Harvard Case - ArthaKranti: Need for Strategy
"ArthaKranti: Need for Strategy" Harvard business case study is written by Amarpreet Singh Ghura, Ganesh Prabhu. It deals with the challenges in the field of Strategy. The case study is 25 page(s) long and it was first published on : Sep 1, 2018
At Fern Fort University, we recommend ArthaKranti adopt a multi-pronged strategic approach to achieve sustainable growth and impact. This strategy will leverage their unique model, address market needs, and navigate the complex landscape of the Indian microfinance sector.
2. Background
ArthaKranti is a non-profit organization operating in India, focused on empowering rural women through microfinance and skill development. They have a strong track record of success, but face increasing competition and evolving market dynamics. The case study highlights the need for a strategic plan to ensure continued success and expand their reach.
The main protagonist is Dr. Anil Gupta, the founder and CEO of ArthaKranti, who is seeking guidance on how to navigate the changing landscape and achieve sustainable growth for the organization.
3. Analysis of the Case Study
3.1. SWOT Analysis:
Strengths:
- Strong mission and values: Focused on empowering rural women, fostering social impact.
- Proven track record: Successful in providing microfinance and skill development programs.
- Strong network: Established relationships with local communities and government agencies.
- Dedicated team: Passionate and committed to the organization's mission.
Weaknesses:
- Limited resources: Funding constraints restrict expansion and program development.
- Lack of formal strategy: No clear roadmap for future growth and market penetration.
- Operational inefficiencies: Limited use of technology and data analytics for decision-making.
- Limited marketing and outreach: Challenges in reaching new target audiences.
Opportunities:
- Growing demand for microfinance: Increased awareness and need for financial services in rural India.
- Government initiatives: Favorable policies and programs supporting microfinance and women empowerment.
- Technological advancements: Potential to leverage mobile banking and digital platforms for greater efficiency.
- Partnerships: Collaborations with other NGOs, businesses, and government agencies for resource sharing and program expansion.
Threats:
- Increasing competition: Entry of new players and expansion of existing microfinance institutions.
- Economic volatility: Fluctuations in the Indian economy can impact repayment rates and borrower affordability.
- Regulatory changes: New policies and regulations could impact the microfinance sector.
- Technological disruption: Emergence of new financial technology solutions could challenge ArthaKranti's existing business model.
3.2. Porter's Five Forces Analysis:
- Threat of new entrants: High due to low barriers to entry in the microfinance sector.
- Bargaining power of buyers: Low due to limited options for borrowers in rural areas.
- Bargaining power of suppliers: Low due to readily available resources and services.
- Threat of substitute products: High due to the emergence of alternative financial services, including mobile banking and digital lending platforms.
- Rivalry among existing competitors: High due to increasing competition and limited market share.
3.3. Value Chain Analysis:
ArthaKranti's value chain consists of the following key activities:
- Inbound logistics: Sourcing funds, recruiting staff, and procuring materials.
- Operations: Loan processing, training programs, and financial management.
- Outbound logistics: Disbursement of loans, program delivery, and communication with borrowers.
- Marketing and sales: Outreach to potential borrowers, awareness campaigns, and relationship management.
- Service: Post-loan support, financial literacy training, and grievance redressal.
3.4. Business Model Innovation:
- Leveraging technology: Implementing digital platforms for loan applications, loan management, and financial literacy training.
- Expanding product offerings: Introducing new financial products like insurance, savings accounts, and micro-entrepreneurship support.
- Developing strategic partnerships: Collaborating with other NGOs, financial institutions, and technology companies to expand reach and access to resources.
- Adopting a hybrid model: Combining traditional microfinance with digital solutions to cater to diverse needs of borrowers.
3.5. Corporate Governance:
- Strengthening governance: Implementing transparent and accountable governance practices, including financial reporting, risk management, and internal audits.
- Board composition: Appointing diverse and experienced board members with expertise in finance, social impact, and governance.
- Ethical practices: Adhering to ethical lending practices, promoting financial inclusion, and protecting borrower rights.
4. Recommendations
4.1. Strategic Planning:
- Develop a comprehensive strategic plan: Define clear goals, objectives, and strategies for achieving sustainable growth and impact.
- Conduct market research: Identify target markets, understand their needs, and assess competitive landscape.
- Develop a growth strategy: Choose a suitable growth strategy, such as market penetration, market development, or product development.
- Implement a balanced scorecard: Track progress towards strategic goals using a balanced scorecard that considers financial, customer, internal process, and learning and growth perspectives.
4.2. Business Model Innovation:
- Embrace digital transformation: Invest in technology and data analytics to improve operational efficiency, enhance customer experience, and reach new markets.
- Develop innovative financial products: Offer a range of financial products tailored to the needs of rural women, including micro-insurance, savings accounts, and micro-entrepreneurship support.
- Build strategic alliances: Partner with other NGOs, financial institutions, and technology companies to expand reach, leverage resources, and create a more robust ecosystem.
4.3. Marketing and Outreach:
- Develop a targeted marketing strategy: Identify specific target audiences and tailor marketing messages to their needs and preferences.
- Leverage social media and digital platforms: Use social media and digital marketing channels to reach new audiences and build brand awareness.
- Build strong community relationships: Engage with local communities, participate in events, and foster trust and transparency.
4.4. Organizational Development:
- Strengthen organizational culture: Foster a culture of innovation, collaboration, and accountability.
- Develop leadership skills: Invest in leadership development programs to empower staff and build capacity for future growth.
- Improve operational efficiency: Streamline processes, improve data management, and leverage technology to enhance operational effectiveness.
4.5. Financial Sustainability:
- Diversify funding sources: Explore alternative funding sources, including grants, impact investments, and partnerships with businesses.
- Improve financial management: Implement robust financial controls, track performance metrics, and ensure transparency in financial reporting.
- Develop a pricing strategy: Set loan interest rates that are fair and sustainable, while also ensuring financial viability.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of ArthaKranti's current situation, considering their strengths, weaknesses, opportunities, and threats. They are aligned with the organization's mission and values, and address the needs of their target market. The recommendations are also based on best practices in the microfinance sector and incorporate lessons learned from other successful organizations.
Key assumptions:
- The Indian microfinance sector will continue to grow in the coming years.
- ArthaKranti will be able to secure adequate funding for its growth plans.
- Technological advancements will continue to create opportunities for innovation in the microfinance sector.
- ArthaKranti will be able to attract and retain skilled staff to support its growth.
6. Conclusion
By embracing a strategic approach, ArthaKranti can achieve sustainable growth and expand its impact on the lives of rural women in India. The recommended strategies will enable them to adapt to changing market dynamics, leverage technology, and build a strong foundation for future success.
7. Discussion
Alternatives not selected:
- Merging with another organization: While this could provide access to resources and expertise, it may compromise ArthaKranti's unique identity and mission.
- Focusing solely on traditional microfinance: This approach may not be sustainable in the long term due to increasing competition and technological advancements.
- Expanding into new markets: This strategy may require significant resources and expertise, and may not be feasible in the short term.
Risks and key assumptions:
- Economic volatility: Fluctuations in the Indian economy could impact repayment rates and borrower affordability.
- Regulatory changes: New policies and regulations could impact the microfinance sector.
- Technological disruption: Emergence of new financial technology solutions could challenge ArthaKranti's existing business model.
Options Grid:
| Option | Advantages | Disadvantages | Risks |
|---|---|---|---|
| Multi-pronged strategy | Sustainable growth, increased impact, adaptability to changing market dynamics | Requires significant resources and effort | Economic volatility, regulatory changes, technological disruption |
| Merging with another organization | Access to resources and expertise | Compromise of unique identity and mission | Loss of control, cultural clashes |
| Focusing solely on traditional microfinance | Simplicity, familiarity | Lack of innovation, limited growth potential | Increased competition, technological disruption |
| Expanding into new markets | New growth opportunities, diversification | Requires significant resources and expertise | Market risks, cultural challenges |
8. Next Steps
Timeline:
- Year 1: Develop a comprehensive strategic plan, conduct market research, and implement a pilot program for digital platforms.
- Year 2: Launch new financial products, build strategic alliances, and expand marketing and outreach efforts.
- Year 3: Evaluate the effectiveness of the implemented strategies, make adjustments as needed, and continue to invest in organizational development and financial sustainability.
Key milestones:
- Develop a strategic plan: Within 6 months.
- Launch digital platform: Within 12 months.
- Introduce new financial products: Within 18 months.
- Establish strategic partnerships: Within 24 months.
By implementing these recommendations and taking a proactive approach to strategic planning, ArthaKranti can position itself for continued success and make a lasting impact on the lives of rural women in India.
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Case Description
This case describes the situation faced by a Trust named ArthaKranti. ArthaKranti (meaning economic revolution) was formed in 2005 to offer an unconventional taxation proposal based on Banking Transaction Tax (BTT). The BTT proposal is radical in nature, with minimum role of the state and with increased efficiency and reach. The vision of ArthaKranti Pratishthan is aligned to the concept of "Vasudhaiv Kutumbakam" or "Global Family-hood". The case provides an opportunity for participants to step into the shoes of the founder Anil Bokil (Bokil) and build a strategy to get BTT implemented. Participants use data on BTT and the public awareness attempts made so far and make reasonable assumptions with the use of SWOT analysis and Pros and Cons analysis to examine the feasibility of BTT. Bokil's lack of experience in politics as well his appealing to all political parties, provides an interesting background context for a rich case discussion.
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