which balloting groups are able to approve, disapprove or abstain. Ballots can consist of comments and suggestions for draft changes. A ballot can only pass if 75% of responses are approved votes and if 75% of all ballots from a ballot group are returned. Balloting for IEEE is essential because it allows members the opportunity to place input on a standard even if they did not have the opportunity to be a part of a working group. Stage 5: Gaining the Final Approval The IEEE SA Standards Board approves or disapproves the standard draft based on the Review Committee recommendations or suggestions. Once approved, it is sent for a final editing process from professional IEEE Standards Editor, in which they ensure the standard is grammatically correct utilizing American English, while also being formatted to meet the IEEE standard style. Stage 6: Maintaining the Standard As a standard is a living document, it may need to be revised, edited or adjusted to meet the ever changing technological community. All standards are active for ten years and within those ten years the standard can be revised, submitted with amendments for additional documents and materials, submit corrections that don't require new materials and withdraw the standard to inactive. Structured Within the IEEE, they employ many processes when developing business processes that work alongside the business strategy. As IEEE is the global standards development organization, they advocate and reinforce a group of standard development principles, providing a network of “voluntary cooperation among interested parties and stakeholders, enable technical excellence, global interoperability, and innovation to foster economic growth and societal prosperity.” As differentiation being the competitive strategy of the company, IEEE utilizes their membership process to support those needs. As an IEEE member, they are able to collaborate on projects with other like minded organizations or individuals, network with professionals within your local area, mentor incoming technology professionals while helping to build the future and next generation of technology and standards. Outside of the interpersonal advantage being an IEEE member awards a plethora of resources and opportunities in electrical engineering, computer science and overall technology. The membership program that IEEE has to offer is one of the most prestigious membership programs available to those professionals involved in engineering and technological fields. Anyone is granted access to the application and apply, but each applicant is subject to a very intricate application review process that must be reviewed by multiple individuals and the applicant must fulfill multiple criteria. Upon approval the member is granted access to multiple different features that only come with the membership. Among these features are global conferences that are held across the world where new research, initiatives, and findings are discussed. Members are granted access to a wide network of professionals who are within their field where they can expand, collaborate, and grow their networks. Members also have access to over 100+ different societies which each society expanding into a different aspect within the world of technology and engineering where they will find many like minded individuals who they can network, collaborate, and share findings with. Lastly, members also have access to many pieces of literature which range from many different publications, magazines, articles, periodicals, e-texts, and much more. Each publication is up to date on the current year, butupon the members request they can request any text from previous years. All in all, IEEE has the widest network of professionals and the most to offer, compared to other competitors in the technological standards industry. Membership Management ↓ Application Review ↓ ↓ Application Acceptance Application Denial ↓ Membership Dues Payment ↓ Welcome Package ↓ ↓ ↓ ↓ Societies Access Conferences Access Professional Network Access Publications/Periodicals Access Membership Management Systems: Management of member information, payment processing, subscriptions, member information storage. This process requires the management and maintenance of current members which involves providing services to those current members as well as maintaining the member database. Dynamic Membership Engagement is an essential component of the business process of IEEE. As the membership component can be considered a competitive strategy, it is also the dynamic analysis process. As members help sustain the company, providing quality services for the members are vital. Alongside receiving a network of contacts of like minded professionals, members are able to gain educational opportunities, attend learning conferences and gain access to a library of resources and publications. Membership Strategy Development Outgoing Communications and Planning Member Content Creation Member Interactions/Engagement Engagement Data Analytics IEEE society and member community collaboration Membership Engagement Systems are programs used to contribute to member engagement and are used for analytics, membership information, member collaboration/communication. Within these systems, integration of member information databases, member collaborative platforms, communication platforms and communication tools are essential to the success of membership engagement. IS Systems Membership Management System manages member information, payment processing, subscriptions, and member information storage. Examples: Oracle (Next Gen/Siebel): Could be used for member management. NextGen: May be used for payments and payment management. Dynamic Processes are systems that handle processes that are adaptable and responsive to changes. Examples: Customized software Workflow management systems that adapt to changing business needs. Structured Process are systems that follow a predefined and well-organized set of steps or procedures. Examples: Enterprise Resource Planning (ERP) systems, such as Oracle or SAP, which can help manage various business processes in a structured manner. Sales Process includes systems related to managing sales activities and transactions. Examples: Customer Relationship Management (CRM) systems like Salesforce, which can handle sales processes, customer interactions, and lead management. Marketing Process describes systems that support marketing activities, such as campaigns, lead generation, and analytics. Examples: Marketing automation tools like HubSpot or Marketo, and analytics tools like Tableau. Standard Processes are systems that support standardized and routine business processes. Examples: Enterprise-level software that supports standard business functions, such as Microsoft Office Suite or Google Suite. Basic Tools and Equipment: Computers, Printers, Fax Machines, Scanners, Office Supplies. Programs: Feith (Document Storage): Used for storing and managing documents. Tableau: Used for data analytics, metrics, and statistics. Google Suite: Collaborative tools for communication and document management. Competitive Advantage As the leading technology standards development company, a competitive advantage is detrimental to the success of IEEE. As the competitive strategy is differentiation, membership advantages take precedence. Within the IEEE, members are allotted the opportunity to not only participate in working groups based on membership status, but also vote on all standards being reviewed. With standards being active for 10 years, and being the foundation of technology, it serves an importance for members to have this responsibility. This process serves as an advantage because votes and suggestions made during balloting are used to both approve and disapprove standards. Also, IEEE values its members and wants to include them in the defining factors that make the company so reputable. Allowing this advantage and responsibilities helps retain members and trust, showing that IEEE values the expertise of its consumer.