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The main purpose of this study is to provide a relatively integrated perspective on the role of market orientation, strategic flexibility and technological capability as multiple organizational capabilities and their potential effectiveness in promoting business model innovation (BMI) and business performance.

To achieve this objective, an empirical survey was conducted among 379 firms in Greece. Initially, exploratory factor analysis and then confirmatory factor analysis were applied. Finally, the structural relationships among the latent factors were determined through structural equation modeling.

The results show the positive effect of market orientation on strategic flexibility and technological capability. Strategic flexibility drives firms to BMI and then business performance. Furthermore, it is essential that firms build up technological capability to be effective in BMI and business performance.

Data were collected at only one point in time from one country, Greece. This might pose limitations on the generalizability of our results. Future research could also explore how organizations develop strategic flexibility and BMI capabilities in different environmental contexts and organizational structures.

This study sends the message that companies focusing on market orientation and technological capability can led to higher strategic flexibility and BMI capabilities, which in turn act as a catalyst for business improvement.

The proposed model provides plausible guidelines that advance the research on multiple organizational capabilities in companies.

The purpose of this study is to build a theory on management investigating the relationship between organizational culture and strategic flexibility in firms, and how this relationship is affected through industry 4.0 capabilities and the market orientation of firms.

As a methodological approach, this paper uses a rich combination of literature review and exploratory interviews with managers and academics. Data were collected from 379 industrial managers; confirmatory factor analysis (CFA) and finally structural equation modeling (SEM) were performed to validate the data and examine the hypothesized relationships.

The results show that organizational culture drives firms to strategic flexibility, but the introduction of industry 4.0 capabilities and market orientation fully mediate this relationship, revealing their significance to strategic flexibility.

All the respondents of the study's dataset were from Greek firms; the role of national culture should be considered. Moreover, the comprehension of I4.0 is a quite recent concept that is still being formulated, this feature may modify the results of future studies.

Managers should allocate resources for the concurrent adoption of digital technologies capabilities and suitable market-oriented strategies in order for them to be key drivers for enhanced strategic flexibility.

The current state of knowledge of both theory and practise for critical organizational factors such as organizational culture, strategic flexibility, industry 4.0 capabilities and market orientation will be extended.