Know thy Skill-Set
Personally, I face a challenge like most fresh graduates: I have no clue about the industries that I'm supposed to be passionate about and I do not possess a track record of performing and delivering results on specific tasks.
This poses a chicken-and-egg problem: Companies hire the best candidates who possess skills, aptitude and attitude. A fresh graduate is largely untested (the aptitude to function in a role and position is unclear). The signal of a fresh graduate's suitability therefore is largely inferred by his/her
For part (i), there is an underlying rationale: while the fresh graduate may not have a track record of performing and excelling on the tasks associated with a specific function (eg. Strategizing and implementing a FX hedge as a Treasury Analyst, Performing gap analysis as a Strategy Analyst, etc), it is essential that they must at least understand the skill-set.
As a fresh graduate, you demonstrate a good understanding of the skill-set if you can clearly and thoughtfully articulate details surrounding the skill-set, such as:
(i) The problem situation where the need for this skill-set arises
(ii) The process, tools and resources required to facilitate and carry out the skill-set
(iii) The intended direct outcomes of applying this skill-set
(iv) The limitations associated with this skill-set, which highlights the need to include other skill-sets towards solving a problem.
(vi) The "value-addedness" of this skill set, and how it links to other business functions directly above or below the value chain.
A clear understanding of (i) to (vi), coupled with some background understanding, should allow even a fresh graduate to have some "meat" in business conversation.
By demonstrating in-depth knowledge of the relevant skill-sets for a role:
I will blog about the "passion" part in my next post. The following will be an example of what it means to have basic knowledge about a skill-set:
Two days ago, I mentioned that I want to expose myself to the following skill sets:
http://angsyblog.blogspot.sg/2013/06/no-clue-to-research-start-acquring.html
Therefore the following will be a demonstration of my knowledge of the skill-set
Whitespace Analysis (Gap Analysis)
(i) Source: http://en.wikipedia.org/wiki/Gap_analysis
Key Phrases:
Existing usage = total current market
Product Gap aka Segmentation Gap aka Positioning Gap
A method of Asset-liability management:
Area between the boxes/functions in an organization chart:
Area within a company where the existing corporate culture does not apply
This poses a chicken-and-egg problem: Companies hire the best candidates who possess skills, aptitude and attitude. A fresh graduate is largely untested (the aptitude to function in a role and position is unclear). The signal of a fresh graduate's suitability therefore is largely inferred by his/her
- Understanding about the skill-set required for the function
- Passion for the industry
For part (i), there is an underlying rationale: while the fresh graduate may not have a track record of performing and excelling on the tasks associated with a specific function (eg. Strategizing and implementing a FX hedge as a Treasury Analyst, Performing gap analysis as a Strategy Analyst, etc), it is essential that they must at least understand the skill-set.
As a fresh graduate, you demonstrate a good understanding of the skill-set if you can clearly and thoughtfully articulate details surrounding the skill-set, such as:
(i) The problem situation where the need for this skill-set arises
(ii) The process, tools and resources required to facilitate and carry out the skill-set
(iii) The intended direct outcomes of applying this skill-set
(iv) The limitations associated with this skill-set, which highlights the need to include other skill-sets towards solving a problem.
(vi) The "value-addedness" of this skill set, and how it links to other business functions directly above or below the value chain.
A clear understanding of (i) to (vi), coupled with some background understanding, should allow even a fresh graduate to have some "meat" in business conversation.
By demonstrating in-depth knowledge of the relevant skill-sets for a role:
- You position yourself as a potential problem solver.
- You indicate genuine interest to excel in your role.
- The employer will not need to train you for very long before you can work independently and actively contribute to the team.
I will blog about the "passion" part in my next post. The following will be an example of what it means to have basic knowledge about a skill-set:
Two days ago, I mentioned that I want to expose myself to the following skill sets:
http://angsyblog.blogspot.sg/2013/06/no-clue-to-research-start-acquring.html
Therefore the following will be a demonstration of my knowledge of the skill-set
Whitespace Analysis (Gap Analysis)
(i) Source: http://en.wikipedia.org/wiki/Gap_analysis
Key Phrases:
- Comparing actual with potential performance
- Determining, documenting, and approving the variance between business requirements and current capabilities.
- naturally flows from benchmarking and other assessments
ie. Benchmarking sets standards against which Gap Analysis is carried out. - strategic or operational level (long term vs daily decision-making)
Results of GAP Analysis are used to - measure investment of time, money and human resources required to achieve a particular outcome
- classify how well a product or solution meets a targeted need or set of requirements.
Gaps in the Market discovered via - portfolio analysis or
- following consumer trends
Special Technique: Boston Consulting Group - Growth-share matrix
Comparing comparing forecast profits to desired profits reveals the planning gap.
The planning gap can be divided into three main elements:
- Usage gap
- Existing usage
- Product gap
usage gap = market potential – existing usage
Existing usage = total current market
- usually derived from market research
Key Technique: The Nielsen Company - Panel Research
Forecast timescales serve as boundary for expansion plans.
Competitive Gap Analysis:
Competitor Shares = Total Market Share - Firm Market Share
Product Gap aka Segmentation Gap aka Positioning Gap
- part of the market a particular organization is excluded from
- because of product or service characteristics
- Objective: Effective Positioning to maximize profits
Gap Analysis is pretty commonsensical:
- Identify existing processes and outcomes
- Set a desired outcome
- Identify changes in processes to attain desired outcome
"changes in processes"
- Identify the Gap and document it (research)
- Develop and prioritize Requirements to bridge the Gap
- Develop means to fill the Gap (solutions to implement)
Gap analysis can also be used to compare existing processes to processes performed elsewhere (benchmarking, best practices of competitors):
- Compare each process side-by-side & step-by-step
- Note the differences.
- Analyze each difference to determine the benefit of incorporating parts of other processes.
- Processes can be combined to create a new one that is superior to either original.
(ii) Source: http://www.investopedia.com/terms/g/gap-analysis.asp
A method of Asset-liability management:
- To assess interest rate risk or liquidity risk, excluding credit risk.
- IRR measurement method
- Conveys difference between rate sensitive assets and rate sensitive liabilities over a given period of time.
- Works well with fixed cash flows, cannot handle uncertain cash flows.
- sometimes used in tandem with duration analysis
Area between the boxes/functions in an organization chart:
- Very often no one is in charge or responsible for the White Space.
- Important handoffs between functions are happening here
- Very often the area where an organization has the greatest potential for improvements.
- In the White Space things often "fall between the cracks" or "disappear into black holes"
- resulting in misunderstandings and delays.
- To manage the White Spaces is a way to improve process performance of an organization.
Area within a company where the existing corporate culture does not apply
- where rules are vague
- authority is fuzzy
- budgets are nonexistent
- strategy is unclear
- If white space is undefined, then the rest of the corporation operates in what they call "black space."
- four key challenges to successful white space projects: establishing legitimacy, mobilizing resources, building momentum, and measuring results.
Desired Outcome:
- More Leads
- Expanded pipeline of sales opportunities
- Improve their chances to reach and exceeding sales goals.
Existing Process:
Few salespeople tapping into their current customers effectively.
Benchmarking:
- In their report on sales performance benchmarks, CSO Insights found that, on average,
- sales reps are generating over half (52%) of all of their own opportunities
- with 24% generated by marketing and the rest from partners and referrals.
- almost two-thirds (64%) of all sales managers say that their sales teams need improvement in their ability to generate new leads.
- And the majority of sales managers (57%) also say that their teams need improvement in their ability to farm additional revenues from existing customers.
Identify the Gap (White Space):
- salespeople find most of their own sales opportunities
- yet
- far too many sellers lack essential lead generation and account management skills.
(a) Existing Belief (Worldview): Sales opportunities emerge only after a customer has established a clear vision of a solution
Solution Required - Sales Training in Value Propositioning:
- The most successful salespeople recognize that if they can help customers to recognize their pains (critical business issues or potential missed opportunities)
- and also assist them with their visioning process (helping them to see a potential solution to their problems)
- they can not only create new sales opportunities, but also do so in a way that favors the seller’s capabilities.
- This powerful method of finding potential deals is called latent opportunity development.
(b) Existing Practice: When serving a customer account, most salespeople spend their time working with people they know on needs they have defined.
Solution Required: Intentionally identify needs
- Find undefined needs that they can address
- Meeting new people in the account that may have similar needs they can help to solve.
To develop new business in a current account, top sellers perform a “white space” analysis.
SPI developed a structured methodology to enable sellers to conduct account planning effectively, built upon the solid foundation of white space analysis.
(iv) Source: http://www.innovationmanagement.se/2011/03/07/white-space-mapping-seeing-the-future-beyond-the-core/
(v) Source: http://www.oliverwyman.com/media/Targeting_the_White_Space.pdf
Of course, reading some articles about Gap Analysis will not suffice. In my next blog post, I will analyze the methods employed by Oliver Wyman to carry out their Gap Analysis of Emerging Asia's Wealth Management. This will showcase the insights I gleaned from their analytical process. For more info, read
http://angsyblog.blogspot.sg/2013/06/how-did-oliver-wyman-conduct-their-gap.html
(v) Source: http://www.oliverwyman.com/media/Targeting_the_White_Space.pdf
Of course, reading some articles about Gap Analysis will not suffice. In my next blog post, I will analyze the methods employed by Oliver Wyman to carry out their Gap Analysis of Emerging Asia's Wealth Management. This will showcase the insights I gleaned from their analytical process. For more info, read
http://angsyblog.blogspot.sg/2013/06/how-did-oliver-wyman-conduct-their-gap.html
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