What do competencies in a business refer to?

Competencies in a business refer to the unique skills, technologies, or capabilities that allow a company to effectively compete in the marketplace. This includes the specific strengths that differentiate the organization from its competitors, such as specialized knowledge, innovative processes, and expertise in a certain area. These competencies are often integral to creating value for customers and driving business success. By leveraging these unique strengths, businesses can develop competitive advantages, improve efficiency, and respond to market demands more effectively. In contrast, financial achievements, administrative tasks, and customer preferences do not inherently define a company’s core capabilities or the skills that contribute to its competitive standing.