Understanding internal conditions driving ordinary and dynamic capabilities
Dynamic capabilities and knowledge management The dynamic capabilities concept was formed and has been developed by integration of evolutionary theory, transaction cost theory, and the organisational learning and tacit knowledge concepts. The concept has at the centre of its attention the knowledge of the firm on how to manage its resources proactively in order to form new asset combinations and thereby capture economic rent. This knowledge is of particular importance if firms are to compete in the knowledge economy. The concept of dynamic capabilities reveals what in fact amounts to a new mechanism of developing competitive advantages, one that is characteristic of innovative, informationdriven economy. An argument may be put forward that the dynamic capabilities concept is at the core of a new strategy paradigm being formulated, and forms part of a new stage in strategic management theory. Collins J. Porras J.
The paper seeks to combine the uses of the balanced scorecard and hoshin kanri as integrative dynamic capabilities for the entire strategic management process. The paper is the first exposition of how balanced scorecard and hoshin kanri practices may usefully complement each other in strategic management. It is a useful framework for dynamically managing sustained competitive advantage. Witcher, B. Emerald Group Publishing Limited. Please share your general feedback. You can start or join in a discussion here.
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