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Resources, Capabilities, and Business Success
Abstract
Resources and capabilities that align with the demands of the environment in which an organization operates conduce to successful performance. Physical, human, and organizational capital resources that are valuable, rare, inimitable, and organizable can provide the firm with unique capabilities that lead to competitive advantage and value creation. Seven generic strategic capabilities are related to organizational success. These are service quality; visionary leadership; innovation and creativity; selection and retention of good staff with good technical skills; credibility, integrity, and honesty; excellent differentiated products or services; and adaptability and flexibility. Dynamic capabilities are defined generally as the ability of the firm to reconfigure its resources in changing times and thus allow the organization to adapt and evolve. Specific dynamic capabilities include team and product development processes; customer retention; leadership; organizational culture; redeployment of assets; strategic thinking; and knowledge management. Hard and soft business success measures are profitability, growth, improved teamwork, customer and employee satisfaction, and quality. There is very little literature reporting empirical testing of the relationship between resources, capabilities, and success. Thus the authors discuss the findings of the few studies that have done so, and they deduce from them that the relationship between capabilities and success is a complex one. This is because a common thread across all the studies is that many capabilities are linked to many success measures in a complicated matrix of statistically significant relationships. This suggests that in order for organizations to score highly on both financial and non-financial success measures, they need to deploy the many capabilities discussed in this chapter.
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