For businesses to succeed and prosper in volatile market conditions, commercial management and enhancing its capabilities on a continuous basis is the key. These can eventually help drive innovation and enhance the business profits by a large margin.
Within the scope of today’s dynamic markets, the role of commercial management capability is garnering focus. So, what exactly is meant by commercial management? Commercial management revolves around understanding various aspects of markets and using that knowledge to meet market requirements and subsequently determine if the capabilities can help build profitable ventures.
It is necessary for businesses to develop the requisite structures and skills to become a commercial powerhouse. Commercial capability gives businesses the ability and the edge to operate across functions that enables it to come up with feasible and reasonable solutions keeping the business as well as stakeholder interests in mind.
Picture this: Rather than collaboration, many businesses are being driven by contention that stems from internal power struggles, conventional thinking and constantly increasing demands of the volatile markets. A collaborative approach by bringing together various stakeholders such as lawyers, procurement staff and contract and commercial managers can help bring business’ stakeholders on the same page and transform organisational thinking in a comprehensive way. It will help businesses to think beyond the impediments and quickly improvise to find ways that can help them to tackle the situation at hand.
Unlike the old-world business environment which was functional on contention and labour systems, the new world business environment requires to focus on a cross-functional commercial powerhouse that can multi-task across business aspects and undertake effective assessments of its requirements as well as enhance its commercial capabilities.
A cohesive and comprehensive approach can help businesses to derive profits through continuous improvement, out of the box innovation and ever-increasing infrastructural capabilities.
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Author – Aval Sethi, Founder