The modern business environment is highly competitive, and managers must develop a plan to take advantage of internal resources and external opportunities. Resource-Based View (RBV) is a strategy that focuses on the analysis of resources, their allocation, and their multifunctional use. Companies need to develop their own approaches and adapt the principles of RBV to their specific contexts, which requires careful analysis and strategic decision-making. Multi-competency development practices such as training, workshops, and certifications are worth investing in.
The VRIO Framework is an improvement of the VRIN model and was an adaptation of Rothaermal's “strategic management” (201). Making the most of the business resources and skills you already have is one of the most valuable things you can do for your company. A holistic and strategic approach can open up new possibilities and use data effectively across the organization. To maximize the potential of existing resources, managers should analyze their resources and competencies thoroughly, invest in multi-competency development practices, implement a resource-based visualization strategy on a centralized platform, and enhance internal analysis of resources to achieve greater organizational dexterity within the framework of the RBV.
In a rapidly changing business landscape, technological advances and market dynamics can reduce the durability of resource advantages. However, with a strategic approach, managers can make the most of existing resources and skills to gain a competitive edge. By leveraging existing resources for strategic advantage, companies can stay ahead of the competition and remain successful in the long run.