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.
What is Core Competence Analysis, and what are best practices, tools and templates for teams and organizations?
Definition of Core Competence Analysis
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.
Tools & Templates
Specific tools used to create Core Competence Analysis typically include spreadsheets, databases and PowerPoint presentations. New approaches to defining and accessing core competencies are emerging as part of SaaS software and other online collaboration platforms.
upBOARD's Online Core Competence Analysis Tools & Templates
Unlike most traditional Core Competence Analysis techniques, upBOARD’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.