Harvard Case - Rapid Supplier Connect: Leveraging Blockchain for Urgent Sourcing of PPE and Medical Supplies
"Rapid Supplier Connect: Leveraging Blockchain for Urgent Sourcing of PPE and Medical Supplies" Harvard business case study is written by William E Youngdahl, B. Tom Hunsaker. It deals with the challenges in the field of Entrepreneurship. The case study is 8 page(s) long and it was first published on : Dec 31, 2020
At Fern Fort University, we recommend that Rapid Supplier Connect (RSC) focus on solidifying its position as a leading platform for disruptive innovation in the global medical supply chain. This can be achieved by expanding its business model beyond PPE and medical supplies to encompass a broader range of essential goods, leveraging its blockchain technology to build trust and transparency across the entire supply chain.
2. Background
Rapid Supplier Connect (RSC) was founded in response to the urgent need for Personal Protective Equipment (PPE) and medical supplies during the COVID-19 pandemic. The company?s innovative platform utilizes blockchain technology to connect verified suppliers with buyers in a secure and transparent manner, enabling faster and more efficient sourcing of critical goods.
The case study focuses on RSC?s early success and the challenges it faces as it seeks to scale its business and expand its reach. The main protagonists are the founders, who are passionate about using technology to solve real-world problems, and the team of engineers and business developers working to build and grow the platform.
3. Analysis of the Case Study
RSC?s success can be attributed to its ability to leverage disruptive innovation by addressing a critical need in the market. Its blockchain technology provides a unique solution to the challenges of trust and transparency in the supply chain, particularly during times of crisis.
However, RSC faces several challenges:
- Competition: The market for online supply chain platforms is becoming increasingly competitive, with established players and new entrants vying for market share.
- Scalability: RSC needs to develop a scalable platform that can handle increased demand and a wider range of products.
- Financial Sustainability: RSC needs to develop a sustainable business model that can generate revenue and support its growth.
- Regulatory Landscape: RSC must navigate the evolving regulatory landscape surrounding blockchain technology and data privacy.
Porter?s Five Forces Analysis:
- Threat of New Entrants: High - The online supply chain platform market is relatively easy to enter, with low barriers to entry.
- Bargaining Power of Buyers: Moderate - Buyers have a moderate level of bargaining power, as they can choose from multiple platforms.
- Bargaining Power of Suppliers: Moderate - Suppliers have a moderate level of bargaining power, as they can choose from multiple platforms.
- Threat of Substitutes: High - There are several substitutes for RSC?s platform, including traditional supply chain networks and other online marketplaces.
- Competitive Rivalry: High - The market is characterized by intense competition, with multiple players vying for market share.
4. Recommendations
- Expand Product Offering: RSC should expand its product offering beyond PPE and medical supplies to include a broader range of essential goods, such as food, water, and other critical supplies. This will allow RSC to tap into a larger market and diversify its revenue streams.
- Develop a Scalable Platform: RSC needs to invest in developing a scalable platform that can handle increased demand and a wider range of products. This will require significant investment in software development and engineering, as well as IT management.
- Build a Sustainable Business Model: RSC needs to develop a sustainable business model that can generate revenue and support its growth. This could include subscription fees for suppliers, transaction fees, or value-added services such as data analytics and supply chain optimization.
- Embrace Partnerships: RSC should actively seek partnerships with other companies in the supply chain, such as logistics providers, manufacturers, and distributors. This will allow RSC to leverage existing infrastructure and expertise, as well as expand its reach.
- Focus on Marketing and Branding: RSC needs to invest in marketing and branding to raise awareness of its platform and attract new users. This could include online advertising, public relations, and content marketing.
- Prioritize Regulatory Compliance: RSC must prioritize regulatory compliance by staying informed about the evolving legal landscape surrounding blockchain technology and data privacy. This will help to ensure the platform?s long-term sustainability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: RSC?s core competency is its blockchain technology, which enables secure and transparent transactions. Expanding its product offering and building a scalable platform will allow RSC to leverage this core competency to address a broader range of needs.
- External Customers and Internal Clients: RSC?s external customers are buyers and suppliers of essential goods. By expanding its product offering and building a scalable platform, RSC can better serve these customers. Internal clients include the RSC team, who need a platform that is easy to use and efficient to operate.
- Competitors: RSC faces competition from established players and new entrants in the online supply chain platform market. By focusing on its core competencies and expanding its product offering, RSC can differentiate itself from the competition.
- Attractiveness: The potential market for RSC?s platform is large and growing, as the demand for essential goods continues to increase. By expanding its product offering and building a scalable platform, RSC can capture a significant share of this market.
6. Conclusion
Rapid Supplier Connect has the potential to become a leading platform for disruptive innovation in the global supply chain. By focusing on its core competencies, expanding its product offering, and building a scalable platform, RSC can solidify its position as a trusted and reliable source for essential goods.
7. Discussion
Other alternatives not selected include:
- Focusing solely on PPE and medical supplies: This would limit RSC?s potential market and make it more vulnerable to competition.
- Acquiring existing supply chain platforms: This could be a costly and risky strategy, as it would require significant capital investment and integration challenges.
Key risks and assumptions:
- Competition: RSC faces competition from established players and new entrants in the online supply chain platform market.
- Scalability: RSC needs to develop a scalable platform that can handle increased demand and a wider range of products.
- Financial Sustainability: RSC needs to develop a sustainable business model that can generate revenue and support its growth.
- Regulatory Landscape: RSC must navigate the evolving regulatory landscape surrounding blockchain technology and data privacy.
8. Next Steps
- Develop a detailed business plan: This plan should outline RSC?s strategy for expanding its product offering, building a scalable platform, and developing a sustainable business model.
- Secure funding: RSC will need to secure funding to support its growth plans. This could include venture capital, angel investing, or crowdfunding.
- Build a strong team: RSC will need to build a strong team of engineers, business developers, and marketing professionals to execute its growth strategy.
- Launch new products and services: RSC should launch new products and services in a phased approach, starting with a few key categories and then expanding gradually.
- Monitor progress and adapt: RSC should continuously monitor its progress and adapt its strategy as needed.
By taking these steps, RSC can position itself for long-term success in the rapidly evolving global supply chain market.
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Case Description
IBM launched Rapid Supplier Connect, a blockchain-based solution to help battle medical supplies supply chain shortages due to the COVID-19 pandemic. At the April 31 launch, the company also announced that this solution would be offered at no cost, until August 31, 2020, to qualified buyers and suppliers in the United States and Canada. The solution provided healthcare procurement professionals with secure lists of vetted suppliers. Each supplier's available capacity, quality and regulatory compliance data were stored in the blockchain. An integrated supply chain solution provided details on order fulfillment status.
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