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Even the most savvy CEO may have blind spots in his or her skill sets, corecompetencies, or voids in the org chart which can also cause blind spots. Well actually, no it’s not. Moving on…Believe it or not, CEO is not always synonymous with all knowing business guru.
One of the challenges with disruption is the 'cultural' balancing act required to attend to a corecompetency (primary revenue driver) while simultaneously recognizing that disruption must occur at the borders. I’d be interested in your comments… Share and Enjoy: View Comments Mark Oakes Mike, Good Post!
Through his academic research and teaching at HBS, Jensen promulgated a new financial orthodoxy that corporate managers should avoid diversification and instead focus on the firm’s corecompetencies. In another supplementary analysis, we used the rankings of finance departments in business schools.
Sensors on locomotive and jet engines, for example, generate data that can be used to predict the degradation of parts — saving GE customers billions on maintenance and lost operating hours. And a new ecosystem of finance, insurance, energy, infotainment and maintenance services has emerged based on the data-driven, app economy.
The rising ability to identify, capture, and repurpose the data byproducts of an ongoing business is coming to rival the perceived "corecompetence" of the core business itself. But that mind-set's simply too focused and operational. The proliferation of digital media means that all organizations are becoming data-rich.
With the swipe of a credit card, the customer support team can move to Zendesk or Desk.com; the HR team lives on Workday; the business intelligence group moves to GoodData or Domo; the finance team logs into Netsuite; the marketing department orbits around Marketo and Salesforce''s marketing cloud.
They can launch new for-benefit ventures by leveraging their products and services, know-how, corecompetencies, and assets to develop market-based solutions to particular social or environmental challenges. Here are a few suggestions: Lead by Example. They can invest in for-benefit enterprises. Change the Rules.
They were both naïve to think that creating a high-expense, polished operation would automatically enhance their business. What is your business’ corecompetence? Both Colin and Serena should have more carefully and conservatively forecast the timeline for expected revenues and managed their costs accordingly.
With its Emerging Businesses (EB) group (where one of us serves as President), Merck started a journey about three years ago with a core investment thesis: there are areas of growing unmet need in health care that intersect with its established competencies.
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