Strategic resources
In this article we will explore what strategic resources are, how they can be leveraged within the organisation, their role in the capital structure of the company, the importance of organisational structures and how tools such as GoalEnvision can streamline the management of these valuable assets.
What are strategic resources?
Strategic resources are the key assets and capabilities possessed by an organisation that are critical to achieving competitive advantage and success in the marketplace. These resources can range from intangible assets such as brand strength and patents to more tangible resources such as financial capital and advanced technologies. The key to strategic resources is their unique nature and the difficulty of replicating them, making them an invaluable part of an organisation's strategic planning and execution.
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Organisation, teams and people as resources
An organisation's main resource is often its people. The knowledge, skills and creativity of employees are at the heart of an organisation's ability to innovate and adapt to market changes. Teams also play a crucial role; their ability to collaborate, communicate and solve problems together can create a dynamic that surpasses the contribution of any one individual. An organisation that invests in the development and well-being of its people builds a strong foundation for long-term success.
Capital as a strategic resource
Financial capital is one of the most obvious yet critical strategic resources. It allows the organisation to invest in new technologies, marketing campaigns, research and development and expansion into new markets. In addition to money, capital resources also include other assets such as equipment and real estate. A sound financial strategy ensures that these resources are used effectively to support the organisation's overall objectives.
Structures as strategic resources
The organisation's structures - including its processes, procedures and governance systems - are crucial strategic resources. These structures determine how effectively and efficiently work is carried out within the organisation. A well-developed structure can streamline workflows, reduce waste, promote innovation and facilitate adaptation to new challenges. Structures that promote flexibility and adaptability are particularly valuable in today's rapidly changing business environment.
Managing strategic resources in GoalEnvision
GoalEnvision offers an effective way to manage and optimise the use of strategic resources. By integrating resource planning into the overall strategic plan, GoalEnvision enables organisations to effectively allocate and monitor their resources. The tool provides a platform to track resource usage, prioritise investments and ensure that each resource contributes to the strategic objectives. GoalEnvision makes it easier to identify which resources are most valuable and how they can be best used to support the organisation's long-term vision and goals.
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Strategic resources, an overview
To make the best use of these resources, it is useful to divide them into different categories that reflect different parts of a company. We can think of these categories as different 'success perspectives'. Each perspective focuses on a specific part of the company, such as marketing, sales, how the company is run, the employees and the company's finances.
In the following list, we have categorised different types of strategic resources under these five perspectives.
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The market perspective:
Intangible Resources: brand strength and corporate reputation to strengthen market position.
Market-based Resources: Customer base and market access to understand and meet customer needs.
Network Resources: External relationships with partners and customers for market expansion and insights. -
The sales perspective:
Financial Resources: Marketing budget and investment for sales campaigns and customer engagement.
Human Capital: Sales team skills and ability to drive sales and customer relationships.
Technological Resources: Sales and CRM systems to streamline the sales process. -
The operations perspective:
Physical Resources: production facilities and equipment for efficient operations.
Organisational Resources: Processes and procedures to ensure quality and efficiency.
Technological Resources: Automation and digitalisation tools to improve operational efficiency. -
The people's perspective:
Human capital: employees' knowledge, skills and experience to drive innovation and growth.
Organisational Resources: Corporate culture and work environment to promote engagement and productivity.
Network Resources: Training and development programmes for employees' continuous skills development. -
The Finansial perspective:
Financial Resources: capital assets and credit capacity for investment and financial stability.
Structural Resources: Budget planning and financial management to optimise the use of resources.
These resources, when brought together and managed strategically, can create a robust foundation for an organisation's growth and success. Being able to identify, develop and utilise these resources is key to creating and maintaining a strong competitive position in the market.