Company Like Precise Biometrics example essay topic

Biometry is a technology based on identifying people by every individual's unique fingerprints. In Sweden a young security company by the name of Precise Biometrics started in 1997 has gone into a new area on the market of fingerprint readers. From the maturity phase to the penetration phase (see appendix 1.0) and this means that the firm must establish itself on the market to successfully sell the products, which have been developed. Firstly we will see how the company will be analyzed. Shortly after this we find the three different areas, which the products they have are specialized in: 1) IT- security 2) Passage system 3) Built-in systems Then we will see how the symbiosis of certain areas of the company can achieve progress. Towards the end of the analysis we can find the company must redirect into a more market friendly way to achieve a strong grip on the market.

"How should the company Precise Biometrics prepare for the future market?" 1.0 Introduction The need of security has always been a very fundamental and important issue among human beings. 1954 the famous psychologist Abraham Maslow synthesized a hierarchy of needs (appendix 2.0), which has been vital to the business world. On the most fundamental level of needs we can find that after the need of survival we find that security is next. Especially in the year of 2002, where the business world is greatly affected and it is more significant than ever! The company Precise Biometrics was born in 1997.

This company took a patent of a certain way of reading the fingerprints of a human, a revolutionary step in biometrics. Students from the Lund University in Sweden started the company, which last January had a total turn over of EUR 500 000. The rapid growth of technology in the last couple of years has created a need for more security. In today's IT society we can find that there is a craving for private businesses wanting to be sure that authorized personnel must only see their confidential information.

One of the factors that affect every business in the developed countries today has something to do with information technology i.e. : Internet, mobile phones or simply a bank machine. Perhaps some sensitive material about the annual profits of company XYZ is sent through e-mail one needs to appreciate the type of security it requires. Due to the vast majority of businesses being flexible and mobile in today's society we must appreciate the need of a good security system to secure the customers need of security. This is what Precise Biometrics work with. The 11th of September 2001 is another interesting example of how security systems are insecure in today's society, and after this terrorist attack we as a western society have increased our need for security. (appendix 2.0) 2.0 Research question The main theme of this analysis is to put the company in the focal point and challenge their way of organizing for the future. Are they prepared for the future?

Will the company adapt to the market or make the market? How is the organization structured? What are the cultural aspects? How will the technical factors affect the company? All of these questions are affecting the future of the company, if they do not work in symbiosis there might not be a future for the company. The one question stands: "How will the company Precise Biometrics prepare for the future market?" 3.0 Method and procedure We have chosen to take the more analytical point-of-view on the company in its internal environment.

Therefore we are going to look close at what kind of demand there will be on a company like Precise Biometrics for it to constructively adapt to the future market. The main flaw of the company, which has to be appointed special attention to, is that the company is young therefore the intrinsic environment is not fully developed yet. The last part of the essay we will take constructive decisions, decisions which are based on the company's well being and for the firm to be able to progress into the future without as little fear as possible. The materials used for this essay are interviews, the company's homepage, industrial magazines, banks, managers and sensitive information directly from the company and employees. 4.0 Main results and findings Biometric is a technology based on identifying people by every individuals unique fingerprints. Today we use fingerprint readers, but in the future we might adapt this same technology to read the iris of the eye.

Compared to earlier technologies where it is merely read at certain pattern on the fingerprint Precise Biometrics reads the entire picture of the fingerprint. Not only is this technology more secure, but it also assures that even a damaged finger can be tried for a security check. Precise biometrics has three main product areas: 4.1 Information Technology-security Within the IT-security sector Precise Biometrics fulfill two functions; increased security at logins and at transactions, according to the manager of the company (appendix 3.0). Compared to other systems Precise Biometrics systems can identify or verify a certain person, compared to the knowledge of a 4-digit code, which anyone can obtain. The company firmly assures that this innovative system is user-friendlier and more secure than the systems we use today. Not only are they easier but the administrative costs and time should be cut when using Precise Biometrics, due to the problems when changing a password or code.

The fact that loosing ones finger is quite difficult compared to a password or a digit code. During the year of 1999 the operating system Microsoft Windows NT introduced for the first time in IT history three different ways of logging into the program. This was a combination of a "SmartCard", password and a fingerprint reader. 4.2 Passage system The usage area for Precise Biometrics products is for passage systems. This area is mainly focusing on the authorization of an individual into a certain area in a building or room.

The authorization is tied to the individual, and not a key or code. This would then eliminate the risk of keys being lost, a breach of the security code or any other areas of administrative costs. This area of usage is not only appropriate in factories, companies, governments but also to the regular person in society. For example: cars, apartment doors, garages or elevators. 4.3 Built-in systems The third area is called "built-in" solutions, where an integration of reading sensors are used in mobile phones, computer mouse's, keyboards and / or public lockers.

With Precise Biometrics technology, which is patented to 2017, the reading sensors can be made so small and power saving that it will be more cost effective, and the economy of scales decrease. 4.4 Product overlook Fundamental product: To supply security. Tangible product: Strives to provide quality and user friendly devices. The branding "Precise" is mainly used for the consumers to relate to the product. Extended product: Deliver technical support and upgrading on the software for the devices. 5.0 Analysis and discussion If a company is supposed to be as effective as possible several factors must work in a symbiosis or else the company might loose strength on the market.

Here is the following model of which intrinsic factors must work together cohesive or else Precise Biometrics might not achieve its goal or vision. We will focus on the following topics due to the word limitation: The Organizations Task Fundamental Resources Organizations cultural framework The Board Technical support The Strategy 5.1 The Organizations Task The company is delivering a security system, but also conformability, cost efficient solutions and loyalty to customers. This is all weaved into the company's goals, which are to become the main players on the biometric market as well as to supply products within the three different areas: IT- security, passage systems and built-in solutions. The visions are to become the world leaders in biometry within IT and mobile products. Also to achieve the rank of world leading in the IT security product sector such as, computers, mobile phones. 5.2 Fundamental Resources The fundamental resources are those such as offices, financial resources and competence.

These are all gained through either external financial assistance or that the company builds them with the existing resources. Precise Biometrics try to place themselves geographically as close to potential customers or scientific research areas such as: beside the leading scientific university in Sweden or Washington D. C where they have a customer who whishes to remain anonymous. They have offices in these areas where they move to the important areas globally around the world where the biometric competence or demand is high. The competence in the business is high, where the annual report stated "Precise Biometrics most important source of success is from competent and motivated workers". Here the term competence is divided up in five areas; knowledge skills, experience, ethics and connections.

5.3 Organizations cultural framework We have already established that Precise Biometrics is very carefully of taking care of their employees. The goal is to synchronize personnel together with the culture of the organization. This would then minimize the rate of employee turnover, which could damage the company if they loose the competence to a competitor for example. Precise Biometrics is very careful with their employees and supports them in anyway possible. When the cultural aspects are in perfect harmony profits and competence could increase.

Even when the "IT bubble" burst and many IT companies were forced to stay alive through firing employees, however Precise Biometrics minimized their employee turnover and put the employees safety as a priority. 5.4 The Board Six people embody the power of being a part of the board for the business, which controls Precise Biometrics. The board has seven directly employed under them who communicate directly into the business and their co-workers. There are seven different areas of competence in the firm, and every area has its own budget.

The budgeted framework is decentralized, which is good and bad. The positive things are that every area of competence can be more motivated due to their own input on the budget. This gives the employees a certain range of responsibility, which also can motivate the employees. The negative issue with a decentralized organization is that the rest of the areas can make decisions, which aren't coherent with the rest of the firm. 5.5 Technical support This is merely the research and development, which are supporting the business from within. The company will have to rely on the technical advances made within the company as well as externally.

If there is no support from the technical side the company cannot progress, due to the market they are in. Technical advances dominate the market, however due to the location of the offices the technical advances are made close to the firm. The company can and will adapt to the changes, just as they saw a gap in the market when the company was founded in 1997.5. 6 The Strategy Simply to overtake the competitor's strengths and goals to achieve perfection so the competitors are extinct. Their main focuses on the customers are to gain big corporations who buy the products in huge quantities for a respectable price for the customer. The issue of breaching national boundaries to become international is very encouraged.

Precise biometrics did very much like Intel did to IBM, sell the product to the compiler of electronic devices before the consumer buys it. Another strategy is to block the competitors through international long-term patent on several inventions. All this is due to the progressive research and development, which Precise Biometrics has. 6.0 Conclusion The business Precise Biometric is a very comprehensive company, which can stay on the market as long as they are flexible and embodies high entrepreneurial skills.

If these two factors are not respected nor accepted the company is putting itself at risk for difficulties in the future. The most important change the company must make is the penetration on the market, with out an aggressive but flexible entry the company can forget a future on the technological market. Also the "4 p's" (see appendix 4.0) should be paid more attention to. Precise Biometrics needs to stay progressive and flexible, which they have displayed to a certain extent.

For the future the company must be more versatile and go into differentiation of products to have a grip on the market. The company Precise Biometrics should perhaps use fairs to build up a personal bond between their customers and takes the opportunity to build new bonds with other people who might be important. The company is still in a growing stage, however the company could have been much further along the line than they are right now. Recommended future market / product plan: Existing Market New Market Existing Products Market Penetration Market development New Products Product development Diversifying 7.0

Bibliography

and references Armstrong Gary; Kotler Philip: Marketing An Introduction, Prentice Hall, New Jersey 2000 Bruselius Lars;
Sk " arv ad Per-Hugo: Integrerad Organisations " ara, University Literature, Sweden / Lund 2000 Horn gren;
Sun dem; Stratton: Introduction to Management Accounting Twelfth Edition, New Jersey 2002 Precise Biometrics Annual report for 2000 Precise Biometrics Quartile report 2001 Precise Biometrics Half year rapport - Jan-Jun 2001 Precise Biometrics Rapport between - Jan-Oct 2001 Precise Biometrics Newsletter Match No 1/2000;
No 2/2000;
No 3/2000 No 1/2001;
No 2/2001;
No 3/2001 Interview with Linda Wall gren (Marketing coordinator) and Caroline Wide gren (CEO assistant) at Precise Biometrics, 23rd -24th Sept, 2001.
Interview with Christina The lander, accounting manager. Interview with Niclas Nell hag at Precise Biometrics, 24th Nov, 2001 Articles from "Da gens Industri", fran web 12/11-01 and 21/12 -01 APPENDIX 1.