Answer 1
Knowledge is one of the important assets of an organization. Knowledge management involves the organization’s capability to facilitate knowledge creation, transmit it throughout the organization, and embrace it in its systems, products, and services. In this essay, the author intends to discuss the various aspects of knowledge management, continuous innovation, and competitive advantage and how they collaborate to bring about results.
Knowledge management involves knowledge creation, which involves all sorts of events. This is through the presence of several dynamic shifts. Continuous innovation is a fundamental aspect that is facilitated through knowledge management and requires the application of various knowledge aspects. Innovation involves the use of knowledge. Therefore, it is easy for knowledgeable staff to drive the organization’s process of innovation. Every organization aspires to withstand the regular competition and, if possible, outdo its competitors. Among the drivers to an organization’s competitive advantage is knowledge with is created, transmitted, and embodied in the organizational processes. As per Langer (2017), the current competition being witnessed in the business world has been fuelled by advancements in technology.
Knowledge management, continuous innovation, and competitive advantage integrate with each other through technology. This is because; each aspect relies on technology availability to excel. It is easier for technologically advantaged employees to understand the change in trends. The regular updates in technology directly affect the existing skills. This leaves the
technologically disadvantaged staff behind and less productive. They become an impediment or barrier to knowledge creation, continued innovation, and derail the organization’s competitiveness. This proves the reason why knowledge and technology are useful assets to an entity.
Reference
Langer ,A.M(2017).Information Technology and Organizational Learning: Managing
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Answer 2
Knowledge Management Cycle
Nonaka, and Takeuchi (1995) define organizational knowledge as the ability of an organization to come up with new knowledge and spread it throughout the organization and incorporate it in products and services as well as systems. Using the steps below in Figure 5.3, it is important to assess the value of events that embody organizational knowledge.
According to Nonaka, and Takeuchi (1995), the creation of new knowledge means re-creation of the company and its components. This is an ongoing process rather than a one-time process which necessitates personal and organizational self-renewal. This is where continuous innovation comes into the picture as well as competitive advantage. Tundung, Ludfi & Hanif (2017) assert that competition is an unavoidable concept. Therefore, it is important for organizations to create unique services and products, through continuous innovation. Innovation is essential in creating a competitive edge for an organization. Tundung et al. (2017) recognize the benefits of linking knowledge management, innovation, and competitive advantage, which all come down to an enhanced organizational performance. The capability of an organization to utilize knowledge assets efficiently is key to its success. The performance of an organization is highly dependent on the utilization of knowledge-based assets, innovation management, and integration practices.
According to Langer (2018), technology plays a key role in substantiating the need for knowledge management. An organization must utilize emerging technologies effectively and efficiently. Through knowledge management, it offers a way for an organization to learn the importance of technology in supporting innovation and competitive advantage. On the creation of knowledge, technology is key in helping create more dynamic shifts in knowledge. When it comes to continuous innovation, innovations are accelerated due to the dynamic nature of events and the time required in responding to them, therefore, it is important to have different departments respond to technological opportunities on an ongoing basis. Technology also creates competitive advantage, considering that IT propels much of the excitement surrounding knowledge management.
References
Langer, A. M. (2018). Information Technology and Organizational Learning: Managing Behavioral Change in the Digital Age. CRC Press.
Nonaka, I., & Takeuchi, H. (1995). Organizational knowledge creation. Creative management, 64-82.
Tundung, S. P., Ludfi, D., & Hanif, M. (2017, October). The Relationship Between Knowledge Management Capabilities and Product Innovation and Its Impact on Marketing Performance. In 2nd International Conference on Accounting, Management, and Economics 2017 (ICAME 2017) (pp. 230-243). Atlantis Press.
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