The most critical resources in today’s business management are core competencies. This is a sub-system of management that is connected with wide ranging resources and technologies in the production of goods and services. The core competencies of an organisation are those internal capabilities which are strategically important in fulfilling its mission and objectives and more importantly, in providing the organisation with a competitive advantage in the industry it operates in.
The differentiating characteristic of the core competencies of an organisation is that they evolve with time thereby representing the continued achievement of the organisation’s critical success factors over the same period of time. In addition, and as business experts argue, a company’s core competencies are hard to imitate by competitors.
In order to develop core competencies, an organisation must do the following:
- Define the internal capabilities that are strategically positioned to deliver sustainable value
- Perform a core competency review throughout the organisation and separate its strengths and weaknesses
- Produce a yardstick in comparison with other companies having similar capabilities to make sure the organisation targets the development of key competencies
- Establish a road map for the organisation thereby setting goals for competence building
- Separate these key factors and transform them into organisation-wide strengths
- Promote an all-inclusive participation in the development of core competencies across the organisation
The core competencies of any business should be applied to ensure that it can offer a unique experience to customers and make profits in the process. Majority of businesses find themselves with nothing unique to offer their customers and as a result, have to compete on price in order to remain operational. This is the reason why businesses need to create unique selling points to offer additional value to their customers.
For instance, most of the supermarkets doing business currently offer their customers various unique selling points in order to maintain customer loyalty. One such way of offering these core competencies is through the provision of loyalty points which are given to shoppers so as to encourage them to return to the same shop next time. Loyalty points are thus acquired every time a shopper shops and they can be redeemed later by converting them into cash and used for shopping.
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The most critical resources in today’s business management are core competencies. This is a sub-system of management that is connected with wide ranging resources and technologies in the production of goods and services.
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Picture Attribution: “Capabilities Word Means Capacity Adeptness And Competence” by Stuart Miles/Freedigitalphotos.net