COMPETENCY BASED BUSINESS STRATEGY

ABSTRACT:
In todays competitive environment an organization needs to be competent because only a competent organization has the ability to structurally and systematically co ordinate and commit resources for creating and distributing value to its customers & stake holders. Competency based business strategy provides an organization to know the real insight into their firms strengths and weakness. This helps the company to fix their core competence and move towards achieving the core competency. A core competence is a unique capability that affords some type of competitive advantage. In other words, it is an underlying skills corresponding to the business organization that gives competitive advantage or edge over their competitors. Core competencies add most value to the realization of the organization goals and objectives. With competency based business the company will have deep proficiency which enables them to deliver the products to their customers with high quality and also cost effective. This helps the company to focus on their strengths and they can outsource the processes which they are not good at. This will help the company to improve their strength and be class apart from their competitors. This will be an invaluable aid to the organization when o Disaster is at hand, o When company is trying to build more sustainable competitive advantage, o Entering new markets, o When company plans to take account of their resources to achieve their objectives, o When company is decided for acquisition or mergers.