Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
What do you think is the strategic importance of knowledge management?
importance of knowledge management strategy in organization.
Don’t take our word for it - see why 10 million students trust us with their essay needs.
2. INTRODUCTION
2.1Background
Organizations have experienced many changes to the ways they operate. The changes are a result of many factors, including the shift to a knowledge economy and the increased streamlining of work activities because of technological innovations. The shift in focus from products to services has encouraged greater recognition of the importance of the knowledge held within an organization. Knowledge is the process of translating information (such as data) and past experience into a meaningful set of relationship which are understood and applied by an individual. The twenty first century is the era of knowledge economy, in which most organizations possess knowledge that enables them to improve their performance. Knowledge, management is recognized as an important weapon for sustaining competitive advantage and improving performance. Knowledge management is a new method for thinking about the organization and sharing creative and intellectual resources of the organization and in the other words it consists of all the methods by which the organizations manages its knowledge-based assets including knowledge collection, storage, transmission, usage, updating and creation. The need of knowledge management based on the growth of business community perception stems from the fact that knowledge is regarded as an important element is organizational performance and access to sustainable competitive advantage
1.2 Motivation of the Study
Achieving and maintaining competitive advantage requires better information management, Information Quality, Information Reliability, Information Access Information Sharing and providing better information management to transform the competitive space to transform relationships betwee...
... middle of paper ...
..., store, share and leverage not only data and information but also the knowledge of firms. If the majority of information needed for decision making exists in the minds of employees, a system is needed to capture and codify this knowledge. It suggested that emergence of new technologies has increased the ability of organizations to share knowledge, not just internally, but with external stakeholders. E-knowledge networks allow their participants to create, share and utilize strategic knowledge to improve operational and strategic efficiency and effectiveness.
4. Objective
The overall objectives are: -
1. To identify the Key Enablers for Implementation of Knowledge Management in organizations.
2. To study the impact of Knowledge Management on Organizational Performance.
3. To investigate whether knowledge management has a direct effect on business performance.
To accomplish competitive advantage, and differentiation three elements are crucial; stating the strategies and practicalities, focusing on knowledge based behaviour, and improving the customer relationship management.(Slater and Narve 1995).
Building blocks of the competitive advantage is very effectiveness, worth, improvement and customer approachability. These particular building blocks in general have four common techniques in cutting down and getting excellence. Anyone can have the capabilities in implementing these.
Below are some of the competitive advantages (or factors which led to competitive advantages) I identified in the case:
In summary, “Internet activities are not most significant in competition, such as informing customers, processing transactions, and procuring inputs”. (Porter, 2001) significant corporate assets--skilled employees, proprietary product, and efficient logistical systems – these factors are the most important to keep competitive advantages. In fact, it is foreseeable that the Internet's evolution will come up in the future involve a shift “in thinking from e-business to business, from e-strategy to strategy”. (Porter, 2001)Only by integrating the Internet into overall strategy will this powerful new technology become an equally powerful force for competitive advantage.
The management of knowledge within the context of organizational processes is a determining factor of its effectiveness and level of performance. Hislop (2013) stated, "One of the key distinctions in the knowledge management literature relates to epistemology" (p. 8). In an attempt to acquire an in-depth understanding of key aspects of knowledge management I will analyze a key organizational job position that possesses valuable experience and traits of fulfilling responsibilities. My analysis will include a description of the organization and position, a review of the perspectives and types of knowledge, as described by Hislop (2013), as they relate to the job position, and the challenges encountered in transferring
To stay competitive in this industry this report has given us some key factors for companies to follow and meet to be successful in this com...
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
(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.
Competitive advantage is the advantage for the competitors and gained by the offerings from the consumers that have the greater value either by the low prices of the products and by providing the benefits and services to the consumers that denotes the high price. It is a set of the innovative and different features of the company and the products and services sale to the consumers so that company can achieve the targets what they have decided and it is the betterment for the enterprise in the competitive market (Porter, 2011). There are three determinants which can be used in the competitive advantage that what the company produce for their consumers, their target market that what they have to achieved and the competition from the other entity
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 through managing the immense amount of information available (Balanced Scorecard Institute, 2002).
"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.
In most organizations, effective utilization of knowledge increases productivity, creates competitive advantage and, ultimately, improves profits.
One of the most important terms to define for this question is value. Value can be seen in tangible terms or in cognitive terms. Of course tangible assets such as cell phones or houses cost money thus, they are valuable. However, value can also be seen in intangible things such as memories or ideas. Personal thoughts might not necessary hold value to others, but it can be considered as something of worth for the individual possessing the thoughts. One definition for value is something that has the ability to be exchanged for another item or in "terms of some medium of exchange." In this essay I will be attempting to answer the following question "To what extend do the Arts and Mathematics play a role in the understanding of the connection between
A different perspective of approaching competitive advantage is its relationship with different business models, the degree of innovation and the information systems present. A competitive advantage is imminent if the current strategy of a company is value adding and is not in the present moment being implemented by its would-be competitors. The sustainability of a competitive advantage