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This paper sets out to discuss the results of a specific part of a Europe‐wide Delphi study that considers issues of absorptive capacity in European manufacturing. Owing to the importance to competitiveness of increasing innovative capabilities in manufacturing it is highly relevant to explore how a wide community of manufacturing experts experience the phenomenon of absorptive capacity and sense future developments.

A two round Delphi method was designed in which more than 3,000 experts from 22 European countries assessed 101 statements. This paper discusses eight statements focused on the issue of absorptive capacity.

The results show a general consensus about the influence of different inter‐firm relationships in acquiring external knowledge and a diversified knowledge structure for assimilating the acquired knowledge. The study also indicates some potential challenges and contradictions in managing inter‐firm relationships and knowledge diversity as well as perceived barriers for future developments of absorptive capacity.

Delphi survey is an empirical method subject to the limitation of testing or inductively building theoretical concepts.

The results of the Delphi study are predominantly centred on policy implication and on informing strategic decision‐making at manufacturing firms.

This paper discusses one of the biggest Delphi surveys ever conducted in Europe. Its comprehensiveness increases the value of the results.

There has been an increasing call from academics specialising in operations management to integrate different strategic management perspectives into operations strategy research. Recently some pieces of operations strategy research have used the resource‐based view. It is often suggested that the incorporation of resource‐based view ideas into the field of operations strategy is a search for a new paradigm, yet the ever‐increasing literature suffers from a lack of empirical research. Moreover, operations strategy research from the evolutionary perspective, using longitudinal field data, is almost completely neglected. This paper attempts to make two contributions. The first is to stimulate debate about the incorporation of resource‐based view and dynamic capabilities within operations strategy research. The second is to present a model based on in‐depth field research where the dynamics of the capability accumulation process is explored.

The resource‐based view (RBV) and the dynamic‐capabilities approach (DCA) have emerged as two important frameworks in strategic management that seek to explain why firms are different. In recent years operations management scholars have sought to integrate both RBV and DCA within the field's epistemological orientation to provide normative frameworks for practising managers. This paper argues that the structure of resources and capabilities are such that they present impediments to normative prescriptions. Using ideas from complex systems it argues that any framework for thinking about resource accumulation and capability development must take account of uncertainty and knowledge imperfections in the system. The paper contends that the real options framework is an appropriate heuristic for managing the process of capability development and a case study of a manufacturing operation is used to illustrate our ideas.