Discuss about the Rethinking Sustained Competitive Advantage From Human Capital.
The private sector organization which operates under the maritime industry could not live up to the expectations of the clients which they deliver it. In the last 30 to 40 years they have been an established company which operates in maritime safety and they have been providing global services to the number of different organizations they are in. In the last 30-40 years of their business, they have established range of services which were well known and well trusted and they have a good reputation within the maritime industry (Campbell Coff and Kryscynski 2012, 378). They have successfully interacted and communicated with the different organizations within this industry and they were very much satisfied with the financial and strategic performance they have it in the past. In the past they had a very strong reputation in the market and good brand image as well in the market.
It is seen that prior 3 years or so they are observing that the company has gone of drastic changes in their operations, way of dealing with the clients. It is seen that over the last 3 years the organization is finding that they could not be able to remain static to their commitments as the company wishes to deliver it to their existing as well their new clients. They have been not changing the way they have been operating in the past, it now they need to bring in strategic changes and the change needed to be done quite frequently (Campbell Coff and Kryscynski 2012, 384). The issues which the business is facing right now could be the financial concerns, reputational concerns, the regulatory concerns as well the sustainability of their services which they provide it to the clients. These are the issues the company needs to address it. The changes in the delivery of the services to the clients, the business structure they have now which reduces the brand image and the reputation for the company in the market the business is operating currently.
The cause is always important for the organization who will be undergoing a change needed for the introduction of the sustainability to be developed. The importance of cause is to make understand the board of directors of the company to realize and understand that change is needed for the business to excel growth and prosperity in the future and for attaining the long term vision of the company (Yang Wang and Li 2013, 272). The importance of cause for this business is that it will help in developing and organizing the plan for how the changes to be made will become feasible and effective for the long term sustainability of the business as well. The cause is also important in developing innovative strategies and for coping up with the market changes for the organizations in the near future. The cause is also important to recognize as this is helpful for the Board of Directors top identify and assess the alternative solutions for the issues identified for this business (Yang Wang and Li 2013, 275).
There are various reasons which make these issues to be raised. It is seen that with the rapid development of technology there is raid pace of the organization to be taking place. The business expectations have been increasing day by day and the stakeholders involved in the business are trying to have high business expectations in terms of profit and revenue of the business (Yang Wang and Li 2013, 270).. It is also seen that with the dynamic environment there is the changes in the development of the needs and demands of the clients took place. The rapid age of digitization has actually changing the style of operations the business makes these days. The change of the delivery services for the clients so that the rate of change outside the industry competitors has been accelerating which is far beyond their own internal rate of change to be taking place as well (Campbell Coff and Kryscynski 2012, 392). The organization Maritime Safety has the structure at that time will not be allowing the transformation to be done as well.
It is important that there is the need of the development some realistic alternatives which should be useful in addressing the issues highlighted in this business case. There are some actions which are needed by the EY consultant and provide advice to Maritime Safety to undergo the changes required for the sustainability of their business. First of all it is important that there is the need of development of the strategic planning for Maritime Safety to be done by EY consultant. There is the need of developing a health check and the review of what had occurred today and make us to provide an independent perspective on whether the transformation they need is going to be successful or not. After that it is also important that the EY consultant should be developing set of recommendations around what type of changes are basically required for Maritime Safety to operate successfully in this market (Yang Wang and Li 2013, 265). It is also important that there is the need of developing a changing culture in Maritime Safety by which the people working in the organization should be able to understand and respect the transformations to be done (Yang Wang and Li 2013, 266). It is also useful in analyzing and tracking the strategies laid by the competitors so that EY consultant could match up the requirements of the competitors with the organization. There is also the need of developing innovation in the marketing for the new services to be delivered to the clients by EY consultant as this is the age of digitization to be taking place (Yang Wang and Li 2013, 268). It is also important that EY consultant advised to improve on the in house capabilities for competing with the competitors present in this market. The EY consultant would advice to get the focus much more on the path to success. The EY consultant also advised that the company needs to develop a burning desire to implement the change or the transformation to be done on Maritime Safety. The EY consultant will also be providing the advice to implement the root cause analysis in maritime Safety for the proper operations of the company under study. It is also seen that the sustainability in the services delivering by Maritime Safety in the past were not good but now the sustainability of the services to the clients require a drastic change in order to improve on the quality of the services to be provided to the clients. It is advised by the EY consultant that the Board of Directors need to transfer their entire organizational structure in order to make their operations to become effective and streamlined so that they could be able to rebuild their branding (Yang Wang and Li 2013, 263). This will help in influencing their brand image and this could be related with the sales and profitability of the company under study. The EY consultant should be advising to improve the services and enhance the range of the services so that reputational risk could be eliminated from them.
The decision criteria are the indicator which is needed to be considered when the evaluation is needed to be done and for making a decision. It is obvious that there is the need of developing set criteria for the decisions to be developed in accordance with the set alternatives chosen for Maritime Safety (Jarillo Carlos 2013, 78). It is important that the set decision criteria which are identified against the alternative could be the quality of services, cost, increase in the sales of the company, return on investment, marketing of the products and services to be offered to the organization. The next could be the identified risk levels. It seems that for the development of the reputation of the organization they need to be improving the quality of products and services which is to be delivered to the clients (Jarillo Carlos 2013, 84). The cost of the services delivered should be made competitive so that it can compete with the other competitors as advised and set by the EY consultant. It is also useful that the increase in the sales of the products and services should be useful for the company to successfully implement the change to be involved in the business (Yang Jiangping Wang and Li 2013). The innovative marketing of the products and services improves the brand image and develop good reputation for the company under study. It is also seen from the video that there is the need of the identifying and assessing the risk levels to be involved which should be advised by the EY consultant.
It is recommended that there is the need of the development of the organized planning for the change to be initiated by Maritime Safety as advised by the EY consultant. The marketing of the products and services to be done digitally so the focus should be more of digital marketing by which Maritime Safety could be able to compete with the competitors easily (Hänninen Banda and Kujala 2014, 7839). The next could be the development of the potential of the in house power much more flexible so that the operational changes could be done which sets the change to be done effectively at this organization. It is recommended that the in house culture of Maritime Safety need to be improved in order to transform the changes to be done effectively at this organization. It is also recommended that the risk levels should be assessed and monitored properly by which the regulatory concerns could be eliminated as advised by EY consultant (Hänninen Banda and Kujala 2014, 7839). It is recommended that the root causes and the issues should be assessed and monitored on a regular basis by the EY consultant for Maritime Safety (Wu et al. 2015, 237). It is recommended that there is the continuous review of the changes and the viability of the changes needed to be successfully analyzed so that the positive results could be introduced. There is the need of the health check to be done by the EY consultant and analyzing the strategies lay by the competitors operating in this market and competing with Maritime Safety.
The quality of the services and products to be improved could be done in reality with the understanding of the competitor strategies and statistics brought down against the set criteria like the sales, revenue as well the range of services to be provided to the clients. It is also obvious that there is the need of implementing proper market research on the products and services which have low demand in the market and those products should be eliminated from their services and product portfolio and should be focusing much more on the products and services which have high demand (Eden Colin and Fran Ackermann 2013, 16). The training should be given to the employees working in maritime Safety so that they can be able to provide high quality services and could be able to develop good relationships with the clients. This develops trust and loyalty among the clients by which reputation could be enhanced for Maritime Safety as well (Campbell Coff and Kryscynski 2012, 383). The analysis of the financial budget prepared for the development of the new products and services to be given to the clients helps in achieving and fulfilling the change needed for the company. There is the appropriate leadership to be involved for the smooth running of the business and for controlling the overall organizational structure of the business.
The implications for providing sustainability of the services could be that the cost of training for the employees needs to be done within the estimated budget. The leadership skills and knowledge needs to be executed properly for the operational activities to be done successfully which improves the sales potential and in house capabilities of the employees working in Maritime Safety (Hill et al. 2014, 23).
It is important that the business should be committing what it has been commi8tted towards the customers regarding the products and services they deliver it to the clients. The reputation it has created should help in enhancing the sales and increasing revenue for the business through attracting customers (Meyer et al. 2017, 38)
The company stakeholders should be involving the suppliers, the customers as well the Board of Directors and the shareholders involved in this business. The decisions taken should be in accordance with the strategies to be involved for assessing and successfully implementing the changes to be done (Berg 2013, 24).
The overall analysis from the business case is that the planning and change should be interlinked together. The planning is needed to be done in order to make transformations in the organization. It is concluded that the recommended solutions has been useful or improving the sustainability and for developing high profits for Maritime Safety as advised by the EY consultant.
References
Berg, H.P., 2013. Human factors and safety culture in maritime safety. Marine Navigation and Safety of Sea Transportation: STCW, Maritime Education and Training (MET), Human Resources and Crew Manning, Maritime Policy, Logistics and Economic Matters, 107.
Campbell, B.A., Coff, R. and Kryscynski, D., 2012. Rethinking sustained competitive advantage from human capital. Academy of Management Review, 37(3), pp.376-395.
Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management. Sage.
Hänninen, M., Banda, O.A.V. and Kujala, P., 2014. Bayesian network model of maritime safety management. Expert Systems with Applications, 41(17), pp.7837-7846.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Hitt, M.A., Ireland, R.D. and Hoskisson, R.E., 2012. Strategic management cases: competitiveness and globalization. Cengage Learning.
Jarillo, J.C., 2013. Strategic networks. Routledge.
Johnson, G., 2016. Exploring strategy: text and cases. Pearson Education.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Wei, R.U.A.N., Qin, J.Y., Huang, Z.P., Wei, J.Y., Dong, Z. and Zuo, Z., 2017, March. Reviews of International Maritime Safety Management Philosophies and Approaches. In Management Information And Optoelectronic Engineering-Proceedings Of The 2016 International Conference (p. 9). World Scientific.
Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. pearson.
Wu, B., Wang, Y., Zhang, J., Savan, E.E. and Yan, X., 2015. Effectiveness of maritime safety control in different navigation zones using a spatial sequential DEA model: Yangtze River case. Accident analysis & prevention, 81, pp.232-242.
Yang, Z.L., Wang, J. and Li, K.X., 2013. Maritime safety analysis in retrospect. Maritime Policy & Management, 40(3), pp.261-277.
youtu.be/7Ki5buDWNA4. 2018. Youtube. https://youtu.be/7Ki5buDWNA4.
youtu.be/pEMo-w98Cmw. 2018. Youtube. https://youtu.be/pEMo-w98Cmw.
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