How do you grow your business and steer it towards sustainability using the core competencies that you have now?
This is a question that often haunts CEO’s!
Whilst one can try to identify strong value propositions, at times there is a need to look at creating a unique differentiator to take a leadership stance. In order to do this successfuly it’s necessary for the organisation to re-look at its organisational structure and set up a more networked & matrix based functional structure to get the ball rolling.
Growing an academic institution is no different from running a corporate business. The difference, if any, is in the end product.
The question to answer would be—are the processes to deliver a high quality end product different?
This would depend, primarily on; understanding the actual nature of business the institution is in.
Whilst other service industries can develop best practices by taking learning’s across industries, an academic institution is unique.
Its’ core product is its “knowledge capacity”. And this is delivered through two main channels:
- It’s academic programs &
- Faculty research
For an academic institution its business is that of “knowledge management” (holistically speaking). The core competency is the cumulative knowledge bank that’s available through the institution’s depth in its faculty and research (on issues critical to the industry) undertaken by them.
In order to strategically differentiate (from among its direct and indirect competition) and create a leadership position for its self, an academic institutuion needs to deliver high quality and effective products that appeal to the cross-section of target segments:– new students, industry practitioners, C-Level managment in organisations etc. And build strong relationships with industry organisations, consumer bodies and regulatory authorities in order to share its knowledge and develop effective, efficient and high-quality human capital.
At the end of the day, a fine combination of effective, up-to-date products developed from the cumulative knowledge and experience of its faculty, is what makes an academic institution stand head and shoulders above the rest in the same industry.
- The 3C’s of Business – No:2 – Core Competencies (benefitpoint.wordpress.com)