#HOW TO USE THE MODEL RESOURCE PROFESSIONAL#

It includes brand presence, intellectual property, goodwill, trademarks, etc. Intangible assets are resources that are owned by respective organizations and which do not have a physical presence. They can be easily acquired by competitors in identical assets and offer a less competitive advantage in the long run. It includes products, machinery, equipment, capital, infrastructure, etc. The tangible assets are the physical resources of the firm that are quantifiable. There are two types of assets in the RBV model: tangible and intangible assets. With the understanding of resource-based strategy or RBV model, letвЂ™s emphasize details of its different types of assets. It is a commonly adopted analytical method used to determine the strengths and limitations of an organization and evaluate the firmвЂ™s workforce. RBV is a strategic theory beneficial for understanding why companies outperform other competitors. Given the importance of RBV strategy, hereвЂ™s a detailed description of the fundamental concepts: 3.

#HOW TO USE THE MODEL RESOURCE PROFESSIONAL#

Besides, employees are also given multi-faceted projects to work on enhancing their professional portfolio. It reduces hiring cycle costs and also helps to leverage the diversified workforce. It helps in allocating appropriate resources from different departments and form a cross-functional team to execute the project. In a matrix organization, the resource-based strategy model facilitates enterprise-wide visibility of the workforce and its expertise. A Resource-based view strategy on a centralized platform enables demand fulfillment to sustain their competitive advantage. In these situations, resource managers can utilize both their primary and secondary workforce skills to execute critical multi-faceted projects. The rise in market volatility propels extensive ad hoc project demands, which often becomes the deciding factor for your companyвЂ™s growth and success. Real-time information helps them make data-driven decisions, leverage talent to the maximum potential, and maximize profitability. This, in turn, allows managers to allocate resources as per the scope and demand of the project. The comprehensive view of all the resource pools facilitates managers to gain insight into resource skills and competencies.

Visibility for efficient resource allocation.

Here is how an RBV strategy helps them achieve the same, Only when a firm unleashes its workforceвЂ™s true potential can they innovate better and out-stand in the industry. 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 LetвЂ™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- вЂto have an edge over the competition, the organization should look into the potential of the companyвЂ™s internal resource pool rather than seeking the external competitive environmentвЂ™. 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)? LetвЂ™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 organizationвЂ™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.ДЄfter all, the workforce is the success-driver of any organization. Today every companyвЂ™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.

How to use the model resource