Harvard Case - Essilor's Eye Mitra Program: Serving BOP Markets Through Inclusive Business Models
"Essilor's Eye Mitra Program: Serving BOP Markets Through Inclusive Business Models" Harvard business case study is written by Benoit Leleux, Pallivathukkal Cherian Abraham, Jayanth Bhuvaraghan. It deals with the challenges in the field of Entrepreneurship. The case study is 22 page(s) long and it was first published on : Nov 11, 2022
At Fern Fort University, we recommend Essilor to continue its Eye Mitra program, focusing on further expansion and refinement of its inclusive business model. This includes leveraging technology and data analytics to optimize operations, exploring strategic partnerships to expand reach, and developing a robust financial strategy to ensure long-term sustainability.
2. Background
Essilor, a leading global player in the ophthalmic industry, launched the Eye Mitra program in 2008 to address the unmet vision needs of the Base of the Pyramid (BOP) population in India. The program aimed to provide affordable and accessible eye care services through a network of trained optometrists and low-cost optical shops.
The case study highlights the challenges Essilor faced in achieving profitability and sustainability, including:
- Limited access to capital: The BOP market presented a challenge in terms of attracting investment due to its perceived risk and low purchasing power.
- Operational inefficiencies: Managing a large network of optometrists and optical shops across rural India required efficient operations and logistics.
- Competition: The market was fragmented with many local players offering similar services.
Despite these challenges, the Eye Mitra program demonstrated the potential of an inclusive business model to create social impact while generating profits.
3. Analysis of the Case Study
Framework: We will analyze the case using a framework that combines Strategic, Financial, and Operational perspectives:
Strategic:
- Mission Alignment: The Eye Mitra program aligns with Essilor?s mission of improving vision for everyone, demonstrating its commitment to social responsibility.
- Market Opportunity: The BOP market in India presents a significant opportunity for Essilor, given the large unmet need for eye care services.
- Competitive Advantage: Essilor?s expertise in ophthalmic technology and its established brand reputation provide a competitive advantage in the market.
Financial:
- Financial Sustainability: The program?s profitability was initially limited, highlighting the need for a robust financial strategy to ensure long-term sustainability.
- Investment Needs: The program requires significant investment in infrastructure, training, and marketing.
- Return on Investment (ROI): Assessing the ROI of the program requires considering both financial and social impact.
Operational:
- Scalability: The program?s success hinges on its ability to scale its operations efficiently across a vast geographic area.
- Technology & Data Analytics: Leveraging technology and data analytics can optimize operations, improve efficiency, and enhance customer experience.
- Partnerships: Strategic partnerships with NGOs, government agencies, and other businesses can expand reach and reduce costs.
4. Recommendations
1. Enhance Financial Strategy:
- Develop a clear financial model: This model should incorporate the program?s social impact alongside its financial performance, using metrics such as social return on investment (SROI).
- Explore alternative financing options: Consider blended finance models that combine grants, impact investments, and commercial loans.
- Optimize pricing strategy: Implement a tiered pricing model that balances affordability for the BOP population with financial sustainability.
2. Leverage Technology and Data Analytics:
- Develop a digital platform: This platform can streamline operations, manage inventory, track customer data, and facilitate online consultations.
- Implement data-driven decision making: Use data analytics to identify trends, optimize resource allocation, and improve operational efficiency.
- Explore telemedicine solutions: Leverage technology to provide remote eye care services to underserved communities.
3. Expand Reach through Strategic Partnerships:
- Collaborate with NGOs and government agencies: Partner with organizations that share similar goals to expand reach and leverage existing infrastructure.
- Develop partnerships with microfinance institutions: Facilitate access to financing for low-income individuals seeking eye care services.
- Engage with local communities: Build trust and understanding through community engagement programs.
5. Basis of Recommendations
1. Core Competencies and Mission Consistency:
- The recommendations align with Essilor?s core competencies in ophthalmic technology and its mission of improving vision for everyone.
- The focus on technology and data analytics leverages Essilor?s expertise in these areas.
2. External Customers and Internal Clients:
- The recommendations prioritize the needs of the BOP population by providing affordable and accessible eye care services.
- They also consider the needs of internal clients, such as optometrists, by providing them with tools and resources to improve their efficiency.
3. Competitors:
- The recommendations aim to differentiate Essilor from competitors by leveraging technology and data analytics to provide a more efficient and customer-centric experience.
- The focus on partnerships with NGOs and government agencies also creates a unique value proposition.
4. Attractiveness ? Quantitative Measures:
- The recommendations are expected to improve the program?s financial performance by optimizing operations, expanding reach, and leveraging alternative financing options.
- The use of a robust financial model will help track the program?s profitability and social impact.
Assumptions:
- The BOP market in India will continue to grow, presenting a significant opportunity for Essilor.
- Technology and data analytics will continue to play an increasingly important role in the healthcare industry.
- Essilor will be able to secure the necessary funding to implement the recommendations.
6. Conclusion
Essilor?s Eye Mitra program has the potential to become a model for inclusive business models that generate both social impact and financial returns. By focusing on financial sustainability, leveraging technology, and expanding reach through strategic partnerships, Essilor can further enhance the program?s impact and create a lasting legacy in the Indian eye care market.
7. Discussion
Alternatives:
- Focusing solely on profit maximization: This approach might lead to higher profits but could compromise the program?s social impact.
- Reliance on traditional business models: This approach might limit the program?s reach and impact in the BOP market.
Risks:
- Lack of access to capital: Securing funding for the program?s expansion could be challenging.
- Operational challenges: Scaling the program across a vast geographic area could lead to operational inefficiencies.
- Competition: The market for affordable eye care is becoming increasingly competitive.
Key Assumptions:
- The BOP market will continue to grow and offer a significant opportunity for Essilor.
- Technology and data analytics will continue to evolve and provide new opportunities for innovation.
- Essilor will be able to secure the necessary funding to implement the recommendations.
8. Next Steps
- Develop a detailed financial model: This model should incorporate the program?s social impact alongside its financial performance.
- Identify potential partners: Explore partnerships with NGOs, government agencies, and microfinance institutions.
- Pilot test technology solutions: Implement a pilot program to test the effectiveness of digital platforms and telemedicine solutions.
- Secure funding: Explore alternative financing options, including blended finance models and impact investments.
- Monitor and evaluate progress: Regularly track the program?s performance against key metrics, including financial performance and social impact.
By taking these steps, Essilor can continue to build on the success of the Eye Mitra program and create a lasting impact on the lives of millions of people in India.
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