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I don't think the problem is identifying good talent per se, I think it's increasingly becoming difficult to identify talent that hasn't already been swooped up by a major club. Have a look at our greatest players over the past 25 years, almost to a man came from a similar or bigger club than ours. Go through the whole list. That's not really a market you can rely on.
The big clubs are hoovering up talent right across the age groups, so a club like ours who doesn't have a financial or reputational edge, signings those players who make the difference between second and first is increasingly difficult. We've been in this situation before with Wenger where we were 1-2 elite attackers away from getting over the line.