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

Recruitment management system, Project Name : Recruitment Management System...

Project Name : Recruitment Management System, Dubai- HR Role : Managing & Leading the Team Project Plan, scope etc. Involved in Requirement Gathering, Estimation. Architectu

What is tco (total cost ownership), Question 1 What is TCO (total cost own...

Question 1 What is TCO (total cost ownership)? List the common task in IT system management. Discuss each task in detail Question 2 Explain people process technology appro

Arrays and chains - classification terminology, Arrays and Chains: Iso...

Arrays and Chains: Isolates are arranged in what are called arrays and chains. ,An array is a sequence of coordinate (equally ranked) classes arranged in some definite order.

Alphaetico - classed catalogue, ALPHAETICO - CLASSED CATALOGUE: The al...

ALPHAETICO - CLASSED CATALOGUE: The alphabetico-classed catalogue may be considered as a combination or mixture of the best points associated with dictionary and classified ca

Drawbacks of centralised cataloguing, Drawbacks   Pooling up the nec...

Drawbacks   Pooling up the necessary funds to opt for centralized cataloguing may be difficult for some libraries.  Because of local variations it may be difficult to go

Vertical and horizontal integration strategies, QUESTION (a) Comment o...

QUESTION (a) Comment on the generic competitive strategies as proposed by Porter with the use of suitable examples (b) Briefly elaborate, with relevant examples, your unders

Indexing and abstracting services, Indexing and Abstracting Services: ...

Indexing and Abstracting Services: While the compilation and publication of an indexing and abstracting service in itself is an information service, many publishers of these s

Links in information, Links in InformationTransmission Chain: i)  Sour...

Links in InformationTransmission Chain: i)  Sources of Generation: As discussed in Unit 1, the researchers and their employing oreganisations are responsible for generating in

Swot analysis, QUESTION 1 The Ministry of Information Technology has re...

QUESTION 1 The Ministry of Information Technology has recently launched a public debate on how to make Information Technology the Fourth Pillar of the Mauritian economy. Using

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