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Business Project - Executive summary

Business Project - Executive summary

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 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...

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