Core competency

A core competency is a specific factor that a business sees as being central to the way it, or its employees work. It fulfils three key criteria: A core competency can take various forms, including technical/subject matter know-how, a reliable process and/or close relationships with customers and suppliers. It may also include product development or culture, such as employee dedication. Core competencies are particular strengths relative to other... more

A core competency is a specific factor that a business sees as being central to the way it, or its employees work. It fulfils three key criteria: A core competency can take various forms, including technical/subject matter know-how, a reliable process and/or close relationships with customers and suppliers. It may also include product development or culture, such as employee dedication. Core competencies are particular strengths relative to other organizations in the industry which provide the fundamental basis for the provision of added value. Core competencies are the collective learning in organizations, and involve how to coordinate diverse production skills and integrate multiple streams of technologies. It is communication, an involvement and a deep commitment to working across organizational boundaries. Few companies are likely to build world leadership in more than five or six fundamental competencies. The value chain is a systematic approach to examining the development of... less