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Core Competence Analysis is the process of identifying a company’s fundamental strengths and attributes that are unique and serve to differentiate it from its competitors, as well as how to capitalize on these core capabilities to build sustained competitive advantage. To be a true core competency, it must be relevant to the needs of customers such that they are strongly compelled to purchase your product or service, it must be difficult for competitors to imitate, and it must be applicable to a wide variety of potential markets accessible to the company.
Description of Core Competence Analysis
Core Competence Analysis is the process of identifying your company’s core competencies in order to develop strategies that lead to increased market share and innovation. It is necessary to be intentional and thorough to arrive at a clear understanding of what your company’s core competencies are, which provides a foundation for strategic decision making. A company’s strategic endeavors should all stem from leveraging its core competencies to deliver ever greater value for its customers. Core competencies guide the organization’s ability to make sound choices when it comes to partnerships, outsourcing, recruiting, technology, marketing, or other types of investments, all of which should work in harmony to continuously strengthen and further imbed the core competencies across the company. As a company’s core competence builds, so does the opportunity to leverage itself into new and emerging markets and to generate new products, services, business models and disruptive innovations.
Praxie's Online Core Competence Analysis Tools & Templates
Strategy teams, business leaders and human resources professionals looking to grow the skills of their teams can look to build out and track these skills by using the new online Core Competence Analysis template from Praxie. The Core Competence Analysis framework allows business leaders to track key performance metrics within an organization based on job role, responsibilities, and business objectives.
The tool allows individuals to build out and track multiple databases, spreadsheets, and PowerPoint presentations and gather the information all in one place. By bringing this information together, business leaders can work more efficiently to raise the skills of their employees as a whole. Get started with our Core Competence Analysis template.
How to use it:
- List your key strengths.
- Describe what each competence allows you to do.
- Score the competence’s importance and defensibility.
- The total competency strength score will indicate strategic capability & likely differentiator.
Unlike most traditional Core Competence Analysis techniques, Praxie’s online Core Competence Analysis collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.