What are some skills, knowledge, and abilities needed in your current/future career to gain competitive advantage?
How and why would you classify them in terms of value, rareness, and imitability (all three)?
Let us take the example of a Supply Chain Manager working in Steel Manufacturing Sector.
Some essential skills would be;
(1) Processing of Purchase Requisitions: A supply chain manager in procurement function continuously receives requisitions/indents for purchase of various plant equipment, their spares and associated maintenance tools, lubricating fluids as well as Indirect Purchase items. The Supply Chain Manager (SCM) must demonstrate sufficient capacity to process and categorize these requisitions recording their technical specifications for further processing. The skill is moderately valuable, not rare and easily imitable.
(2) Vendor Identification: The SCM must be able to identify vendors/suppliers for the required product and service and develop database for future reference associating the service / products to suppliers. The skill is highly valuable, not rare and not easily imitable.
(3) Vendor Development: In case there is an absence of sufficient vendors or complete absence of vendors for required services / products, the SCM must be able to identify, vendors in market providing similar services and train them to develop desired product or perform required services. The skill is highly valuable, rare and not easily imitable.
(4) Technical Evaluation: The SCM must be able to undertake technical evaluation of the product so as to identify if the product is fit as per requisition by indenting department. The skill is highly valuable, very rare and not easily imitable.
(5) Negotiations : Perform price negotiations to achieve maximum cost savings for company. The skill is highly valuable, not rare and easily imitable.
Knowledge required shall be :
(1) Market Awareness: Having a thorough understanding of market with supplier information like range of product / services offered, location, past track record and quality of deliverable. The knowledge is highly valuable, not rare and not easily imitable.
(2) Contract Law: The SCM must be aware of applicable contract laws in the country of operation and use them as guiding principles while developing contracts with vendors. The knowledge is highly valuable, not rare and not easily imitable.
(3) Taxation: The SCM must be aware of respective taxation laws as applicable on product and services. The knowledge is highly valuable, not rare and easily imitable.
(4) Product / Service Awareness: The SCM must have sound understanding of range of products and services they are dealing with. So as to perform meaningful techno-commercial discussions with suppliers. The knowledge is highly valuable, not rare and not easily imitable.
Abilities:
(1) Multitasking: The SCM must be able to manage various requisitions from different company departments. The ability is moderately valuable, not rare and easily imitable.
(2) Persuasion: The SCM manager must have persuasive skills to bring suppliers / vendors to favorable commercial terms and conditions like payment terms and prices for products. The ability is highly valuable, rare and not easily imitable.
(3) Analytics: The SCM must be able to continuously able to perform analytics on the procurement and supply chain management process. Like Cost Benefit Analysis, Budgeting, Should Costing and Variance Analysis. The ability is highly valuable, very rare and not easily imitable.
(4) Logistics Management: The SCM must be able to manage entire life cycle of goods from ordering to development to transport to delivery at client company works and ensure all paperwork including performance guarantees and invoices are received along with goods. The ability is highly valuable, not rare and easily imitable.
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