The effects of the web 2.0 technology on the generation of distinctive competencies. An empirical study in metal sector companies in Spain The objective of this research is to provide input on the impact of the web 2.0 as a knowledge management tool to create competitive advantages in organizations. To this effect, this research examines the main business management approaches to determine our theoretical positioning in the currents of Knowledge-Based and Dynamic Capacity-Based Approaches that are part of the Competency-Based Approach. This research examines the web 2.0 phenomenon, which has given rise to the development of a new virtual world, whose functionalities and applications in the actions of individuals and organizations are being invaded, to later conceptualize the web 2.0’s construct based on the dimensions of principles and practices. It presents a theoretical model of structural relations between the web 2.0 and its impact in business performance, considering the distinctive organizational competencies as intermediate variables, particularly organizational culture, which represents a strategic asset. The model was applied to businesses in the Spanish metal sector, the outcomes of which prove that there is a positive and significant relation between the incorporation of the web 2.0, the creation of distinctive organizational competencies, and the improvement of business performance.