What determines the choice of competitive priorities that a
company should emphasize for its key processes?
Market needs, industry norms, financial constraints, and the
company's strategic objectives all play a role in determining the
competitive priorities for a company's major processes. These
priorities frequently involve numerous factors such as cost-
effectiveness, quality, timeliness, adaptability, and innovation. The
allocation of resources and the development of competitive
advantage are affected by the company's competitive strategy and
its knowledge of consumer demands and preferences, which in turn
determine the specific focus placed on each priority. One method
that a company can use to aid in deciding what they want to focus
on, is leveraging Big Data. The use of Big Data “can quickly convert
potential challenges of business processes into opportunities”
(Madhani, 2022, p. 10). For example, “information exchange in the
supply chain can facilitate timely adjustments to production, which
in turn facilitate meeting customer requirements” (Madhani, 2022).
In conclusion, competitive priorities are essential for business
success, aligning strategies with customer needs, cost efficiency,
quality, speed, and flexibility to outperform the competition and
appease markets.
REFERENCES
Krajewski, L., & Malhotra, M. (2022).
Operations Management
(13th
ed.). Hoboken, New Jersey: Pearson Education.
Madhani, P. M. (2022). Big data usage and big data analytics in
supply chain: Leveraging competitive priorities for enhancing
competitive advantages.
IUP Journal of Supply Chain Management,
19
(2), 7-41. Retrieved from https://portal.lib.fit.edu/login?
url=https://www.proquest.com/scholarly-journals/big-data-usage-
analytics-supply-chain-leveraging/docview/2705446940/se-2
