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Knowledge management and innovation theory
Knowledge management and innovation theory
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Knowledge Management
In times of economic change it is important for companies to remain flexible and adapt in order to be sustainable. New theories of management have developed to tap into a company’s core competencies and give it the ability to shift its product offerings and stay competitive. One theory that has gained popularity is Knowledge Management. A 1997 survey of 200 large US firms found that 80% of corporations had initiated knowledge programs of management. Both corporations and non-profit entities have adopted knowledge management practices - Monsanto, Hewlett-Packard and BP as well as the Army, Navy and the World Bank. As Peter Drucker, who coined the term “Knowledge Worker”, wrote in his Managing in a Time of Great Change, “Knowledge has become the key economic resource and the dominant – and perhaps the only – source of competitive advantage.”
Definition
Knowledge management is the main element of a business strategy that will allow an organization to increase the rate that it is able to handle new market challenges and opportunities. It does this by leverag...
Lytras, M. D. (2008). Knowledge management strategies: A handbook of applied technologies. Hershey: IGI Pub.
As discussed above retention of knowledge is crucial and critical for the same set of
T.D. Wilson (2002) makes a point of identifying several sources of articles, references and course syllabi with varying takes on knowledge management within organizations. Wilson is convinced that organizations misuse the terminology “knowledge management” and that their activities are more concerned with managing information than with the management of knowledge (Wilson, 2002). Wilson defines knowledge as involving “the mental processes of comprehension” or, as “what we know” and information as the expression of what we know and can convey through messages (Wilson, 2002). By researching the use of the “knowledge management” Wilson conveys that the terms knowledge and information are used interchangeably, which results in an inaccurate application
Strategy Development and Initiatives 1) The history, development, and growth of the company over time = == == ==
We know that we all have some kind of knowledge. Knowledge can be information or skills that we possess, and no one can take it away from us. Knowledge is an intangible asset, and it cannot be destroyed and it does not depreciate. However it can build back destroyed tangible assets. To a business, knowledge is a valuable asset, and while there may be many employees who possess the same knowledge, due to required education or shared knowledge within the company, every single employee will hold some knowledge that’s different from the others.
(106) 'Knowledge management means using the ideas and experience of employees, customers and suppliers to improve the organisation’s performance. ' (5) Knowledge management (KM) is best when 'it is in alignment with organizational culture, structure and strategy ' (5). For this reason, the aim of this briefing document is to advise Santander on solutions to potential KM barriers employees may face by discussing three key barriers- culture, technology and leadership.
Knowledge management is a set of proactive activities to support the organization in the creation, absorption and diffusion of knowledge and its application. Knowledge management is continuing to understand the knowledge needs of the organization process, and place of knowledge, and how to improve knowledge.
Introduction With today’s rate of development in technology, there has also been an immense increase in global information sharing. Innovations in technology and design seem to be emerging in the market almost every month. One of the key aspects of any business is to gather, organize and efficiently apply this information. According to Antonic (2005), economic assets are fast becoming of secondary importance in the market as companies ascribe more importance to intellectual capital. With the right application of knowledge management methods, companies can achieve a competitive advantage by managing the immense amount of information available (Balanced Scorecard Institute, 2002).
Microsoft has always been known as a software company, and not well known for its hardware. In fact, the only hardware that Microsoft sells to the retail market is branded peripherals. In its heyday, Microsoft was a market leader, bring an operating system to the masses, and leading in internet search. In recent years, however, most of the moves that Microsoft has made have not been in a market leader position, but have been in response to competitors threatening Microsoft’s positions.
Pasher, E., & Ronen, T. (2011). The complete guide to knowledge management: A strategic plan to leverage your company 's intellectual capital. Hoboken, N.J: John Wiley & Sons.
The arrangement of the building blocks is divided into an inner and outer cycle. The outer cycle contains the classic elements of management theory, knowledge goals and knowledge evaluation. These building blocks determine which goals the company wants to achieve and how achievement is measured and evaluated. The inner cycle describes how the company, starting from the knowledge goals, manages to create and save rele-vant knowledge for usage. These building blocks are the knowledge management activi-ties knowledge identification, knowledge acquisition, knowledge development, knowledge distribution / sharing, knowledge utilization and knowledge retention. The building blocks are related to each other and before a measure in one building block is implemented the influences on the other buildings blocks should be considered.
In order to survive in the competitive environment of today’s business world, it is imperative for organisations to cope with uncertainty and unrest. The strategies pertaining to survival /coping are the result of accumulated/ acquisition of new knowledge that occurs through learning (Bhaskar & Mishra, 2014). An organisation’s ability in learning, applying and spreading new insight has been persuaded as the fundamental strategic capability (Fiol & Lyles, 1985). Bontis et al. (2002) noted that in order to continue to exist in today’s complex environment, organisations must learn efficiently and effectively. The rate at which individuals and organisations learn is the leading source of competitive advantage (Stata, 1989). Thus, learning is pondered
"All media are extensions of some human faculty -- psychic or physical. The wheel is an extension of the foot; the book is an extension of the eye; clothing, an extension of the skin; electric circuitry, an extension of the central nervous system. Media, by altering the environment, evoke in us unique ratios of sense perceptions. The extension of any one sense alters the way we think and act -- the way we perceive the world."
Hansen M., Nohria N., and Tierney T. (1999), “What’s your Strategy for Managing Knowledge?,” Harvard Business Review (March 1999), 106–16.
This knowledge is then utilized to make their organisation more effective a (Tannenbaum and Alliger 2000, O'Dell, Grayson jr. and Essaides 1998) and possibly advanced some measure of distinctive competence. Further, the term ‘Knowledge Worker’ was created by management erudite, Peter Drucker as far back as in the 1950s. (Drucker 1968) advanced that ‘Today the centre is the knowledge worker, the man or woman who applies to productive work ideas, concepts and information rather than manual skill or brawn…. Knowledge is now the main cost, the main investment and the main product of the advanced economy and the livelihood of the largest group in the