Implementation and Evaluation of Strategies, Essay Example
This report highlights several strategies that the Du Telecom Company can embrace to increase its competitiveness in the telecommunications sector. The tactics rely on Blockchain technology (BT), which contributes to the telecommunications industry and allows the company to smoothen its operations, which will make it more competitive than Etisalat. Serving as a duopoly, the two companies pose high competitiveness levels, which necessitates better techniques to win the customer’s confidence. The BT techniques involve the methodologies discussed below.
Pioneer Integration of Blockchain Technology
Du Telecom should strive to become the leading telecommunications company through the implementation of blockchain technology. In achieving this, it should conduct a market survey involving companies that are currently using BT. Gathering such information will help the organization understand the benefits associated with the technology while evading the risks associated with its adoption. The obtained information will also influence the design of the first BT application, which will host all the organization’s operations.
Automation of the billing system
This implementation will increase efficiency in transactions. Using smart contracts, BT will cut on costs in Du Telecom while enforcing time management. The system will also increase the security of financial transactions through the minimization of fraud cases. Another significance of automating the system is less spending than in previous techniques since auditing and accounting are automatic, increasing the telecommunication company’s profit margin.
Du Telecom should introduce ID verification as a means of enforcing security in the company. Merging the ID verification with the BT technology will enhance transactions while protecting the client’s finances. The less expensive verification systems will minimize the costs while giving the company a competitive advantage. Besides, the automated verification will make client identification faster and easier while facilitating record-keeping for all the clients. The strategy will also minimize unauthorized data access.
Online advertising management
Du Telecom should apply the BT in managing the unlimited data in the online advertising platforms. The ineffectiveness of online advertising paves the way for the telecommunication company to pave the way for better operations. In indulging in the industry, Du Telecom will provide an improved market for the users and advertisers. The latter will have an extensive network of leads. In contrast, the users will have the freedom to establish control of their data usage.
Introduction of Micropayments
Another recommendation to Du Telecom is the introduction of micropayment to minimize the third-party effect. The introduction of these payments will assist consumers in purchasing online music, games, among other services. These micropayments are advantageous in enforcing advanced security to the users with the minimized access to bank details or credit card information.
Recommended Strategies Aligned to Balanced-Scorecard (BSC)
In developing strategies that align with BSC, several factors are crucial. They comprise of customer perspective, internal business, innovation, and finance categories. Other considerations under this category include the strategic objectives, vision, and mission of the Du Telecom Company. Besides, tracking the performance with critical success factors (CSF) and Key Performance Indicators (KPIs) fosters realizing its objectives. This section shall highlight the recommended strategies aligned with the balanced-scoreboard. The featured table presents various methods in which Du Telecom may merge the recommended block chain strategies and evaluate the CSF to pursue success.
Mission and Strategy.
Du Telecom’s mission and strategy should focus on attaining a leading position in the telecommunication market. The company’s mission targets “To provide customers with free and affordable access to the highest quality of services and most innovative technologies in the telecom industry in any part of the modern world.” Primary factors associated with the Du Telecom Company include the production of quality products and services, customer satisfaction, and adopting innovative technologies. Significant factors in fulfilling the company’s mission comprise a talented staff, financial stability, and innovativeness.
Du Telecom applied this perspective following the BSC provisions with a target of enhancing customer satisfaction. The inclusion of the Key Performance Indicators (KPIs) explains the need to improve the client’s satisfaction levels, increasing their experience with the company (Chytas, Glykas, & Valiris, 2011). In achieving its objectives, embracing blockchain technology was essential in creating an improved customer experience and reducing wait time during calls. Supporting micropayments and the transfer of cash from one customer to another created a conducive customer environment. Other customer-oriented concerns include enhanced data security with limited access to hackers and fraudsters, customized access to one’s account with the modified identification, and automated billing services. All these implementations are customer-oriented and rely on customer satisfaction as the standard measure.
Additionally, handling cases of customer dissatisfaction is a vital strategy in enhancing the company’s effectiveness. Using the available information on customer ratings, Du Telecom Company can identify the customer purchasing behavior and use it to project future purchasing by the clients. The data also reveals the satisfaction levels with telecommunication services. It further spearheads removing factors that affected the dissatisfaction levels or resulted in the clients’ mass complaints. Consequently, the move facilitates proper handling of the operational risks, which pose a threat to the Du Telecom Company’s functionality.
Under this specification, Du Telecom presents BSC scopes for internal business. This dimension requires establishing control on customer relationships, marketing, partnerships, and the development of innovative products (Kaplan, 2009). An alteration of the internal operations using the blockchain technology contributes to an enhanced outcome. Du Telecom seeks to improve the quality of telecommunication services. These include the quality of calls and associated charges. Besides, achieving higher prospects with an increase in content marketing is among the KPI emerging from the internal business. Another internal operation is selecting short-term contracts to give the clients an enhanced perspective about the company operations.
In optimizing the customer relationship, the organization must initiate protocols that foster CSR processes in the company. Developing strategies that contribute to customer-oriented service production contributes to customer satisfaction, hence minimizing complaints about the service provision (Chytas, Glykas, & Valiris, 2011). The company should also conduct regular reviews of its processes. This move ensures that it identifies any existing gaps and develops a management protocol.
Another internal perspective is the adoption of an effective marketing strategy for company products and services. The production of quality products spearheads loyalty to the clients while enhancing the brand’s reputation. Besides, the move attracts new clients and retains the existing one, further enhancing its productivity.
Implementing the blockchain technology targets expanding Du Telecom’s profit margin by cutting on costs and minimizing losses. The KPI factor responsible for this measurement is the net sales and revenue growth (Chytas, Glykas, & Valiris, 2011). Suppose the company accrues more revenue compared to the pre-BT period. In that case, it is benefitting from the adoption of BT. An increase in the number of contracts signed per year further presents more avenues to create higher income. In achieving the target financial gains, Du Telecom must ensure the provision of quality services to its clients. Increasing the service points and reducing the waiting times further influences the client’s decision to stick to the company and not shift to another. Therefore, the primary goal at Du Telecom is to outdo the other telecommunication companies through the provision of quality services, which attract more clients. Consequently, the net sales and revenue equally upsurge.
Another objective in financial management in Du Telecom is the enhancement of receivables collection. According to the analysis, 50% of the current accounts receivables significantly influence the upcoming cash flow estimation. The approach minimizes the liquidity risks that affect the industry’s operations through effective management of its assets. It also contributes to identifying poor financial decisions and implementing the most appropriate remedies for advanced profits.
Further, adopting the BT seeks to enhance profitability in the business. The strategy requires the analysis of the cost-effectiveness of the current business model. If the profits are low, adopting a different model could enhance the service provider’s effectiveness, increasing the profit margin. The ease of transactions and reduced costs under BT further contribute to more profits.
Innovation and Learning
In considering this BSC category, technology is the primary force while adopting the blockchain strategies. Technological advancement has spearheaded growth in every industry. The adoption of the latest technology promotes service delivery and attracts new clients (Kang, Huangthanapan, & Downing, 2015). For Du Telecom to be an outstanding company in the telecommunication industry, it has to implement the blockchain strategy, increasing its competitive advantage. The technology eases the transactions by encrypting the data and connecting the current and previous records, hence a proper record-keeping and reference system. It further ensures efficiency and security for the client’s data. Unlike other modes of currency transactions, the BT hides the client’s details from the public, curbing the hacking risk. Enhancing the technology under Du Telecom will require improving the payment system by supporting micropayments and inter-client transfers and automation of the billing system for automatic reports to rat on its performance. Besides, sensitizing the uppermost management to embrace technology is crucial while also planning for training sessions for the new technology employees.
Moreover, talent management significantly contributes to the innovativeness of a company. The identification and selection of the best candidates positively influence the company’s growth (Mohammadi, Moharrer, Babakhanifard, 2018). The group of talented experts enhances its innovativeness by producing newer products and enhanced services, attracting more clients. Besides, encouraging research in the company further influences the various departments’ growth through embracing improved techniques. Du Telecom should also invest in employee training to ensure that the employees are equipped with up-to-date skills for efficient service delivery.
Under the learning approach, leadership training plays a crucial role in the company’s development. Any company’s leadership influences the decision-making process, which can either improve or destroy its well-being. Therefore, embracing training for upper management drives away ignorance on the relevance of the BT. The increased awareness facilitates adopting and implementing the new technology while remaining prepared for the associated risks. Training further impacts leaders with modernized management techniques, ensuring a business’s viability in the competitive market.
Chytas, P., Glykas, M., & Valiris, G. (2011). A proactive, balanced scorecard. International Journal of Information Management, 31(5), 460–468. https://doi.org/10.1016/j.ijinfomgt.2010.12.007
Kang, J.-S., Chiang, C.-F., Huangthanapan, K., & Downing, S. (2015). Corporate social responsibility and sustainability balanced scorecard: The case study of family-owned hotels. International Journal of Hospitality Management, 48, 124–134. https://doi.org/10.1016/j.ijhm.2015.05.001
Kaplan, R. S. (2009). Conceptual Foundations of the Balanced Scorecard. In Harvard Business School Working Paper Number: 10-074 (pp. 1253–1269). https://doi.org/10.1016/S1751-3243(07)03003-9
Mohammadi, A., Moharrer, M., & Babakhanifard, M. S. (2018). The business model and balanced scorecard in creative tourism: the ultimate strategy boosters. Current Issues in Tourism, 0(0), 1–26. https://doi.org/10.1080/13683500.2018.1437714
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