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Strategy & Business Model Innovation: Barrick Limited

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Question:

Discuss about the Strategy & Business Model Innovation for Barrick Limited.
 

Answer: 

Strategy

The main idea that has been extorted from the given video takes in the in-depth analysis of the term “strategy”. Strategy has never been that precise idea that can be channelized into detailed ways. There are various ways in which the weakness of an organization can be transported to the vanguard. On the other hand, it is the submission of the thought that is being processed by different organizations in conveying the best out of them through the different prediction of internal analysis (Schneider and Spieth 2013). Organizations have been envisaging the correct ideas that are supportive in improvement in the market. The main focus of the company would be on gaining the competitive advantage in the market and within the industry. Using pre-determined ideas is not always what the company does or needs to do. The basic principle of continuing in the competitive segment is to channelize the ideas and assemble the objectives as per the requirement of the hour. Organizations should be strategizing things in a way that benefits them in the long run with the competition being in the right marketplace having the value differentiation (Casadesus?Masanell and Zhu 2013). The resources that are being used is mainly based on the organization’s ability along with the procurement of exclusive customer value. The company strategies should be on the accurate execution level rather than just devising a plan.

Barrick Australia Pacific (BAP) is a company that is into mining that presents one of the best examples in citing the advanced strategy. The superior production of cash is one of the approaches that is being used by organizations. In the case of BAP, the same is being done through the help of the portfolio, surveillance of the performance and focusing on the stakeholder’s interest. The precedence of the organization is in ensuring the best value of 4 P’s. Apart from these facts, the organization has been striving hard in integrating the required strategies required for more generation of revenue and the appropriate balance sheet. The safety of the employees factor is also important for evaluating the frequency rate of injuries among the customers. The management of BAP has been great in looking after their employees in the best possible manner. The organization’s tier 1 assets have been their key strategy in delivering the augmented revenue invention. The company portfolio is being improved with the assistance of the standard assets. The operational brilliance of the organization is through the regular motives for development. The main purpose of the company is to institute a condensed art of network that would help in operating the same with required license. The unique qualities of the employees are being taken in structuring a team that is fully focused towards the goals and objectives of the company (www.barrick.com 2017). The company’s strength lies in the fact that the management has been brave and strong enough in understanding the challenges that is there for the company. Their step forward is with the employee strength they possess.

 

Business Model Innovation

Organizations across the globe have been reflective of the idea as to whilst they would be going towards the innovation. Innovation in business model is for breaking the path and breaking the ideas that organizations have been performing and launching something creative in nature. In the present day business, the primary concern of the organization is to invent the satisfaction strategies of the client from time to time. Innovation is the way in granting the required competitive advantage. The overall idea would be to attract the customers in the most effective way. The organization must be having the possession of enough resources and he opportunity in implementing the technological development (DaSilva and Trkman 2014). In today’s world technology is an important facet but not always as considered by same. The innovation base is the execution of the correct idea that has the ability to meet the goals of the organization. The success factor of any organization is connected with the value proposition of customers that is being displayed in the form of generation of revenue. The organizations need to evaluate the global infrastructure that exists and then kick off their own business model. The idea initiation must be based on the proper understanding of the customer’s demands that varies with the different organizations or the organizations of the industry. The incorporation and execution of the creative idea should be such that the organizations must have the ability to produce the constructive results.

The innovation of the business model that has been applied by Dell takes in the extensive idea of ‘configure to order’. As per Slack (2015), this approach was initiated by the organization in offering the customers the satisfaction value. Dell’s customization of their products were enough in making them believe that they were an integral part of the organization and that Dell values them in big way. Along with this, Dell was also instrumental in upgrading their advancement through the assistance of JIT (Just in Time) manufacturing. The company’s manufacture has been well maintained with the assistance of the compressed inventory management. Purchase and delivery is being made easier by the organization through availing the service stations near the customer location. These have been implemented by the organization over a longer period of time. The organization’s intelligent use of the inventory has been managing the value of constituent depreciation. These facets are not something that has implemented now in the industry of PC. But, Dell taking a leaf out of the books of HP altered the above discussed factors in fostering production and client’s faith. The organization has been successful in gathering the relevant information for the purpose of competition, incorporating them and finally implementing the same (Bocken et al. 2014). For this reason only, the company has been able to announce the revenue of around $13.1 Billion in the second quarter of 2017. Dell’s rise has been positive for the fact that it has been able to remodel the business (DaSilva and Trkman 2014). The pioneering ways of various demands of customers have been able to provide the company with required benefits.

 

Reference:

Barrick.com. (2017). Barrick Gold Corporation - Transforming into a 21st century company. [online] Available at: https://www.barrick.com/ [Accessed 6 May 2017].

Bocken, N.M.P., Short, S.W., Rana, P. and Evans, S., 2014. A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, pp.42-56.

Casadesus?Masanell, R. and Zhu, F., 2013. Business model innovation and competitive imitation: The case of sponsor?based business models. Strategic management journal, 34(4), pp.464-482.

DaSilva, C.M. and Trkman, P., 2014. Business model: What it is and what it is not. Long range planning, 47(6), pp.379-389.

Rashidirad, M., Soltani, E. and Syed, J., 2013. Strategic alignment between competitive strategy and dynamic capability: Conceptual framework and hypothesis development. Strategic Change, 22(3?4), pp.213-224.

Schneider, S. and Spieth, P., 2013. Business model innovation: Towards an integrated future research agenda. International Journal of Innovation Management, 17(01), p.1340001.

Slack, N., 2015. Operations strategy. John Wiley & Sons, Ltd.

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