A Novel Approach for Employing Dynamic Capabilities for Strategic Profitability of an organisation

Abstract

Dynamic capabilities have been identified to be a vital element in strategic management and a variety of skills allowing the firms to react quickly to changing conditions. This article offers review on the rationale behind dynamic capabilities, particularly regarding the competitive advantage (as well as the sustainability of this). This article is useful in that it walks through the state of the literature and proposes an overarching framework which explains how dynamic capabilities underlie the process through which firms identify opportunities within the market, optimally exploit those opportunities, and reconfigure operations to meet the demands of the market place. Keywords: Dynamic Capabilities, Strategic Management, Competitive Advantage, Sensing Opportunities, Seizing Opportunities, Transforming Operations, Organizational Agility, Resource-Based View