Sunday, August 12, 2012

Executive Core Qualifications (ECQs): Business Acumen

  1. Business Acumen: This core qualification involves the ability to manage human, financial, and information resources strategically. Competencies: Financial Management, Human Capital Management, Technology Management.

August 12th, 2012
For anyone that who might be interested, here was my answer(s).  I wrote this at the end of last May.

Financial Management – Financial and budgetary processes are important to a successful organization.  Procurement and contracting are extremely important as well.  A proper return on investment is a major concern to most organizations, but maybe not always the sole concern.  Nevertheless, an organization that cannot properly manage its funds has significant issues.  Insufficient budgetary funds also can present unique challenges.  However, justification for budgetary decisions should be based on fairness and with an eye toward any opportunities presented.  I have a long history of productively interacting with financial support personnel.  In fact, many of my co-workers were so despised by members of the procurement department that these engineers would often ask me to author their procurement documents and present the documents to purchasing as if the documents were for my projects.  This was because I maintained such a good relationship with the buyers that buyers would often process my purchase requests with priority over all other requests in their queue. 

Human Capital Management – An organization’s people and employees are the true measure of any business.  Not allowing for employees to flourish and grow surely equates to a death knell for an organization.  However, while an organization should be concerned for the well-being of its employees, the employees should reciprocate with like sentiment for the organization.  And, while the common law may say that employment contracts do not necessarily require ‘good faith’ contracting efforts, I would disagree.  Furthermore, employee performance problems require proper investigation, communication, and problem solving approaches as does any other problem.  Typically, if difficult employment/employee-related problems have been properly addressed, many will resolve themselves.  It is a personal maxim that employees should be enabled to rise to their highest potential.

Technology Management – Modern technology continually provides for improved tools and methods to aid in workplace endeavors.  Not keeping abreast of technological opportunities displays a potentially inept organization.  As always, new risks might also be inherent along with any new opportunities, technological or otherwise.  Therefore it is important to maintain one’s knowledge base regarding technology that is available to an organization.   

Adam Trotter

No comments:

Post a Comment