(Solution) 7CO03 Learning Plan business acumen can deliver commercial benefits and manage resilience
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Description
Solution
| Assessment criterion 6 | To be able to discuss how business acumen can deliver commercial benefits and manage resilience. |
| Indicative content | External and internal contexts of the organisation, including governance; business and financial acumen that delivers commercial benefits; awareness of how data relating to products, services and customers can provide insight into people solutions; leading and supporting change; resilience in the face of uncertainty and setbacks. |
| Starting point | Initial ability (scale 0-10) = 5/10
Explanation: I know that having a strong understanding of business acumen has helped me to understand how to deliver commercial benefits and manage resilience. I can learn that in order to create value for a business and Ragas & Culp (2021) stated that it is essential to have a comprehensive understanding of the industry and its market, as well as the ability to identify opportunities and maximize returns. In addition, having a finely tuned sense of business acumen can allow me to better prepare for and manage any potential risks or challenges (Schultz, 2021) and it is important to learn these. I have come to recognize after reading Kovoor-Misra (2019) that having a strong business acumen can help a business to remain competitive and agile in today’s ever-changing business landscape. |
| Development objectives | I need to:
1. Understand the external and internal contexts of the organisation and its governance, business, and financial acumen to increase profitability and deliver commercial benefits. 2. Enhance my knowledge of how data relating to products, services, and customers can provide insight into people solutions and refine my skills to apply this knowledge to improve organisational effectiveness. 3. Increase my capacity to lead and support change initiatives and effectively manage the associated risks and uncertainties. 4. Know about resilience in the face of uncertainty and setbacks, and maintain a positive outlook when faced with challenges. |
| Importance to me | Important because business acumen enables to make informed decisions that increase profits, optimize resources, and help organizations become more resilient. It also helps to understand the external business environment, identify opportunities, and develop strategies that create competitive advantages. With the right acumen, businesses can effectively respond to changes in the market and remain resilient. |
| Learning plan (with dates) | 1. Develop an understanding of the external and internal contexts of the organisation, including governance, business, and financial acumen. Utilize resources such as books, articles, and business periodicals to gain insight into the industry and Almarai. [July 2022]
2. Gain a better understanding of how data relating to products, services, and customers can provide insight into people solutions for Almarai. [May-July 2022] 3. Enhance my ability to lead and support change and increase resilience in the face of uncertainty and setbacks. [June-July 2022] 4. Utilize resources such as books, articles, and online courses to learn more about change management, communication, and resilience. [February-May 2022] |
| Potential ways to evaluate competence | 1. Ask questions about understanding of the market, ability to think strategically, and problem-solving skills and check answers with feedback.
2. Attend mentoring program that focuses on developing business acumen and resilience that includes activities such as role-playing exercises, case studies, and group discussions in HR. 3. Engage in regular conversations and dialogues about business acumen and resilience in Almarai and attend in one-on-one meetings, team meetings, or even through online discussions. |
| Possible threats | 1. Lack of Understanding of Risk and Vulnerability: Without a thorough understanding of Almarai risk and vulnerability, business acumen and resilience learning can be compromised. Without the right knowledge and skills, it can be difficult to identify potential threats and the best ways to respond to them.
2. Insufficient Resources: Business acumen and resilience learning require time, money, and staff. Without the right resources, it can be difficult to effectively develop and implement the strategies necessary to maintain resilience and success. |
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