Harvard Case - HP, Inc. Beyond 2021: Pursuing Strategic Renewal for Growth
"HP, Inc. Beyond 2021: Pursuing Strategic Renewal for Growth" Harvard business case study is written by Robert A. Burgelman, Margot Sutherland. It deals with the challenges in the field of Service Management. The case study is 33 page(s) long and it was first published on : Nov 1, 2022
At Fern Fort University, we recommend HP, Inc. embark on a comprehensive strategic renewal initiative focused on service innovation and customer experience management. This initiative should involve a multi-pronged approach encompassing service design, service quality enhancement, customer relationship management, digital transformation, and organizational change.
2. Background
HP, Inc., a global technology giant, faced a critical juncture in 2021. The company's traditional hardware-centric business model was under pressure due to increasing competition, shifting customer demands, and the rise of cloud computing. HP's CEO, Enrique Lores, recognized the need for a strategic renewal to achieve sustainable growth. The case study explores the challenges HP faced and the potential opportunities for transformation.
The main protagonists in the case study are Enrique Lores, the CEO of HP, Inc., and the leadership team, responsible for navigating the company through this period of change.
3. Analysis of the Case Study
To analyze HP's situation, we can utilize the Porter's Five Forces framework:
- Threat of New Entrants: High - The technology industry is characterized by rapid innovation and low barriers to entry, making it susceptible to new players.
- Bargaining Power of Buyers: High - Customers have access to numerous alternatives and are increasingly price-sensitive, demanding personalized experiences.
- Bargaining Power of Suppliers: Moderate - HP relies on a diverse range of suppliers, but some key components may be subject to price fluctuations.
- Threat of Substitute Products: High - Cloud computing and software-as-a-service solutions offer compelling alternatives to traditional hardware.
- Competitive Rivalry: High - The market is intensely competitive, with established players like Dell, Lenovo, and Apple vying for market share.
SWOT Analysis:
Strengths:
- Strong brand recognition and reputation
- Extensive global reach and distribution network
- Expertise in hardware design and manufacturing
- Growing portfolio of software and services
Weaknesses:
- Reliance on a traditional hardware-centric business model
- Lack of a robust service innovation strategy
- Slow adoption of digital technologies
- Fragmented organizational structure
Opportunities:
- Growing demand for cloud computing and digital services
- Increasing focus on customer experience
- Potential for new business models and partnerships
- Emerging technologies like AI and IoT
Threats:
- Intense competition from established players and startups
- Economic uncertainty and volatility
- Rapid technological advancements and disruption
- Cybersecurity risks and data privacy concerns
4. Recommendations
HP should implement the following recommendations to achieve strategic renewal and sustainable growth:
1. Service Innovation and Customer Experience Management:
- Develop a comprehensive service strategy: Define a clear service vision, identify target customer segments, and develop a roadmap for service innovation.
- Invest in service design and blueprinting: Create seamless and intuitive customer experiences across all touchpoints, leveraging customer journey mapping and service scripting.
- Enhance service quality: Implement SERVQUAL model principles to measure and improve service quality across all channels.
- Embrace service-dominant logic: Shift from a product-centric to a service-centric mindset, focusing on creating value for customers through personalized solutions.
- Leverage technology-enabled services: Implement self-service technologies and multichannel service delivery to enhance customer convenience and efficiency.
- Build a strong service culture: Foster a customer-centric culture through employee empowerment, employee incentives, and service employee training.
2. Digital Transformation:
- Invest in digital technologies: Embrace cloud computing, AI, IoT, and other emerging technologies to optimize operations, enhance customer experiences, and develop new service offerings.
- Develop a robust digital strategy: Define clear objectives, identify key areas for digital transformation, and establish a roadmap for implementation.
- Embrace data-driven decision-making: Leverage data analytics to gain insights into customer behavior, optimize service delivery, and identify new growth opportunities.
3. Organizational Change:
- Restructure the organization: Streamline organizational structure and processes to promote agility, collaboration, and innovation.
- Foster a culture of innovation: Encourage experimentation, risk-taking, and cross-functional collaboration to drive service innovation.
- Develop leadership capabilities: Equip leaders with the skills and knowledge necessary to drive digital transformation and service innovation.
- Promote diversity and inclusion: Create a more diverse and inclusive workforce to foster innovation and better understand diverse customer needs.
4. Marketing and Branding:
- Reposition the brand: Communicate HP's renewed focus on services and customer experience through a compelling brand narrative.
- Develop targeted marketing campaigns: Reach specific customer segments with tailored messages highlighting HP's service offerings and value proposition.
- Leverage digital marketing channels: Utilize social media, content marketing, and search engine optimization to engage customers and build brand awareness.
5. Business Growth:
- Explore new business models: Consider partnerships, acquisitions, and joint ventures to expand into new markets and service offerings.
- Develop a robust M&A strategy: Identify potential acquisition targets that complement HP's core competencies and enhance its service portfolio.
- Invest in research and development: Continue to invest in innovation to develop new technologies and services that meet evolving customer needs.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: HP's core competencies in hardware design, manufacturing, and global reach can be leveraged to deliver innovative services. The recommendations align with HP's mission to provide technology solutions that empower customers.
- External customers and internal clients: The recommendations prioritize customer needs and experiences, while also considering the needs of internal stakeholders, including employees and partners.
- Competitors: The recommendations aim to differentiate HP from competitors by focusing on service innovation, customer experience, and digital transformation.
- Attractiveness: The recommendations are expected to drive revenue growth, improve customer loyalty, and enhance profitability.
6. Conclusion
By embracing service innovation, customer experience management, and digital transformation, HP can achieve strategic renewal and sustainable growth. The company's legacy in hardware can be leveraged to deliver innovative services that meet the evolving needs of customers in a rapidly changing technological landscape.
7. Discussion
Other alternatives not selected include:
- Focusing solely on hardware: This approach would be risky given the declining market for traditional hardware and the increasing demand for services.
- Merging with another company: While a merger could provide access to new technologies and markets, it would also involve significant risks and uncertainties.
Risks and Key Assumptions:
- Execution risk: Successfully implementing the recommended changes requires strong leadership, effective communication, and a commitment to change management.
- Financial risk: Investing in service innovation and digital transformation requires significant financial resources and may impact short-term profitability.
- Technological risk: Rapid technological advancements may necessitate constant adaptation and investment.
Assumptions:
- HP has the necessary resources and capabilities to implement the recommended changes.
- Customers are receptive to HP's new service offerings and value proposition.
- The global technology market will continue to grow and evolve.
8. Next Steps
To implement the recommended changes, HP should:
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource requirements for each recommendation.
- Establish a dedicated team: Assemble a cross-functional team responsible for driving the strategic renewal initiative.
- Communicate effectively: Communicate the vision, strategy, and progress of the initiative to all stakeholders.
- Monitor and evaluate progress: Track key performance indicators (KPIs) to assess the effectiveness of the changes and make adjustments as needed.
By taking these steps, HP can successfully navigate the challenges of the technology industry and achieve sustainable growth through service innovation and customer experience management.
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Case Description
On November 2, 2021, Enrique Lores, CEO of HP, Inc., ended the first online huddle of the week with his executive leadership team. The day was an historic one for the Palo Alto-based global company: six years earlier, HP Inc. came into being after the split of the iconic hardware company into two: HP, Inc. and Hewlett Packard Enterprise. As soon as Lores, who had become CEO the year prior, took over the reins at HP Inc., he immediately began to strategize the aggressive transformation of the hallowed company from a product-oriented to a customer experience-oriented company, identifying three areas, each requiring significant innovation: 1. Evolution of core business models to adapt to changing customer needs; 2. Pursuit of adjacencies in relation to the personal computer and print businesses; and 3. Leveraging platforms (capability and asset) and software assets to create new businesses. The broad and deep change initiative that he had charted for HP would require changes in skills, talent, infrastructure, and culture. To communicate what was required of his team, shift their thinking, and achieve a better multiple on their earnings per share, Lores asked his leaders to focus their attention on three key concepts: (1) Advance the business models of HP's core businesses; (2) Disrupt using HP's core assets; and (3) Transform the processes, cost structure, go-to-market capabilities, supply chain and brand of HP. Perhaps unsurprisingly, discussions at the morning meeting centered around the need to harness the past and drive the future. Markets were changing, HP's performance was accelerating and the company was seeing new customer behaviors. In addition, there was an inflection point in the PC stack and importantly, 3D printing, where HP had a great position, was attracting a lot of interest.
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