Harvard Case - Burning Glass Technologies: From Data to Product
"Burning Glass Technologies: From Data to Product" Harvard business case study is written by Suraj Srinivasan, Amy Klopfenstein. It deals with the challenges in the field of General Management. The case study is 18 page(s) long and it was first published on : Dec 13, 2021
At Fern Fort University, we recommend that Burning Glass Technologies (BGT) implement a strategic roadmap focused on expanding its product portfolio and solidifying its position as a leading provider of labor market data and insights. This roadmap should prioritize digital transformation and data-driven decision making while leveraging BGT's core competencies in data analytics and technology.
2. Background
Burning Glass Technologies is a data-driven company that provides insights into the labor market. They collect and analyze vast amounts of data from job postings, resumes, and educational institutions to help employers, educators, and individuals understand the current and future workforce landscape.
The case study focuses on BGT's transition from a data-centric organization to a product-focused one. The company faces challenges in scaling its operations, managing its growth, and effectively utilizing its data to develop valuable products.
The main protagonists are:
- Matt Sigelman: CEO of BGT, who is leading the company's transition to a product-focused model.
- The Product Team: Responsible for developing and launching new products using BGT's data.
- The Sales and Marketing Team: Responsible for promoting and selling BGT's products to clients.
3. Analysis of the Case Study
BGT's success hinges on its ability to leverage its vast data resources to create compelling products that meet the needs of its diverse customer base. To analyze the situation, we can apply the following frameworks:
a. SWOT Analysis:
- Strengths: BGT possesses a unique and valuable data asset, a strong team with expertise in data analytics and technology, and a proven track record of providing insights to clients.
- Weaknesses: BGT faces challenges in scaling its operations, managing its growth, and effectively utilizing its data to develop valuable products. The company also lacks a clear product strategy and struggles to effectively communicate the value of its products to potential customers.
- Opportunities: The market for labor market data and insights is rapidly growing, with increasing demand from employers, educators, and individuals. BGT can expand its product portfolio to address this growing market, leverage its data to develop new products, and explore new business models.
- Threats: Competition in the labor market data and insights space is increasing, with new players entering the market and established players expanding their offerings. BGT needs to differentiate itself from competitors and ensure its products remain relevant and valuable to its customers.
b. Porter's Five Forces:
- Threat of new entrants: The threat of new entrants is moderate, as the market requires significant investment in data infrastructure and expertise. However, new players with innovative approaches and access to funding can disrupt the market.
- Bargaining power of buyers: Buyer power is moderate, as BGT serves a diverse customer base with varying needs and budgets. However, large organizations can leverage their size to negotiate favorable pricing and terms.
- Bargaining power of suppliers: Supplier power is low, as BGT sources data from various public and private sources.
- Threat of substitute products: The threat of substitute products is moderate, as alternative solutions exist for accessing labor market data and insights. However, BGT's unique data assets and analytical capabilities provide a competitive advantage.
- Intensity of rivalry: Rivalry is high, as several established players compete in the market. BGT needs to differentiate itself from competitors by providing unique value propositions and building strong customer relationships.
c. Balanced Scorecard:
The Balanced Scorecard framework can be used to assess BGT's performance across four key perspectives:
- Financial: BGT needs to improve its financial performance by increasing revenue, profitability, and shareholder value.
- Customer: BGT needs to enhance customer satisfaction by providing high-quality products, excellent customer service, and strong relationships.
- Internal Processes: BGT needs to optimize its internal processes by improving efficiency, effectiveness, and innovation.
- Learning & Growth: BGT needs to invest in its employees, technology, and data infrastructure to ensure long-term growth and sustainability.
4. Recommendations
To address BGT's challenges and capitalize on its opportunities, we recommend the following actions:
a. Develop a Clear Product Strategy:
- Define target markets: BGT needs to identify specific customer segments and their needs. This will help focus product development efforts and ensure that products are relevant and valuable to the target audience.
- Develop a product roadmap: BGT should create a roadmap outlining its product development plans, including timelines, resources, and key milestones. This will help ensure that product development efforts are aligned with the company's overall strategic goals.
- Prioritize product innovation: BGT should invest in research and development to create innovative products that leverage its unique data assets and address emerging market trends.
b. Enhance Data Analytics Capabilities:
- Invest in advanced analytics: BGT should invest in advanced analytics tools and techniques to extract deeper insights from its data and develop more sophisticated products.
- Build a data science team: BGT should recruit and retain talented data scientists and analysts who can develop and implement advanced analytics models.
- Develop a data governance framework: BGT should establish a framework for managing and governing its data, including data quality, security, and privacy.
c. Implement a Digital Transformation Strategy:
- Modernize IT infrastructure: BGT should invest in modernizing its IT infrastructure to support its growing data needs and product development efforts.
- Adopt cloud-based solutions: BGT should leverage cloud-based solutions to enhance scalability, flexibility, and cost-effectiveness.
- Develop a digital marketing strategy: BGT should develop a digital marketing strategy to reach its target audience and promote its products effectively.
d. Foster a Culture of Innovation:
- Encourage experimentation: BGT should create an environment where employees are encouraged to experiment with new ideas and take calculated risks.
- Reward innovation: BGT should establish a system for rewarding employees who contribute to product innovation and development.
- Promote collaboration: BGT should foster collaboration across departments to facilitate the sharing of ideas and knowledge.
e. Strengthen Corporate Governance:
- Establish clear roles and responsibilities: BGT should define clear roles and responsibilities for all employees, particularly those involved in product development and data management.
- Implement a robust risk management framework: BGT should develop a comprehensive risk management framework to identify, assess, and mitigate potential risks.
- Enhance transparency and accountability: BGT should increase transparency and accountability by providing regular updates to stakeholders on its progress and performance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: These recommendations align with BGT's core competencies in data analytics and technology and support its mission to provide valuable insights into the labor market.
- External customers and internal clients: These recommendations are designed to meet the needs of BGT's diverse customer base, including employers, educators, and individuals.
- Competitors: These recommendations help BGT differentiate itself from competitors by leveraging its unique data assets and developing innovative products.
- Attractiveness: These recommendations are expected to increase BGT's revenue, profitability, and market share.
6. Conclusion
By implementing these recommendations, BGT can solidify its position as a leading provider of labor market data and insights. The company can leverage its unique data assets, enhance its product portfolio, and foster a culture of innovation to achieve sustainable growth and success in the evolving labor market landscape.
7. Discussion
Other alternatives not selected include:
- Acquiring a competitor: While this could provide access to new markets and technologies, it also carries significant risks, including integration challenges and potential cultural clashes.
- Focusing solely on data licensing: This would limit BGT's growth potential and expose it to competition from data aggregators and other providers.
Key assumptions of our recommendations include:
- BGT has the resources and expertise to implement these recommendations effectively.
- The market for labor market data and insights will continue to grow.
- BGT can successfully differentiate its products from competitors.
8. Next Steps
BGT should implement these recommendations in a phased approach, starting with the development of a clear product strategy and roadmap. This should be followed by investments in data analytics capabilities, digital transformation, and a culture of innovation. The company should track its progress against key performance indicators (KPIs) and adjust its strategy as needed.
Timeline:
- Year 1: Develop a clear product strategy and roadmap, invest in data analytics capabilities, and begin implementing a digital transformation strategy.
- Year 2: Launch new products based on the product roadmap, further enhance data analytics capabilities, and expand digital marketing efforts.
- Year 3: Consolidate product offerings, optimize operations, and focus on driving customer satisfaction and revenue growth.
By following this roadmap, BGT can position itself for continued success in the rapidly evolving labor market data and insights space.
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Case Description
In May 2021, Matt Sigelman, CEO of Burning Glass Technologies, a company that provided labor market analytics for a variety of markets, navigates his company's transition from data company to product company. Burning Glass originated as a service that used artificial intelligence to match resumes to job postings, then expanded to offer a comprehensive map of the labor market, and then ultimately developed models to provide insight into specific market segments, skills, geographies, college majors, and career paths. However, Sigelman believed that the company could have greater impact if it transformed from a company that sold data to a company that sold products based on its data. Rather than providing reports, the new products offered client companies specific suggestions based on their own labor force. After pivoting from a data company to a product company, Sigelman faced strategic decisions regarding scale, new product development, and competition. At the conclusion of the case, he must decide whether to continue licensing the company's data or focus exclusively on developing and selling their new suite of products.
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