Among the approaches to achieve a better understanding of the essence of competitive advantage, of the determining factors of the company's competitiveness, the Theory of Resources and Capacities that emerges within the strategic management stands out, under the fundamental premise that each organization is constituted by a wide and different set of resources and valuable and distinctive internal assets of tangible and intangible character which determine that no two companies are identical. The above because it is not possible that throughout its history two companies have accumulated the same experiences, acquired similar resources,Developed the same skills and built the same organizational culture, giving rise to heterogeneity that largely explains the origin of the different levels of performance achieved by organizations.
The concept of distinctive tangible assets identifies physical resources that, interacting with intangible assets, contribute significantly to the generation of value and the achievement of competitive advantages. In the case of hotels, they can refer to resources such as buildings, architectural design, lobbies, room types, furniture, equipment, decoration, entertainment, recreational facilities, for social and business events; to commercial and service premises, green areas, parking lots, transportation services and locational features.
Intangible assets are made up of valuable non-physical resources related to elements such as personnel knowledge and skills, information, organizational, relational and innovation assets.
Undoubtedly, tangible assets are essential to carry out any productive activity and each business will endeavor to provide them in sufficient degree, both in quality and quantity. However, it should be noted that the easiest distinctive resources to imitate tend to be those that are based on the possession of tangible assets due to their notorious and material nature that allows competition to recognize, quantify and replicate more easily and prevent them from contributing. fully to the creation of sustainable advantages.
Consequently, under the perspective of the Theory of Resources and Capacities, intangible assets are considered to be the key drivers of the value generation process, those with the greatest potential to contribute to the generation of sustainable income.
Entre las cualidades relevantes que los caracterizan se encuentran las siguientes:
- In the case of competencies, these are built and accumulated over time, based on the experience of the company.Unlike those physical resources that are depreciated for reasons of obsolescence or because of their use, there are intangible assets that can be used for long periods without diminishing their value and some of them may even increase their endowment level because they are subject to learning processes through repetition and experimentation. They are complex acquisition assets that are not very affordable in the market. For example, if the intangible is human, its high degree of specialization and individuality achieved as a result of gradual and prolonged periods of accumulation and its joint exploitation with various resources and interconnection with different areas of the company make its transfer difficult,commercialization and substitutability by other alternative assets. They constitute to some degree a factor of suppression of the concurrence when originating inside the company and when limiting its use to third parties.
On the other hand, it is important to point out that intangible assets must meet certain attributes to be considered strategic, such as being scarce, difficult to imitate and replace.
INTANGIBLE ASSETS IN THE HOTEL INDUSTRY
Below are a series of examples of intangible assets in the hotel industry grouped into five categories: Human Capital, Information Capital, Organizational Capital, Relational Capital and Innovation Capital.
HUMAN CAPITAL
Human capital includes among its outstanding assets the accumulation of knowledge and skills and the internalization of attitudes that are manifested in staff behaviors / conducts and lead to success in the performance of their work. In other words, acquired skills derived from the execution of tasks or actions in an outstanding way and product of practice and knowledge (knowing), the skills or abilities required to perform them (knowing how to do it) and attitudes oriented to their achievement and obtaining of efficient results (want to do and do efficiently) (Junta de Andalucía, 2008). This particularly for those profiles that correspond to the families of strategic positions, to the categories of positions that have a greater impact on the critical internal processes of the hotels.Examples of such families are those located in reservations, food and beverages, registration and guest service, maintenance and in the housekeeper area.
INFORMATION CAPITAL
Information capital can be classified into two main groups: information capital applications and technological infrastructure. The first category refers essentially to the applications of information and communication technologies, for example, reservation systems, customer relations, suppliers and other interest groups; for communication and control of internal operations and innovation processes.
The technological infrastructure includes shared technologies such as the internet, intranet, servers, databases and computer risk prevention systems.
ORGANIZATIONAL CAPITAL
Organizational capital is identified with the integrating capacities that unite the internal organization so that tangible and intangible assets are not only in line with the strategy, but also, working together to achieve business objectives. It is embodied in intangible assets such as the following:
Corporate culture
Corporate culture encompasses the set of beliefs, values, customs and practices of the staff of an organization. They transmit to the employees a feeling of identity that facilitates the union between all the members of the company. Its essence is expressed in aspects such as the way of doing business, of valuing and treating customers, suppliers and workers, in the degree of autonomy and freedom that exists in its administrative units, in the level of loyalty and commitment that its workers have. towards the organization, in the way of facing the changes that are generated in the environment.
Knowledge management
Knowledge management systems implemented with an approach that includes the phases of knowledge generation, organization, development, distribution and preservation. This knowledge has among its main sources the different areas of the company, clients, suppliers, competitors, the market, external consultants and hotels with which information is shared.
Organizational climate
The perceptions of the members of the company about the existing work environment in matters such as command methods, instrumented procedures to motivate staff and respond to their needs, characteristics of communication processes, appreciation of obligations, rules and policies that directly affect the way of carrying out a task, the importance given to hierarchical differences (superiors / subordinates) and the social and friendship atmosphere observed in the company (Sandoval, 2004).
Leadership
The availability of qualified leaders at all levels to mobilize the company towards its strategy.
Teamwork
The integration of groups of workers who have complementary skills, act in a coordinated manner and share knowledge, skills and responsibilities in achieving certain common objectives.
Strategic alignment
The clear and precise alignment between critical value creation processes and intangible assets.
RELATIONAL CAPITAL
Relational capital refers to the networks of relationships that maintain and develop the hotel with external interest groups. This capital is usually broken down into two categories: business capital and social capital (Rodríguez and Rubio, 2006).
Business capital
Business capital is made up of relationships built with stakeholders directly linked to the establishment's own activities. An example of this are the relationships described below:
- Relationships with customers. Mutually beneficial relationships, of cooperation, loyalty, recognition, respect and effective interaction with the different relevant customer segments. Supplier relations. Relations with the different providers of resources in terms of cooperation, mutual trust and commitment, exchange of information and communication, adaptation to the hotel requirements of the products and services provided. Relations with allies. Collaboration agreements that establishments have with other hotels, tourist representations, companies that provide transportation, financial, educational, artistic, cultural, sports and entertainment services in recreational facilities; with restaurants, nightclubs and bars.
Social capital
The capital stock of the hotel company comprises all the interactions with the interest groups that are present in the environment where it operates but that are not directly related to the exercise of its productive activity. Among the assets that are part of the capital stock are the following:
- Relationships with communication media. Existing links with representatives of the media under criteria of openness and transparency, availability and timely access to company information, with positive feedback and respect (Intellectus, 2013). Relationships with the community. Participation of the hotel company in community development programs of an economic, social, cultural and environmental nature. Relations with quality evaluation institutions. Information exchange and communication relationships with organizations that are in charge of evaluating the quality of hotel services and carrying out public monitoring on aspects such as environmental sustainability, reputation, responsible investment, respect and admiration, trust and transparency, and prevention of risks.
Likewise, issuing recognitions to the sector such as certifications of tourist environmental quality, excellence in service, standards reached in compliance with standards (Mexican Standards, ISO, etc.), in health risk management in the management of water, food and drinks; the distinctions for being the best hotels and gastronomic option, the achievements in the training and development of the staff and the attention to tourists with disabilities.
INNOVATION CAPITAL
The innovation capital includes the registries and rights protected by the Industrial Property Law such as the brands, trade names and licenses of hotel property as well as the resources and programs implemented for the development of innovations.
INTANGIBLE ASSETS AND STRATEGIC ADMINISTRATION
Value creation based on intangible assets differs in several aspects from value generation based on tangible asset management (Kaplan and Norton, 2004):
- Value creation is indirect. Intangible assets generally do not directly affect financial results such as higher income and profits and lower costs. The development of intangible assets influences financial results through cause-effect relationships.
- Value has a potential character. The cost of investing in an intangible asset is not representative of its value to the organization. The assets are associated. Intangible assets rarely produce value on their own, they do not have a value that can be disassociated from the organization's context and strategy. Only in efficient combinations with other assets, both tangible and intangible, this value arises.
In relation to the foregoing, it should be noted that the alignment and management of such assets is part of a strategic management process with a market-oriented approach. That is, with a perspective that implies that all the activities of the hotel company have as their central axis the primary goal of continuously satisfying the desires and needs of its customer segments and for being the most effective way to achieve and sustain a competitive advantage and achieving the proposed ends (Walker et al., 2005).
From this point of view, the central role of valuable intangible assets is to align with the business strategy, supporting the critical internal processes responsible for materializing and delivering the value proposition for clients in their target market and increasing productivity. For example, the key operations management processes related to reservation and reception services, rooms, food and beverages in general, leisure and recreation facilities, convenience and comfort, care and treatment of client. To the presentation and preparation of the staff, general cleanliness, reliability, social and environmental responsibility; to suppliers, security, marketing and sales to customers and their loyalty.
Of course, the specific requirements of the different types of intangible assets will depend in each case on the selected basic strategies and the characteristics assumed by the value proposition for clients. Based on this, the management of intangible assets is essentially divided into four phases:
Identification of intangibles. It comprises the identification of the intangible assets required to support the development of key internal processes.
Assessment of the availability of intangibles. The deployment of this phase is intended to determine the gaps between the needs of intangible assets and their availability in the company.
Implementation of programs for the development of intangibles. It includes formulating and implementing the programs that are thus required to cover the deficit of intangible assets, whether through their internal development, through external services or their acquisition.
Incorporation of intangible assets. At this stage, intangible assets are integrated into the internal strategic processes that create value.
REFERENCE SOURCES
- Intellectus, (2013). Relational capital. Junta de Andalucía (2008). Competency management guide for Andalusian hotels. Andalusia: Andalusian Tourism Innovation Centers Foundation, Kaplan, R., Norton, D. (2004). Strategic maps. How to convert intangible assets into tangible results. Barcelona: Gestión 2000. Rodríguez, JM, Rubio, L. (2006). “Proposal for the creation of a Latin American hotel intellectual capital model”, Estudios Turísticos, No. 167, pp. 55-90.Sandoval, María del Carmen (2004). “Concept and dimensions of the organizational climate”, in Milestones of Administrative Economic Sciences, 27, 83-87.Walker et al. (2005). Strategic marketing. Decision-making approach, 4th. Ed., McGraw Hill, Mexico.
A value proposition is made up of a unique combination of basic and differentiating benefits that the company offers and delivers to its customers and that, taken together, will allow it to distinguish itself from the competition.
