Harvard Case - BMVSS: Changing Lives through Innovation One Jaipur Limb at a Time (Abridged)
"BMVSS: Changing Lives through Innovation One Jaipur Limb at a Time (Abridged)" Harvard business case study is written by Srikant M. Datar, Saloni Chaturvedi, Caitlin N. Bowler. It deals with the challenges in the field of Accounting. The case study is 15 page(s) long and it was first published on : Jul 28, 2014
At Fern Fort University, we recommend that BMVSS (Bhagwan Mahaveer Viklang Sahayata Samiti) implement a strategic growth plan focused on expanding its reach, improving operational efficiency, and enhancing financial sustainability. This plan should include a multi-pronged approach encompassing market expansion, product diversification, organizational restructuring, and financial management improvements.
2. Background
BMVSS is a non-profit organization based in Jaipur, India, dedicated to providing affordable and high-quality prosthetic limbs to individuals with disabilities. The organization faces a significant challenge in meeting the growing demand for its services while maintaining its commitment to affordability and quality. The case study highlights the organization's current operational model, its financial constraints, and the potential for growth and expansion.
The main protagonists of the case study are:
- Dr. D.R. Mehta: Founder and Director of BMVSS, a visionary leader with a strong commitment to social impact.
- Mr. R.K. Jain: Executive Director of BMVSS, responsible for the organization's day-to-day operations and financial management.
- The BMVSS Board of Directors: Responsible for providing oversight and guidance to the organization.
3. Analysis of the Case Study
To analyze BMVSS's situation, we can apply the following frameworks:
a) SWOT Analysis:
- Strengths: BMVSS has a strong reputation for quality and affordability, a dedicated team, and a proven track record of success. The organization also benefits from a unique manufacturing process and a strong brand identity.
- Weaknesses: BMVSS faces financial constraints, limited operational capacity, and a lack of formal marketing and fundraising strategies.
- Opportunities: There is a significant unmet demand for prosthetic limbs in India and globally. BMVSS can expand its reach by establishing new centers, partnering with other organizations, and exploring new markets.
- Threats: Competition from other prosthetic limb manufacturers, increasing costs of materials and labor, and potential regulatory changes are threats to BMVSS's sustainability.
b) Porter's Five Forces Analysis:
- Threat of New Entrants: The barrier to entry for new entrants is relatively low, particularly for organizations focused on low-cost prosthetics. However, BMVSS's reputation and established manufacturing process provide a competitive advantage.
- Bargaining Power of Buyers: Buyers have limited bargaining power due to the high demand for prosthetic limbs and limited availability of affordable options.
- Bargaining Power of Suppliers: The bargaining power of suppliers is moderate, as BMVSS relies on a limited number of suppliers for key materials.
- Threat of Substitutes: There are limited substitutes for prosthetic limbs, but alternative solutions like assistive devices and rehabilitation services could pose a threat.
- Rivalry Among Existing Competitors: Competition in the prosthetic limb market is intense, with both for-profit and non-profit organizations vying for market share.
c) Financial Analysis:
- Financial Statements: BMVSS's financial statements reveal a consistent deficit, indicating a need for improved financial management and fundraising strategies.
- Profitability: The organization's profitability is low, primarily due to its focus on affordability and limited pricing power.
- Cash Flow: BMVSS faces challenges in managing cash flow, particularly due to the high cost of materials and the need for significant upfront investment in new facilities.
- Asset Management: BMVSS needs to optimize its asset management practices to ensure efficient utilization of resources and minimize waste.
4. Recommendations
To address the challenges and capitalize on the opportunities, BMVSS should implement the following recommendations:
a) Market Expansion:
- Geographic Expansion: Establish new centers in underserved areas within India and explore opportunities in other emerging markets with high demand for prosthetic limbs.
- Product Diversification: Expand product offerings to include a wider range of prosthetic limbs, assistive devices, and rehabilitation services.
- Marketing and Outreach: Develop a comprehensive marketing and outreach strategy to increase awareness of BMVSS's services and attract new clients.
b) Operational Efficiency:
- Process Optimization: Implement lean manufacturing principles to streamline production processes, reduce waste, and improve efficiency.
- Technology Adoption: Invest in new technologies, such as 3D printing and computer-aided design, to enhance manufacturing capabilities and improve product quality.
- Supply Chain Management: Optimize supply chain operations to ensure timely procurement of materials and minimize costs.
c) Financial Management:
- Cost Accounting: Implement a robust cost accounting system to track expenses, analyze profitability, and identify areas for cost reduction.
- Pricing Strategy: Develop a sustainable pricing strategy that balances affordability with profitability and ensures financial sustainability.
- Fundraising and Grants: Explore new fundraising avenues, including corporate sponsorships, individual donations, and grant applications.
- Financial Reporting: Improve financial reporting practices to enhance transparency and accountability.
d) Organizational Restructuring:
- Organizational Structure: Reorganize the organization to streamline decision-making processes, improve communication, and enhance accountability.
- Employee Incentives: Implement performance-based incentives to motivate employees and reward excellence.
- Board Governance: Strengthen board governance by recruiting experienced professionals with expertise in finance, operations, and social impact.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with BMVSS's core competencies in manufacturing high-quality prosthetic limbs and its mission of providing affordable care to individuals with disabilities.
- External Customers and Internal Clients: The recommendations address the needs of external customers by expanding access to services and improving product offerings. They also support internal clients by creating a more efficient and rewarding work environment.
- Competitors: The recommendations aim to position BMVSS as a leader in the prosthetic limb market by leveraging its strengths, mitigating weaknesses, and capitalizing on opportunities.
- Attractiveness: The recommendations are expected to improve BMVSS's financial performance, increase its market share, and enhance its social impact.
6. Conclusion
By implementing these recommendations, BMVSS can achieve sustainable growth, expand its reach, and continue to make a positive impact on the lives of individuals with disabilities. The organization has a strong foundation and a dedicated team, and with the right strategic direction, it can become a leading provider of affordable and high-quality prosthetic limbs in India and beyond.
7. Discussion
- Alternative Options: Other alternatives include pursuing a merger or acquisition with another organization, focusing solely on fundraising efforts, or maintaining the current operational model. However, these options carry significant risks and may not be as effective in achieving BMVSS's long-term goals.
- Risks and Key Assumptions: The success of these recommendations depends on several key assumptions, including the availability of funding, the ability to attract and retain qualified personnel, and the willingness of the organization to embrace change. The potential risks include challenges in implementing new strategies, unforeseen market changes, and the possibility of encountering regulatory hurdles.
8. Next Steps
To implement these recommendations, BMVSS should take the following steps:
- Develop a Strategic Plan: The organization should develop a comprehensive strategic plan that outlines its vision, mission, goals, and objectives.
- Form a Task Force: A task force should be formed to oversee the implementation of the strategic plan and ensure alignment across all departments.
- Secure Funding: BMVSS should prioritize securing funding to support its growth initiatives.
- Monitor Progress: Regularly monitor progress against key performance indicators to track the effectiveness of the recommendations and make adjustments as needed.
By taking these steps, BMVSS can position itself for sustainable growth and continue to make a positive impact on the lives of individuals with disabilities.
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Case Description
Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS) is an Indian not-for-profit organization engaged in assisting differently-abled persons by providing them with the legendary low-cost prosthesis, the Jaipur Foot, and other mobility-assisting devices, free of cost. Known for its patient-centric culture, its focus on innovation, and for developing the $20 Stanford-Jaipur knee, BMVSS has assisted over a million people in its lifetime of 44 years. As the founder, Mr. D.R. Mehta, thinks about the financial sustainability of BMVSS, he must devise a strategy that will sustain its human impact well into the future.
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