216 Blockchain
Problem statement
IOSpeed CEO, Kapil Sharma, wants to reshape the company through a
new strategy and uplift the company’s brand image through new strategy.
As part of reviewing the existing strategy and business model, there were
many problems highlighted. Some of them are listed below:
• The existing business model is not sustainable against competitors.
It was highlighted that the company needs to invest in expansion to
grow the business and gain market share
• The sales revenue has been declining year on year
• The pandemic [coronavirus disease 2019 (COVID-19)] further
declined the revenue and highlighted an urgent need to digitalise the
business and expand in multiple countries and markets
• There was a high turnover of staff due to decline in revenue and bud-
get cut on operating cost that included cut in staff as well
• It was highlighted that the cost for physical assets and to maintain
them during the pandemic was very high
• There are a lot of competitors in the market, who have already
launched digital platforms and attracted new customers and artists.
There are many barriers to entry
• There is a need for a new brand image for the company and an innova-
tive strategy to kick-start the new sales channels and attract artists and
customers. This needs to be in parallel to existing business as revenue
streams need to be active along with retaining existing loyal customers
IOSpeed potential strategic outcomes
Once a high level of organisation gaps and problem statements have been
identified, the next steps would be to articulate the target state of the organ-
isation before diving into analysis of the organisation current state and stra-
tegic formulation.
The following is the target state the senior management of IOSpeed
would like the organisation to be:
1. Improve existing business to sell Art through virtual exhibitions and
expand the market from UK to Global. Migrate to new channels such
as phone, website, and physical presence.
2. Develop a new online marketplace for customers and artists to buy
and sell the ART pieces using NFT (non-fungible token) technology.
Strategic outcomes
• The first strategic outcome of IOSpeed is to sustain the existing busi-
ness, retaining the revenue stream and customers
• The second strategic outcome is to innovate new planforms to disrupt
the business model and enter new markets