MBA501 Dynamic Strategy and Disruptive Innovation Assignment Help
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Introduction
- FutureMed is a large and listed organization of Australia
- Makes and markets radiopharmaceuticals
- Conservative corporate culture
- Managed by a board of seven directors
- Expectation for new innovations from senior managers
- No systematic approach
Four perspectives of FutureMed
- Internal Perspective
- External Perspective
- Marketing Perspective
- Technology Perspective
FutureMed is a large and listed organization based in Australia, and it makes and markets radiopharmaceuticals. They are kind of radioactive pharmaceuticals medicines. They are unique medicinal inventions which have radioisotopes and utilized for treatment and therapy. The radiopharmaceuticals are utilized as nuclear medicines in medical imaging and in the therapy of several diseases. FutureMed follows traditional corporate culture, and it is controlled by a board of seven directors. They handle the senior managers and expect them to be conscious and quick to adopt the new innovations in radiopharmaceuticals. The firm does not follow any systematic approach for recognizing the possible disruptive technologies.
This presentation will evaluate FutureMed as an organization and provide recommendations on the below four aspects:
Internal Perspective
External Perspective
Marketing Perspective
Technology Perspective
Internal Perspective
- Human Resources
- Resource Allocation
- Organizational Culture
- Organizational Structure
Human Resources – FutureMed has weak and old employees, and the senior managers are not much aware of the disruptive innovation (Vesti et al., 2017). The company also lack Development and Promotion Plan for its staffs (Bagot et al., 2015). The company follows the traditional approach for the team which is made up of heads of large departments.
Resource Allocation – It is extremely challenging to find investors in Australia for funding the development of radiopharmaceuticals as it is still an emerging concept of science in Australia.
Organizational Culture – The organization, has an extremely conservative corporate culture. An average number of employees has shown high resistance for bringing changes in the organizational culture of FurtureMed (Taylor, 2018).
Organizational Structure – The organization follows top-down hierarchical, conservative and traditional structure (Stanko et al., 2017). The company supports the conventional approach for the team which is made up of heads of large departments (Chatterjee, 2016). FutureMed is managed by a board of seven directors, and they also supervise the senior managers.
Recommendations
- Human Resources
- Resource Allocation
- Organizational Culture
- Organizational Structure
Human Resources – FutureMed has to improve its HR department and has to incorporate every level of employees particularly the frontline staffs. The organization also has to promote collaborations and initiate Development and Promotion Plan for its staffs.
Resource Allocation – The organization has to find investors outside the country like Indonesia and New Zealand as these countries have less strict regulations for making radiopharmaceuticals.
Organizational Culture – The organization has to implement experimentation, flexible and motivated culture which will promote innovation and also motivates the employees of the company.
Organizational Structure – FutureMed has to change its corporate structure into small and flexible business units from the traditional top-down hierarchical structure. The organization have to increase the responsibilities of the frontline staffs
External Perspective
Political – To legally supply radiopharmaceuticals in Australia, the companies have to register on the Australian Register of Therapeutic Goods (ARTG). It is very challenging to record radiopharmaceuticals successfully on ARTG (Fisher and Hill, 2015).
Economic – It is extremely challenging to find investors in Australia for funding the development of radiopharmaceuticals (Volgger et al., 2018).
Social – Radiopharmaceuticals is still an emerging concept of science in Australia, so not much people are conscious about the usage of radiopharmaceuticals in Australia (Spinks et al., 2017).
Technology – Radiopharmaceuticals is still an emerging technological concept in Australia and has limited possibilities of disruptive innovation in Australia.
Recommendations
Political – FutureMed can move its present operations to other nations like Indonesia and New Zealand as these countries have less strict regulations for making radiopharmaceuticals.
Economic – The organization has to find international investors outside the country for getting funds for creating radiopharmaceuticals.
Social – FutureMed can taker initiatives to teach the government and people of Australia about the usages and benefits of radiopharmaceuticals in Australia
Technology – FutureMed can collaborate with other organization of Australia and take initiatives for new technology.
Marketing Perspective
Market Research – The market research of the organization is carried out only by the Research and Development (R & D) Department (Walker, 2016). It mostly consists of the activities of focus groups directed towards the target market of FutureMed, the doctors and the physicians (Green and Newman, 2017). The other managers do take participation in this research. The R & D Department have only limited knowledge about the actual needs of the doctors and physicians.
Emphatic Designs – The R & D Department have only limited knowledge about the actual needs of the doctors and physicians (Pandit et al., 2017). So the company could not develop its products according to the expectations of the customers (Jackson et al., 2016). Moreover, the company also could not develop new products for its future clients.
Lead-User Programme – As radiopharmaceuticals is still a new concept in Australia, the R & D Department has not much information from previous adaptors for improving the performance of its products. The organization has not adopted a lead user programme (Kachouie, Mavondo and Sands, 2018). FutureMed has information only from the R & D Department, but it is not the actual information that the doctors and the physician's needs.
Recommendations
Market Research – The organization must include the other departments in the market research in order to develop the different perspectives. All the employees of the team have to work and perform together. The R & D Department have to acquire the complete knowledge regarding the needs of the doctors, physicians, and other stakeholders. FutureMed can appoint some specialists for providing relevant information about the needs of the target market.
Emphatic Designs – FutureMed can incorporate different perspectives for developing its products in order to meet the expectations of the customers. The R & D Department can think in advance for recognizing the latent needs of the clients and develop its products according to the needs of the clients. They have to focus more on recognizing the needs of its clients and their expectations from the products.
Lead-User Programme – FutureMed can take initiatives for lead user programme and contact the cancer clinics which uses radiopharmaceuticals for the treatment of cancer. The organization can gather data from the lead users and maximize the capabilities of radiopharmaceuticals.
Technology Perspective
Challenges – Radiopharmaceuticals is still an emerging technological and scientific concept in Australia. It is questionable in BSG matrix but has the possibility of becoming a star product (Kusiak, 2016). It is not quick in adopting disruptive innovation. Moreover, FutureMed does not follow a systematic approach to recognize the possible disruptive technologies.
Patents – The organization does not utilize patents for protecting the development of radiopharmaceuticals from its competitors. It also does not collaborate with other sectors to build technological trends (Nikkilä et al., 2017).
Recommendations
Challenges – FutureMed has to lead the industry of radiopharmaceuticals and make efforts to make radiopharmaceuticals its star product. The organization has to make strategic and innovative planning for technology. FutureMed can implement TRIZ framework for recognizing the possible disruptive technologies.
Patents – The organization has to utilize patents to gain the competitive benefits in the industry of radiopharmaceuticals. It can also make collaboration with other sectors to build technological trends.
Conclusion
It has become essential for FutureMed to move its present operations to new locations for competing in the global platforms. The company has to modify its organizational culture and organizational structure and also increase the skills of the company. The analyses and recommendations will help to improve the performance of FutureMed in Disruptive Innovation.
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