Introduction and Purpose
For decades, Medtronic, Inc has had a superb reputation in the medical field. This organization manufactures and distributes medical devices, services, and therapies used in the treatment of illnesses such as spinal conditions, heart diseases, diabetes, vascular disease, and neurological disorders. For years, the mission statement of this company has been to give best services that improve human welfare by devices and services that extend life, alleviate pain, and restore health (Medtronic, Inc, 2013). It has been evident that the company is meeting its mission statement as it is providing doctors with medical procedures that meet the needs of health care all over the world. The purpose of this research paper is to summarize the company’s strategic plan for the next three to five years. In discussing, this document will describe the company’s overall business strategy and IT department strategic plan in ensuring that it align with the business priorities and financial justifications.
Business Strategy and Capabilities
Medtronic is a global company whose headquarter is located in Minneapolis Minnesota. Historically, the company started developing their facilities in 1967 when the first service center was created in Amsterdam’s Schipohl followed by Kerkrade located in Netherlands. Today, the company has so much expounded that there are facilities all over in the world. It is important to understand how the company has been progressing for the past years and the main challenges that need to be met to achieve the strategic plan. According to Medtronic, Inc (2013), for the past five years, the company has shown a remarkable growth in sales and revenue. Despite the noted progress, the company has identified a number of challenges that needed to be solved. These challenges include provide simplified support system and sales processes to enable Medtronic to function as one company and provide best practices and introduce a comprehensive approach that gather clinical trial data used in review by the FDA and company approvals.
IT plays a significant in ensuring that the organization’s vision, mission, and people strategies and values statements are aligned with the proposed strategic plan. In this case, the IT cost drivers should be considered when establishing the company’s strategies and objectives as discussed in the following section.
Studies show that, Medtronic IT department provides the company with excellent products and services across the globe (Barbaro, Larson & Starr, 2009). To fully succeed in the competitive world, IT department needs to understand the functional team required and how they can utilize their services to solve the challenges identified. For instance, the IT department needs to develop software that track the clinical trial data, the company needs to look into China or India since these countries have a high number of graduates’ students each year who are competent and experienced and they would cost the company one quarter of the salaries they would earn in the United States. Further, this research identifies the following suggestion for the IT department.
First, the department needs to create a strong IT team that would support and implement the goals and objectives set by the strategy team. There is a need to have a team that would conduct analysis that would enhance positive growth in the company and ensure that there is a small group of IT that facilitates daily activities (Plunkett & Plunkett Research, Ltd, 2009). The IT standardization will help the Company to lower cost and have more and better opportunities to innovate new products. Overall, the IT department’s information of business world will help the company achieve its missions and values.
Barbaro, N. M., Larson, P. S., & Starr, Philip A. (2009). Functional Neurosurgery. Thieme New York.
Medtronic, In. (2013). Medtronic. Retrieved from http://www.medtronic.com/careers/index.htm
Medtronic, Inc. (2013). Global Reach, Local Impact. Retrieved from http://www.medtronic.com/
Plunkett, J. W., & Plunkett Research, Ltd. (2009). Plunkett’s insurance industry almanac. Houston, Tex: Plunkett Research.