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.
Some processes, problems, and projects appear complicated, yet their complexity disappears as soon as one takes a closer look and breaks them down into simpler parts. This is the objective of functional decomposition - to clarify how the overall functionality emerges from the interaction between individual components in increasing detail.
The key importance of problem tracking is seldom evident when there are just two or three problems to overcome at the same time; it doesn’t take much to stay organized in such situations. It gets much more complicated, however, when the number of problems increases, especially in the early phases of software development projects.
In a perfect world, our plans would always go according to our expectations, and nobody would ever make a wrong decision. Sadly, we don’t live in a perfect world, and things don’t always go according to plan. Knowing that mistakes are inevitable, the question is how to improve our practice or reduce those mistakes the next time we get an opportunity.
There are some major tell-tale signs to look out for when improving processes. These trouble spots exist to varying extents in most poorly-performing business processes. The objective of any improvement effort is therefore to minimize these as much as possible to ensure that affected processes perform as efficiently as possible and deliver value to the business.
The most obvious benefit of gathering stakeholders with different backgrounds in a single room is the increased chance of spotting defects in requirements before development or implementation begins. Structured walkthrough sessions also raise awareness about the different development or maintenance methodologies.
State diagrams typically describe the states of an object, the transitions between the different states and the events that trigger those transitions. Thinking through objects in a system and their respective states can also help to identify missing requirements.
A problem statement defines the problem being faced by a business and also identifies what the solution would look like.
It can be seen as the starting point for coming up with a product vision. In defining the problem statement, be sure to include these elements:
Six Sigma has continued evolving over the years, and focuses on improving customer satisfaction, meeting stakeholders' requirements, and improving the outputs (products/services) offered by organizations.
This technique is also known as “Item tracking” or “Issue Tracking" and it covers the supervision of defects, assumptions, actions and issues until they are resolved. It provides an opportunity for stakeholders to rank the importance of issues affecting them.
In developing a business case or a feasibility study, many activities are associated with inherent uncertainties and therefore, estimating the resources required to complete such project activities can be a challenging task for the business analyst.
Great project estimation commonly involves applying one or more techniques in arriving at time and cost estimations, some of which are discussed in this article.
Picture Attribution: “Capabilities Word Means Capacity Adeptness And Competence” by Stuart Miles/Freedigitalphotos.net