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Instead of upgrading their sources of advantage, they settled for labor-cost parity.
In today's parlance, firms have to exploit their established sources of advantage (to make profits today) while also exploring for new sources of advantage (to ensure their long-term viability).
The correct approach to globalization is to tap selectively into sources of advantage in other nations' diamonds.
These discussions require deeper understanding of the markets, the nature of competitors' sources of advantage, and the performance of the 250 or so separate cells.
Projects should be in areas of basic product and process research, not in subjects closely connected to a company's proprietary sources of advantage.
Artificial intelligence is evidently helping many firms to exploit their existing sources of advantage — whether through process automation, improved problem-solving or quality assurance.
Similar(40)
These technology policies are sources of advantages (and disadvantages) for firms, with implications for their knowledge-building strategies.
But capital today is cheap and abundant, no longer a source of advantage.
Don't rely on just one source of advantage, such as cheap labor.
The internet's fleeting interest isn't a stable source of advantage.
So, in a time of brilliant technological advances, the decisive and scarce source of advantage is actually leadership capability.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com