Use of Having Industry Knowledge

A candidate applying for an executive position in a professionally managed company often will face a question-'˜Do you have industry knowledge?' This will include knowledge you have acquired from all sources like media, books, seminars, conferences, and work experience. Knowledge and experience will be important factors that will be considered by the employer who will scrutinize your application carefully and call you for tests and interview later.

The assessment of your knowledge of the industry and evaluation of your experience will relate to various aspects of company operations with industry focus in the country or territory you operate. These are business environment, government regulations affecting the industry, statutory requirements, company law requirements, labor laws, tax compliance , employer-employee obligations, working conditions, employee safety, plant safety, knowledge of the various trade associations and chambers of commerce relating to the industry, pollution control measures, export possibilities, export trends and export policy and procedures relating to the industry, industrial promotional agencies, financial institutions, federal and state, membership criteria and procedures, support services for research and consultancy, competition, corporate social responsibility etc.

You will also need to know the views and contributions of leading businessmen and the state of affairs of the industry. You must be up-to-date with information about the new entrants to the industry, their performance, and problems.

These are days of globalization and if you are planning to compete in international markets you have to be on your toes to acquire knowledge of the international environment relating to the industry in which your firm is operating. You will be able to identify the areas where your company's products could be marketed successfully.

Such knowledge will help you to function successfully in a competitive environment. You will not be easily swept off your feet if you are armed with such vital knowledge and analysis of experience.

If you have the industry knowledge and the right experience, based on the analysis of the information gathered, it is possible to frame polices and strategies to meet competition, and achieve your goals. You can realize great opportunities in the national and global market. You will know where your firm stands in relation to modernization and research. In short all that is required to take your company forward will be facilitated if you update your knowledge of the industry at regular intervals.

For determining the areas where we evaluate your knowledge of the industry you can go through the following check list to assess yourself and decide your suitability for a position in an organization.

The check list contains several components over which you can go through and provide your answer to the question,' do you have industry knowledge'

1. Associations



- What are the important associations of relevance to the industry you are familiar?

- Which is the apex body controlling or guiding the industry at the Federal Level?

- What are the State level bodies of relevant to the functioning of the industry you are in?

- How do they serve the industry?

- What are the names of office bearers?

- What are their contact addresses?



2. Chambers of commerce



- Which are the chambers of commerce at Federal Level?

- What is their contact address?

- Who are the office bearers?

- Which are the chambers of commerce at State Level?

- What is their contact address?

- Who are the office bearers?



3. Consultants



- Who are the reputed consultancy firms/consultants relevant to the industry?

- Where are they located?

- What is their contact address?

- Who are the key personnel?



4. Export:



- What are the export policies affecting the industry

- Which are the export promotion bodies of relevance to the industry?

- What export incentives are offered by government- Federal/State?

- Are you familiar with the export procedures?

- Which are the training Institutes relevant to the industry

- What are the sources of Export Finance?

- Where are they available

- What is the procedure for getting finance?

- What are the shipment formalities to be followed?

- Are you familiar with forwarding and clearing consignments?

- Are you familiar with insurance cover for risk?

- How do you process claims from insurance for loss or damage





5. Human Relations:



- Which are the training institutes of interest to you?

- What knowledge and experience you have in handling Trade Unions

- Are you familiar with grievance handling procedures?

- Are you familiar with conflict management practices?

- Are you familiar with laws relating to worker health and safety?



6. Legal (state and federal)



- What are the legal requirements for setting up and running a business in the relevant industry?

- What are the licensing procedures?

- What are the statutory clearances required



- Are you familiar with relevant federal laws?



7. Statutory



- Income Tax returns and obligations

- What are the company law requirements?



8. Finance



- What are the sources of short term and long term finance for the industry?

- Have you prepared project finance proposals?

- Have you made comparative study of balance sheets of firms in the same industry?