Formation of a machine-building enterprise's development strategy based on the resource-based view and the balanced scorecard

Abstract

The article substantiates an approach to forming a machine-building enterprise's development strategy based on a combination of the resource-based view, the dynamic capabilities concept, and the Balanced Scorecard (BSC). Unlike the classical positioning school, which defines strategy primarily through the choice of a competitive position within an industry, the resource-based view treats the enterprise's unique, valuable, rare, and hard-to-imitate internal resources and competencies as the source of sustained competitive advantage. The content of the dynamic capabilities concept is revealed as a mechanism for adapting an enterprise's resource base to a turbulent external environment, which is particularly relevant for Ukrainian machine-building enterprises under wartime conditions. A comparative analysis of the positioning school and the resource-based paradigm is carried out according to criteria such as the source of competitive advantage, the focus of analysis, the time horizon, and the role of the external environment. Using a generalised machine-building enterprise as an example, a VRIO analysis of key resources is performed - production facilities, technological competencies, qualified personnel, business reputation, and financial resources - which made it possible to determine which resources can provide the enterprise with a sustained, temporary, or competitive-parity advantage. The expediency of using the Balanced Scorecard as a tool for transforming the formulated development strategy into concrete, measurable goals across four interrelated perspectives - financial, customer, internal business processes, and learning and growth - is substantiated. A strategy map and a system of key performance indicators are developed for a typical machine-building enterprise. The role of digitalisation and the "Industry 4.0" concept in forming dynamic capabilities and implementing the enterprise's development strategy is separately examined.