The Relationship Between Knowledge Management And Knowledge Economy

Knowledge is considered as one of the most important and competitive resource for sustenance of the organisation (Zack, 1999). It can be compared to the strategic resource that can be used and applied in various frames of the organisation. Experienced managers in the organisations believe that company can receive strategic advantage through knowledge and not the strategies or actions implemented by competitors. Knowledge can be regarded as a strong approach that opens numerous ways of success. It is that weapon that help organisation to evaluate solutions in financial and other professional difficulties.

While Knowledge Management (KM) is important in any business however, there is no real agreed upon definition. KM is a concept that includes the

In today 's high competitive business world, success is dependent on how efficiently and effectively an organization can develop and utilize its information and knowledge resources(Carlsson etc, 2002). Therefore, there are many dispute on information and knowledge management. The purpose of this essay is to discuss the relationship between Information management(IM) and knowledge management(KM), then argument about whether KM is important for an organization. In order to make sure essay have a clear structure, this essay main divided into four parts (from Part 2 to Part5 ): Part 2 will introduce what is IM and KM, the benefits of IM and KM, the relationships amongst data, information and knowledge, and then this paper will introduce the relationship between IM and KM; Part 3 will analysis case study of good knowledge management in Xerox company; Part 4 will analysis case study of bad knowledge management in NASA; Part 5, this essay will give an argument result to you in conclusion.

Since the mid-1990s, knowledge management has become increasingly significant for business managers and companies. ‘It is broadly accepted that systematic knowledge management is tightly linked with gaining and sustaining competitive advantage.’ (Bogner & Bansal, 2007, p658-6 as cited in Hislop, 2009, p1) The definition of knowledge management is various because of the wide range of this concept and its complexity (Al-Hawamdeh, 2003). For example, the broad definition provided by McAdam and McCreedy (2000, p155 as cited in Hislop 2009, p53) note that: ‘KM relates to the management of anything classified as knowledge’ Furthermore, Hislop (2009, p59)

Knowledge Management can make a significant difference between ongoing or successful ventures of any organization in a world of accelerating change. Knowledge Management provides the ability to connect and cooperate complex ideas efficiently and can be beneficial even to expand when using strategic alliances. To make Knowledge Management work in an

Knowledge management refers to organising and sharing the various forms of business information created within an organisation (Marakas and O’Brien 2013). Knowledge management is important as it increases the capability of a firm to learn from its environment and to incorporate knowledge into its business processes (Laudon & Laudon 2014).

Knowledge management can be considered to be an essential strategic function in any organisation today. As the world becomes more globalised, and traditional structures of intermediation are removed whilst new ones are created, it is clear that knowledge, and consequently a learning organisation is one that is more likely to find unique sources of competitive advantage, and be able to develop sustainable competitive strategies in the long term. A number of different processes and sub-processes have been identified with knowledge management, such as knowledge generation, knowledge codification, and knowledge transfer or

Knowledge Management has been a core requirement of many organizational practices and mostly in gaining competitive advantage over other firms. Knowledge itself is precious but if not used properly, then

Zack (199b) explains that a knowledge management strategy can be seen as the general, abstract, high-level approach to align an organization’s knowledge resources and knowledge-related capabilities to the knowledge requirements of its business strategy. Thus, the knowledge management strategy tries to close the organization’s knowledge and learning cycle gaps.

Knowledge management – how organizations track, measure, share and make use of intangible assets such as an employee’s ability to think fast in a crisis – is increasingly important in a fast-changing knowledge society. Organizations have always managed knowledge, even if they did not use the term knowledge management. For example, a person experienced in operating or repairing a particular machine could pass their knowledge on to newcomers.

Knowledge is power, which has already been regarded as the essential organizational source in organizational strategy (James, 2004) and knowledge can give organizations competitive advantage so as to face the fierce competition in today’s market environment(Erden et al., 2008). At the same time, utilizing the knowledge can contribute to the good organizational performance and correct decision making, which plays a significant role in organizational innovation (Laudon and Laudon, 2006). Knowledge management is an effective approach to manage the knowledge in order to facilitate the process of creating, sharing and maintaining the knowledge in the organization (Alavi and Leidner, 2001). Specifically, social media, which is based on Web 2.0, provides the effective way for organizations to create and share the knowledge and offering an innovative way for knowledge management (Kirchner et al., 2009). Thus, social media has been regarded as a tool in knowledge management that motivates individuals to share the knowledge online and this will led to innovation of organization (Ray, 2014).This paper will firstly explain organization learning and knowledge management and the relationship between the two concepts, and then use Starbucks as the case study in order to illustrate how organizations use social media in knowledge management to get innovation.

Knowledge Management is by definition the process of capturing, distributing, and effectively using knowledge. Knowledge management is a technology field that promotes an incorporated approach to identifying, securing, assessing, retrieving, and sharing all of an enterprise 's information assets. These assets may include documents, databases, policies, procedures, and previously un-used experience and expertise in individual employees.

As mentioned earlier about the importance of the set of organizations i.e SME’s and MNC’s. the focus or the objective of this paper is to analyze the possible outcomes like competitive advantage for a firm, profits and sustainable growth after the implementation of knowledge management practices, which is the leading factor for competitive advantage, profits and sustainable growth in

Hewlett Packard (HP) is a leading multinational organization providing products and services in many IT related technologies such as computer hardware and software, printers, scanners, storage devices etc. In 1995, the company decided to introduce knowledge management in its organization that will make its systems, processes, outcomes superior with organized and systematic knowledge handling and storage. HP faces severe competition and thus has to be ahead of the market using many strategies, one of which is application of Knowledge Management (KM). With over 600 business units located

the present society; through training, coaching and education, people can develop their skills, abilities and attitudes, to gain those distinctive advantages. Through knowledge, people get better jobs, higher compensation and more wealth. Knowledge is a key-driver for people, to survive in this knowledge intensive world; more knowledge means more power. The importance of knowledge in an organizational-context is growing rapidly as well. The dynamics and complexity of the organization’s environment is hard to