A Competitive Advantage Assessment and Strategy for Nebraska (The Financial Service Cluster) Harvard Case Solution & Analysis

A Competitive Advantage Assessment and Strategy for Nebraska (The Financial Service Cluster) Case Solution

Introduction:

The growth of industries and jobs are attracting the experts and quality talents to maintain the healthy and strong businesses that will help in the development of the economy. The economic development is the process that helps to create growth in business and ultimately jobs and other communalities that are outsourced for good opportunities and to improve living standards.

The State of Nebraska was shocked after the recession; it resulted in an increase in unemployment from 4.9% to 9.5%. In addition, the Governor stated in 2010, that the competitive opportunities have detained after the economic slowdown. Therefore, the competitive assessment was designed, which helped to build the blocks in Nebraska style that provides opportunity for growth. The Nebraska Department of the economic department (DED) strives to create the economic growth, community and to create better living standards to work and live there; lastly, to expand the business.

The objective of this case is to analyze the influence of IT in financial services that provides a competitive advantage in business retention and expansion. For instance, it provides the advantage of taxes in business, job training customization, business grants, fiancing, taxes, and international trade.

Problem Statement:

The main problem in financial service cluster is the retention target with industry specialization, but it decreases in employment and eventually, decreases in economic productivity. Based on the case, the agricultural machinery cluster is the main reason for the slow pace of production. Therefore, it focuses on the use of efficient technology to increase the level of production.

Business Development:

The business development can be done through;

(1) Field service (across the Nebraska state total six field services are located that offers are promoting programs and connection between resources and business.

(2) Recruiting for business: The development of new business and industry would increase the market and assets in order to grow the business.

(3) Innovation: to manage the new developing programs on start up of business by implementing innovative software those are easy to use and access.

(4) Cluster initiative: The case provides 12 industry clusters in different fields, but this case is focusing on financial services that provide assistance for economic development. It would lead to competition in  the industry and help to grow the business.

(5) International recruitment: The foreign recruitment leads to export assistance that eliminates the tariff, and the state can involve in export and import of goods. Along with this, interlink between government would lead to easy the trade missions that ultimately improve the balance of trade and chances of the deficit would decrease.

The financing services cluster

Most of the businesses have the option to raise the capital for expansion or to start-up. The focus on financial service cluster gives the options of regional industrial growth. The state also helps to assist in financing of both small and medium sized projects or at least provide payment of large industries expenses, as they focus on growth or economic development. (Development, 2016)

Types of financial services as an economic development community

  1. Nebraska tax advantage
  2. Job training customization
  3. Community Development Block Grant
  4. Nebraska progress loan fund
  5. Site and building development......................
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