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How To Nurture And Protect Your Company’s Core Competencies
Posted by adminAn organization’s core competencies are the bread and butter of their business. In Jerry Porras and Jim Collins “Built to Last” (a best selling US based blueprint for company success), both authors mention visionary companies as promulgators of the extraordinary, citing companies like Boeing who capitalized and made billions off commercial airliners during a time when competitor Douglas Aircraft balked. In this respect, Boeings core competency was the ability to innovate and take risks – a cold and calculated smart risk that broke the company free from the reigns of military jets and into new territory.
Companies need to invest in their core competencies to help them succeed. One way to do that is by preserving its most valuable asset – its identity. For example, Apple preserves its brand through the use of slick marketing campaigns and constant innovation (how many Macbooks and Ipods have been developed in the last few years?) Continuous investment must be made with strong attention paid to preserving production methods. In addition, winning with core competencies means becoming an expert in your field and anticipating trends. They constantly test their strengths to meet the demands of consumers, competitor moves, and industry dynamics both in-house and outsourced.