The
success of business primarily depends upon the quality
execution of corporate strategy. Largely it was believed
that the product supremacy is the only means for maintaining
competitive advantage. But with the fast diminishing
global barriers and rapid advent of technology, the
issue is gradually losing its relevance since the competitors
imitate easily each others' effort. The competitive
advantage of yesterday becoming obsolete very next day
and thus the only differential issue for survival in
the war game is improvization. The improvization of
product requires relentless innovation and creativity
which in turn depends on the employee knowledge base.
Further, as the economy is shifting away from the manufacturing
to service sector, the firms are finding that knowledge
is the key lever for leading the market. Thus, the more
the industry is becoming knowledge-driven, the necessity
to systematically manage the same is also cropping up.
Knowledge
Management (KM) is the process of building, renewal
and application of knowledge to maximize organizational
effectiveness out of its intellectual assets. It caters
to the critical issues of organizational adaptation,
development and survival competence within the changing
environment. The process of KM attracts synergy amongst
the base data developed into information and the potentiality
of the human beings that provide vitality to the firm.
The KM initiative systematically allows continuous transfer
of knowledge to individuals and the groups for the benefit
of the whole organization. A proper flow of information
is essential for the growth of every organization. Here,
KM plays a significant role and once an organization
deploys it, it definitely has an edge. |
