Success in a global knowledge economy, Other Management

Assignment Help:

A key to success in a global knowledge economy

Knowledge is the key to success. Organisations have to appreciate the competitive advantage of knowledge. Knowledge acquired has to be spread across  the  organisation  to  enable  others  to  leverage  on  the  same. Communities of practice in strategic areas are the best way to promote knowledge as an asset as they help greatly in the proliferation of knowledge. In knowledge economy, there is explosive development in knowledge which makes  it  difficult  for  the  organisations  to  spread  knowledge.  Increased complexity of knowledge needs greater specialisation and also collaboration. With  half-life  (the short  time  by which  the present knowledge  becomes obsolete) of knowledge getting shorter, it is tough for organisations to keep pace  with  the  rapid  changes  and  manage  knowledge  without  these communities.  An  organisational  change  could  be  due  to  internal  and external factors and there would be a huge onus to respond to the demands of  shifting  the  market.  This  could  cause  restructuring.  Communities  of practice are the best solution to make the organisation embrace change and make it adaptable. They help to connect people from different organisations that enable to share experiences of change and understanding the core knowledge requirements.

The knowledge economy poses an additional challenge. The knowledge markets are globalising quickly. Communities of practice help organisations to compete globally through information sharing across the globe. Apart from contributing to the success of the organisations in the world markets, the communities have other benefits. The advantage which the company will enjoy is the influx of innovative ideas which brings about excellence in the field of application, thereby solving an instant stream of the competitive problems. In globalised knowledge economy, the companies don't just compete for the market share but also compete for the talented people who have the expertise and the capabilities to generate and also implement the creative ideas. Finding and keeping the right people can also make a difference in the company's ability to become a market leader and also gain access to the venture capital. In fact, the knowledge driven markets make it essential  to  develop  the  knowledge  strategy  along  with  the  business strategy. A knowledge strategy details, in the operational terms, the way to develop and apply the capabilities needed for executing the business strategy.


Related Discussions:- Success in a global knowledge economy

Stack maintenance , STACK MAINTENANCE: We have explained That mainten...

STACK MAINTENANCE: We have explained That maintenance work implies the organisation of stack rooms, arrangements of books on shelve in stack rooms and conservation. In thi

Classification and cataloguing policy, Classification and Cataloguing Polic...

Classification and Cataloguing Policy: Whatever may  be the scheme of classification or catalogue code chosen, a policy should  be formulated for their application. Some  of t

Nature of knowledge, The Nature of Knowledge It is indeed quite difficu...

The Nature of Knowledge It is indeed quite difficult to identify useful knowledge among the pool of knowledge in  an organisation.  Knowledge  is a critical  asset  that  needs

Cataloguing-in-publication, Cataloguing-in-Publication (CIP): Centrali...

Cataloguing-in-Publication (CIP): Centralised cataloguing led to the logical step of publishing bibliographic entries of documents in the publication itself, on the reverse si

Charging desk -circulation area in library building, Charging Desk -Circula...

Charging Desk -Circulation Area in library building This is the key functional area of the library and a great deal of  thought should be given to its location, size and shape

Meaning of communication, Question 1 Communication is the lifeblood of...

Question 1 Communication is the lifeblood of a business organisation. Explain the role of communication in Business. What are the various barriers to communication? Meaning

Subject approach - approach of readers for documents, Subject approach: I...

Subject approach: In academic, special, technical and research libraries, and to a large extent even in public libraries, you will find that the majority of readers approach docu

Concept and need for information, CONCEPT AND NEED FOR  INFORMATION: ...

CONCEPT AND NEED FOR  INFORMATION: Information emanates from all human activities and achievements; both individuals and corporate bodies are involved in the creation of infor

Production and materials management, Explain intermittent and continuous op...

Explain intermittent and continuous operations. Under what type of situation it would be used in automobile industry?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd