Abstract
Developing capabilities of agility, rapid responsiveness and adaptation to environmental changes are known as tools to gain competitive advantage. Strategic agility is a developed type of agility that in addition to rapid response pays specific attention to strategic aspects and predicting changes in the environment before they occur. Most of the studies in the field of agility and competitive advantage have focused on productivity and agility of supply chain. And a small number of studies have assessed the determinants of strategic agility and its impact on financial, competitive and operative factors organizations; therefore, having the awareness of both this issue and also the importance of competitiveness in the current banking system, in this research we have tried to explain the concept of strategic agility and its determinants, and to reveal its importance in the banking sector and to investigate its impact on the competitive capabilities of the private banks in Iran. In terms of its aim, this study is an applied one, and regarding the data collection, it is descriptive- correlational. The statistical population of this research consists of managers and experts working in the Iranian private banks. A total of 150 managers and experts from the banks have formed the study sample. In this study, first based on conducted studies, a model was developed to study the effect of strategic agility on competitive capabilities, and then, by using the tests of confirmatory factor analysis, Pearson structural equation modeling and correlation, this model was reviewed and approved. The results indicate that strategic agility has had significant impact on the competitive capabilities of the private banks in Iran. Furthermore, among the dimensions of strategic agility, clarity of vision is the most influential factor in the competitive capabilities.
Highlights
Today’s business environment, due to globalization, technological innovation, reduction in products’ life cycles and changing needs of customers, is quickly changing and difficult to be predicted
From a variety of agility types, strategic agility is a new topic, which has attracted researchers in recent years (Long, 2000; Horney, 2007; Ojha, 2008.) In the 21st century organizations need to successfully monitor and foresee the business environment path in order to adapt themselves to it. Products and their services must be tailored to the clientele’s demand, and in some cases they must stimulate this demand from customers, while this demand is dependent on strategic agility. (Horney, 2007) In other words, companies' strategic agility directs them toward having internal view in order to obtain the necessary competence to compete, and having external view to take advantage of opportunities emerging from the change. (Long, 2000) Iran's banking industry in recent decades has moved toward competitiveness; today, with the increasing competition in the Iranian banking system, banks adopt different ways to increase or at least maintain their market share
The results of Factor analysis showed that in the Iranian private banks considering the dimensions of strategic agility, clarity of vision has the highest weight and core capabilities has the lowest weight
Summary
Today’s business environment, due to globalization, technological innovation, reduction in products’ life cycles and changing needs of customers, is quickly changing and difficult to be predicted. From a variety of agility types, strategic agility is a new topic, which has attracted researchers in recent years (Long, 2000; Horney, 2007; Ojha, 2008.) In the 21st century organizations need to successfully monitor and foresee the business environment path in order to adapt themselves to it. Products and their services must be tailored to the clientele’s demand, and in some cases they must stimulate this demand from customers, while this demand is dependent on strategic agility. In the present era creating strategic agility is a challenge which most organizations and businesses are not successful in handling and even some companies are not able to maintain it after the acquisition and with the ijbm.ccsenet.org
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