New Asset Creation
New asset creation
Inspired by David J. Teece, dynamic capability is “the firm’s ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments”.
The effective and efficient internal coordination or integration of strategic assets may also determine a firm’s performance. According to Garvin (1988), quality performance is driven by special organizational routines for gathering and processing information, linking customer experiences with engineering design choices, and coordinating factories and component suppliers. Increasingly, competitive advantage also requires the integration of external activities and technologies: for example, in the form of alliances and the virtual corporation. Zahra and Nielsen (2002) show that internal and external human resources and technological resources are related to technology commercialization.
Beginner competence definition
Beginner level competence in internal integration of strategic assets involves a basic understanding of what strategic assets are, and their importance to the organization. This includes knowledge of the different types of strategic assets, such as intellectual property, brand and human capital, and how they can be leveraged to achieve the organization’s goals. There is a basic understanding of how to identify and assess the value of the organization’s strategic assets, and how to develop strategies for utilizing them effectively. Individuals are familiar with the process of integrating these assets into the organization’s overall operations and have basic skills for monitoring and managing the assets to ensure they remain valuable.
Intermediate competence definition
Intermediate-level competence involves a more advanced understanding and application of the concepts and strategies associated with strategic assets. This includes identifying and evaluating potential strategic assets that the organization may not have previously considered, and the ability to create detailed plans for leveraging those assets to achieve specific business objectives. In our experience, an individual also has a deeper understanding of how to integrate strategic assets into the organization’s operations, and is able to effectively communicate the value of these assets to different stakeholders within the organization. They are also skilled at monitoring and managing the assets to ensure they continue to be aligned with the organization’s goals and objectives, and measuring the success of their strategies and make necessary adjustments. They’re familiar with the legal and regulatory frameworks of the industry and how to protect and exploit the strategic assets in compliance with the laws.
Advanced competence definition
At an advanced level, competence for internal integration of strategic assets within a business involves expertise in the field of strategic assets management. The individual can lead and manage the process of identifying, acquiring, and leveraging strategic assets, and develop and implement systems and processes for managing and protecting them. They have a strong understanding of legal and regulatory frameworks, can anticipate and mitigate risks and challenges, lead cross-functional teams, and align strategic assets with the organization’s overall goals and objectives. They are able to think strategically, make sound decisions, and bring in new ideas and innovation to the organization.
Current asset transformation