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.
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
As an example, most of the supermarkets doing business currently offer their customers various unique selling points to maintain customer loyalty. One such way of offering these core competencies is through the provision of loyalty points which are given to shoppers 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 to cash and used for shopping.
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 to remain operational. This is the reason why businesses need to create unique selling points to offer additional value to their customers.
Network analysis is defined as the process of “breaking down a complex project’s data into its parts (activities, events, durations, etc.) and plotting them to show their interdependencies and interrelationships.”
The textual representation of a use case shows the interaction between the actors textually and at an appropriate level of detail. There are several set elements that every textual representation of a use case should contain:
Originally released in 2005 by BPM Group, the 8-Omega framework has been adapted and embraced by a large number of organizations around the world for the improvement of business processes.
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Process performance metrics generate accurate data, bringing more efficiency and effectiveness to the decision-making process. The data generated by process performance metrics can be aggregated and displayed on a unified dashboard to provide a panoramic overview of the company’s performance.
When deciding between different designs, you want to base your decision on rational arguments instead of subjective preferences. One methodology for establishing a procedure to select the best option from multiple available options is Pugh Matrix, also known as the decision matrix.
Consequently, systems developed using the traditional approaches to software development are rigid and difficult to change. It’s often necessary to modify a large number of parts of the system just to implement a single, small change. The traditional approaches to software development are effective only in situations where requirements are specific and unlikely to change over time.
One increasingly popular method for breaking down a process into smaller and more easily understood parts, which this article will focus on is called ICOR, which stands for Inputs, Outputs, Controls, and Resources.
The essence of VPEC-T analysis is to provide a collection of mental filters and guides. Together, they provide a simplified communication method that prevents loss in translation from business needs to IT solutions.
Picture Attribution: “Capabilities Word Means Capacity Adeptness And Competence” by Stuart Miles/Freedigitalphotos.net