An Organization’s core competencies are the factors essential to the way the organization works, the products and services it delivers, and what the organization does that provides value to its customers. (Gendron 91) Investopedia conveys core competency as something that should allow a company to expand into new end markets as well as provide a significant benefit to customers. (Investopedia, 2018)
I mentioned the reality show “The Profit” before in earlier posts. However, when I read core competencies, The Profit comes to mind.
The show follows Marcus Lemonis, as he takes failing family businesses and turns them around to profitable, productive companies. Additionally, he adds these into his own portfolio and business structure. The show provides education on how businesses work, and integrate with each other. Not all attempts are successful. (CNBC, 2018)
Lemonis reiterates his core competencies, over and over. The mantra is “People, Process, and Profit.” He applies people over the process, but requires the process to work for the profit. If each applies itself accordingly, the value is given to the customers.
Gendron, Michael S. Business Intelligence Applied: Implementing an Effective Information and Communications Technology Infrastructure. John Wiley & Sons P&T, 2012-10-15. VitalBook file.
Investopedia. (2018). Core Competencies. Retrieved from https://www.investopedia.com/terms/c/core_competencies.asp
CNBC. (2018). The Profit. Retrieved from https://www.cnbc.com/the-profit/