5 Steps to Identify Your Strategic Capabilities
What made Microsoft, Apple, and Dell successful? A clear understanding of their strategic competencies led these firms to concentrate on specific technologies with delivery to clearly defined markets with a value that allowed them an advantage over any other existing competitor.
While the path to success is never easy, the systematic process itself is simple. By identifying your organization’s strategic core competencies, you can focus on more efficient New Product Development (NPD) for a motivated customer base. An effective innovation strategy starts from what the company is good at, not from what it would like to be good at. Innovation revitalizes the core strengths of the business. Five steps to identify your core capabilities are:
1. Articulating the Passion (or Mission),
2. Observing and Connecting,
3. Assessing Technology,
4. Utilizing Unique Business Processes, and
5. Executing with Superiority.