Task 1 : 20 points question
Chapter 5 – study questions 1-9, Exercise 1
Task 2: read below student posts and reply each in 150 words.
pravars – Knowledge Management is a combination of actions like creation, dissemination, collection and management of knowledge. Today’s information age is highly dependable on information resources. The discipline is in practice in the fields of business management, information science, management studies etc. As only gathering information will be of no help unless it is found at the right time by the right recipient, knowledge management is more important than gathering. The process of gathering and storing knowledge is done by different technological tools, including software and websites (Park, 2017). However, the relationship between knowledge management, innovation and competitive success depends on the proper dissemination of knowledge among the contributors of an organization.
Easy and timely access to knowledge which is possible by strategic management derives innovative urge among the concerned group of people working in a unique direction to create or reach a goal. It enables the entities to implement knowledge and commercialize it for the organization’s benefit (Found et al., 2018). The course of continuous innovation is fuelled by acquiring, decoding and imparting knowledge among fellow members chasing the same objective. It has been found that people are fond of sharing knowledge, which makes the process of continuous innovation effective. Strategic management, on the other hand, is an advanced step towards commercialization of knowledge, in this era when data is regarded as a major commodity for lifestyle enhancement. The more well-directed knowledge a company acquires, the better position it gets in a competitive environment. Knowledge leads to innovations where the power of competitive success lies in.
chanda – Competitive Advantages of Knowledge Management
Based on the vision of an organization as well as on the management of the knowledge some of the theories or the concepts of the innovations are developed. With the specific vision, all the organizations have to be involved that must be completely similar to one of the ways if the institution with the important values. In the environment, the changes in the hyper-competition may take place that is as fast as the other systems in it. With the new changes, some of the changes that occurred before have to be covered that the people have to deal with the new systems in it (Chen, 2013).
In the entire process, the process of the innovations has to be run more speed of the firms. This may come with the different types of institutions that are to help and to overcome the vision of the bounded ones. In the competitive environment, companies must able to understand related groups to put together techniques of the other systems of the vision that are not difficult to implement and easily shared. To manage and effectively give use of their resources the mechanisms of an organization that must provide minimum cost and control. The development of organizational mechanisms of knowledge management helps to support business strategy and their goals (García-Muiña, 2017).
To manage best practices and procedures of streamlines the organization gives balances on technology resources. It is a continuous process of placing or arranging a strategy of information technology. To shape their changes of the organization as well as the management of the knowledge planning helps to all the procedures and regulations. Against criminal activity, the mechanism and the organization are planned to protect the business strategy. These are mainly addressed to other systems that are related risks or issues and opportunities in an organization at different layers. The mangers should manage and develop the advantages of the competitive or the policies and procedures with the different layers of the organization (Wahba, 2015).
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