Analyzing business problems has become a household chore for us in this program. The more in-depth we go into this course work, the more business problems we are saddled with the responsibility of solving. The complexities of these problems make it so tasking to find suitable solutions for the companies and organizations in question. The is why the lecturer reinforced a case by case approach to analyzing problems and not using a blanket formula or using a standard cast in stone. The flexibility of the human mind is best employed here to bring out the best options and solutions for these businesses.
For many case studies that we read, the problems are quite different. For some, it’s a strictly managerial issues that requires better leadership and top to bottom approach. For many more, it is a worker issue; the need for adherence to lack of negligence, the need to do better in terms of output, the need to train more and equip with modern skills suitable for the technical roles. Also, in some instances, it is even external factors like government policy. A new law could radically shift the balance of economics and put the company in a position where it has to reevaluate its business model or operational capabilities. Also on external factors, issues like environmental sustainability in the light of operational compliance are also very important in shaping company perspective and alignment. All in all, one thing is clear; that for a business to fully reach its potential and to be regarded as a leader in its own field, it has to effectively solve certain problems. While these problems are no easy, the methodology employed in solving them would be the test of the decision making process of the managers of the company.
In one crucial example we analyzed, the company was faced with an existential problem of scaling up from its flagship product that had become the hallmark of its identity for decades to a more modern product that would make them commercially viable. The company wanted to keep its heritage and preserve its history but at the same time had to appeal to an emerging market of young people who probably do not care about those kinds of history or just are ignorant of it because it is not a cultural experience for them. Trying not betray its root and also trying to stay afloat, the company has to make a decision. Situations like this are the quite common. It shows that as societies evolve, sections of the society like businesses also have to shift with the change or they will be left behind by the wind and would be forced to play catch up. This is not a situation a company wants to find itself. The constant drive to innovate, the need to be distinctively creative is at the core of company experience. In some other cases, it’s a different shift from demographics but rather a formerly failed business trying to reinvent itself. In many areas, these are the issues we are faced with and we do justice to them.
Thanks.
MBA REFLECTIONS: Ep. 9