FACILITIES AND ENGINEERING SERVICES IN 2024: THE MARKET OUTLOOK AND COMMERCIAL TRENDS

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Guarding Against Disruption – Prahalad & Hamel Core Competencies Model

Baskar Sundaram

Guarding Against Disruption

Day 12: Prahalad & Hamel Core Competencies Model

One of the keys to an organization’s success is its ability to identify and maximize core competencies that set it apart from competitors. In this brief article, we’ll explore how to clarify and build core competencies in your organization

About the Core Competencies Model

A core competency is a combination of skills and resources that creates a competitive advantage for an organization. Prahalad and Hamel’s model focuses on how organizations can identify, cultivate, and maximize core competencies to fuel growth. There are three elements:

 

Clarify Core Competencies: By identifying and explicitly articulating core competencies, organizations can drive a high degree of clarity in business decisions and resource allocation, and can focus on strategies that maximize competitive advantages.

 

Develop Core Competencies: Organizations should take steps to enhance its core competencies. This is achieved by investing in technology, forming strategic partnerships, and effectively allocating resources.

 

Core Competency Mindset: Embrace a long-term mindset, break down business unit silos, and identify and develop leaders with the skills to build core competencies that will be crucial in years to come.

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