Project canvas rbv6/14/2023 It is through extensive resource analysis, resource allocation, and cross-functional usage of resources. But how can an organization achieve this advantage? The resource-based view strategy aims to gain a sustainable competitive advantage. Importance of Resource-based View Strategy Let’s now dive deep into the benefits of RBV strategy: 2. As a result, the internal analysis of resources should be empowered to achieve higher organization prowess in the RBV framework. The RBV model explains that it is significant to accept and fulfill external or new opportunities using existing resources innovatively by acquiring new niche skills. They stated that- ‘to have an edge over the competition, the organization should look into the potential of the company’s internal resource pool rather than seeking the external competitive environment’. This theory emerged during the 1980s-1990s from the major works of B Wernerfelt, Hamel, Prahalad, and others. The resource-based view or RBV is a strategy formulated by organizations to understand the elements of the business for a long-term competitive advantage. What is Resource-based View Strategy (RBV)? Let’s begin with understanding the fundamentals of resource-based strategy in detail here, 1. Overall, a resource-based view strategy can be the game-changer for any organization’s sustainability in a competitive market. This, in turn, benefits the long-term success of the organization. It allows seamless allocation of resources to the right job and enhances project performance and delivery. To leverage their skills to the maximum extent, managers develop a comprehensive resource-based view strategy. To bring this strategy into action, managers must extensively evaluate their resource pool and competencies and leverage them to the maximum potential.Īfter all, the workforce is the success-driver of any organization. Today every company’s ultimate goal is to remain relevant during the continually changing market trends by creating value propositions for their clients. With advancements in technologies and ever-growing innovations as work culture, businesses have become highly competitive.
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