What is Commercial Management
Commercial management is a professional function in business disciplines within an organization and it administers revenue and expenses to generate profits for the organization. It also involves identification and development of business opportunities and the profitable management of projects and contracts.
Commercial management includes leading business activities, overseeing day-to-day operations and focusing on the long-term interests of the business while playing an important role in marketing and corporate management.
Commercial management within an organization is applied at both policy and transactional levels. Commercial policies relate to the rules or practices that define how business will be conducted and the standard terms under which external relationships will be formed and governed. Many of these policies are reflected in the terms of any contract in which the organization engages. At a transactional level, commercial management is applied through the oversight of trading relationships to ensure their compliance with business goals or policies and to understand or manage the financial and risk implications of any variations.
Scope of Work of Commercial Managers
The role of a Commercial Manager is varied from business to business though the core responsibilities remain the same. Those working within the commercial departments of large, multinational corporations may take individual responsibility for sales, marketing, contracting, negotiations, finance, contract law or property management while in some smaller companies, commercial managers would be expected to deal with all these various roles themselves, rather than oversee a department containing expert teams in each field. In either business environment, a commercial manager must be adept at understanding and engaging in all aspects of the strategic functions, which is where a specialist qualification in commercial management comes to the fore.
The commercial team within any organization is concerned with winning new business, exploring new avenues of activity and seeking opportunities that the company can exploit in its bid to develop and grow. Within these teams, commercial managers are responsible for the financial management of projects, putting together bids for new work and negotiating and agreeing contracts, often worth many millions of dollars.
Commercial managers are experienced individuals who have risen through the ranks of the industry, often starting either as engineers, accountants, business graduates or quantity surveyors. Their role is broad and includes anything from risk management to procurement, financial reporting and managing the supply chain.
Among the qualities they must possess are strong commercial awareness, client liaison skills, project management and team leadership. They also need an extensive understanding of the related industry, flexibility and a talent for negotiation.
Some of the core responsibilities of Commercial Managers include:
- Examine company rules to make sure they stay relevant and make recommendations for necessary changes,
- Look for opportunities to grow business, whether through partnerships or new initiatives, and work to take advantage of those opportunities,
- Analyze sales and other reports that give insight into how a company can make adjustments to improve performance,
- Assist commercial directors and work as members of a cohesive team,
- Work with contract managers,
- Resolve issues with contracts and commercial operations,
- Communicate with parties in contracts so that all understand the terms, particularly financial aspects of contracts,
- Assess risks and make recommendations based on thorough analysis of all factors involved in a business situation,
- Manage day-to-day company operations,
- Coach employees on best practices for managing commercial issues and handling daily issues and tasks,
- Accept extra duties as situations arise,
- Work efficiently and calmly tight deadlines or other stress factors.
Courses in Academ-ED have been developed by industry experts who have been selected from a variety of industries thereby enriching the courses with a wide array of course material. The courses cover all what is necessary for the participants to practice the profession in their respective organizations with acquired confidence and at the same levels or above the skills of their matured colleagues. Academ-ED courses have been developed to give participants with advanced knowledge & skills in the selected professions which would make them compete with others who have degree level education in the fields. Courses comprise of an excellent mix of hands-on practice, theory, case studies, assignments and integrated studies in technology and scientific knowledge.
Academ-ED leads the way in providing professional courses which are designed with the current and future needs of various employers and careers while giving you the edge in a demanding and competitive marketplace.
Course participants gain a lifelong knowledge and skills that will help them to keep abreast of developments in the industry, including how to satisfy ever more demanding safety, sustainability and technological criteria.
Academ-ED courses provide practical training for you to acquire a unique combination of professional skills, knowledge in conjunction with the added dimension of protecting the environment and sustainability. Academ-ED programs integrate modular designs with a principal focus on the subject and an ancillary focus on the related fields in general in the related career environment.
The courses usually include;
- Presentations which deliver comprehensive subject content to participants,
- Course work consisting of a vast number of professional tasks which have been selected from the field thereby allowing the participants to acquire industry expertise,
- Course notes which give the participants comprehensive reading material which can be used as a reference all throughout their professional life,
- Case studies allowing the participants to get insight into various practical problems in the field,
- Assignments to let the participants to get first-hand knowledge about the tasks in the field,
- Membership in Academ-ED professional associations delivering numerous benefits for professional upgrading,
- Many other items which are detailed in the course pages.
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