ANALISIS STRATEGI DIVERSIFIKASI PT SURYA ARTHA NUSANTARA FINANCE: PENDEKATAN BCG MATRIX DAN MCKINSEY PORTFOLIO
Yustina Septika Dian Morrisanti, Willy Abdillah, Prof., M.Sc., Dr.,
2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA
Industri pembiayaan di Indonesia pasca-pandemi Covid-19 menghadapi tantangan struktural berupa perlambatan pertumbuhan, meningkatnya intensitas persaingan, serta indikasi maturasi pasar yang mendorong perusahaan multifinance untuk melakukan diversifikasi portofolio bisnis. Namun, praktik diversifikasi tersebut tidak selalu diiringi dengan evaluasi portofolio yang komprehensif terhadap daya tarik industri dan kekuatan internal masing-masing lini pembiayaan, sehingga berpotensi menimbulkan ketidakseimbangan antara pertumbuhan, risiko, dan keberlanjutan usaha. Penelitian ini bertujuan untuk menganalisis strategi diversifikasi portofolio yang dilakukan oleh PT Surya Artha Nusantara Finance (SANF) serta mengevaluasi posisi portofolio dan potensi pertumbuhan serta keberlanjutannya melalui integrasi kerangka BCG Matrix dan McKinsey Portfolio Matrix. Penelitian ini menggunakan desain kualitatif deskriptif dengan pendekatan studi kasus, yang didukung oleh data primer berupa wawancara mendalam dengan manajemen kunci dan survei penilaian manajerial, serta data sekunder dari laporan tahunan perusahaan dan statistik industri pembiayaan. Hasil penelitian menunjukkan bahwa SANF menerapkan strategi diversifikasi secara bertahap dan selektif melalui pendekatan related diversification, dengan tetap menjadikan lini pembiayaan inti sebagai penopang arus kas utama. Pemetaan BCG Matrixmengindikasikan bahwa portofolio SANF masih didominasi oleh lini pembiayaan pada posisi cash cow, sementara lini hasil diversifikasi berada pada tahap question mark, sehingga kontribusi diversifikasi terhadap profitabilitas jangka pendek masih terbatas. Namun demikian, analisis McKinsey Portfolio menunjukkan bahwa beberapa lini pembiayaan SANF memiliki tingkat industry attractiveness dan business unit strength yang relatif tinggi, yang mencerminkan potensi pertumbuhan dan keberlanjutan usaha dalam jangka menengah hingga panjang. Temuan ini menegaskan bahwa diversifikasi SANF memiliki relevansi strategis sebagai instrumen penyeimbang portofolio dan pengurangan ketergantungan pada satu segmen dominan, dengan keberhasilan yang sangat bergantung pada pengelolaan prioritas portofolio, alokasi sumber daya secara selektif, serta pengendalian risiko yang terintegrasi dan berkelanjutan.
The Indonesian financing industry in the post–Covid-19 period has faced structural challenges in the form of slowing growth, increasing competitive intensity, and early signs of market maturation, which have encouraged multifinance companies to pursue portfolio diversification strategies. However, such diversification is often implemented without a comprehensive portfolio evaluation of industry attractiveness and internal business strength, potentially leading to imbalances between growth, risk, and long-term sustainability. This study aims to analyze the portfolio diversification strategy implemented by PT Surya Artha Nusantara Finance (SANF) and to evaluate its portfolio position as well as its growth and sustainability potential through an integrated application of the BCG Matrix and the McKinsey Portfolio Matrix. Employing a qualitative descriptive research design with a case study approach, this study utilizes primary data obtained from in-depth interviews with key managerial informants and managerial scoring surveys, complemented by secondary data from company annual reports and industry statistics. The findings indicate that SANF adopts a gradual and selective diversification strategy through a related diversification approach, while maintaining its core financing business as the main source of cash flow. The BCG Matrix analysis shows that SANF’s portfolio remains dominated by core financing businesses positioned as cash cows, whereas diversification-driven financing lines are classified as question marks, indicating that diversification has not yet become a primary driver of short-term profitability. Nevertheless, the McKinsey Portfolio analysis reveals that several of SANF’s financing lines exhibit relatively high levels of industry attractiveness and business unit strength, suggesting meaningful potential for medium- to long-term growth and sustainability. These results underscore that SANF’s diversification strategy serves as a strategically relevant mechanism for portfolio balancing and risk reduction from dependence on a single dominant segment, with its success contingent upon effective portfolio prioritization, selective resource allocation, and integrated risk management.
Kata Kunci : Diversification, Financing Industry, BCG Matrix, McKinsey Portfolio, Corporate Strategy, Business Sustainability
