Knowledge management
Introduction
Knowledge management has developed into one of the fastest-growing sectors of a business. This is as a result of the world existing in an environment where information is one of the greatest assets. Information, as a result, is collected and structured into knowledge so that it can become useful in innovation. The management of this knowledge is crucial to the growth of the economy. This is because the current economy is mainly driven by knowledge. Possession of knowledge is a step in the right direction in as far as gaining a competitive advantage in a constantly evolving world as knowledge is documented as the primary structural source of the current period, which brings about sustainable competitive advantage (Ling, 2011). This has led to the focus on knowledge management and its influence on competitive advantage to involve an innovative culture (Ribeiro and Bettiol, 2006). Several organizations have established an initiative based on knowledge management in order to stay relevant in the current era. This not only endorses a much broader dissertation but also provides admittance to information by people in the association. However, the emphasis of numerous studies dealing with knowledge management has given the focus on knowledge management as a tool of innovation (Sook-Ling et al., 2013). They associate the development of knowledge management with the establishment of a competitive environment that fosters innovation. This is due to the fact that knowledge management has grown into an effective way through which information is processed and shared. Knowledge at the same time should not be muddled with information. This is because knowledge is a much more sophisticated form of information (Brännback, 2012).
Knowledge management depends on the different insights and interactions that go about in terms of information, with influence based on personality and experience. It is well known that knowledge is a tactic which, as a result, means that the process of knowledge management becomes even more complicated with the growth of this knowledge (Cao et al., 2019). Through knowledge management, knowledge is stored in technical repositories. The same technology is utilized in the structuring of this knowledge so that it can be used in decision making for businesses in order to move a business to the next level (Bi et al., 2010). In a fast-changing environment, knowledge has become the backbone of most businesses in generating and sustaining competitive advantage discrepancy. The current drift in the field of strategic knowledge has been its highlight on the role of organizational knowledge as the foundation of the operative competitiveness. Knowledge management is crucial to operative competitiveness in business. However, inefficient research has been done on the study that has focused on the impact of Knowledge management on competitive advantage. Nefat and Afrić Rakitovac (2013) enlighten on the foremost impression of the knowledge-based theory of the firm is that a business exists in the way that they do because of their capability to accomplish knowledge more efficiently than it is likely under other types of administrative structures. He stressed on the organization as a foundation for knowledge application planning mechanisms for assimilating particular knowledge.
This study determines the competitive intensity and attractiveness of a market and helps to classify where authority lies in an organizational situation. The capability to manage knowledge is becoming increasingly more vital in the current knowledge economy (Bukhari, 2011). Companies have always had various processes to synthesize their involvement and assimilate it with knowledge developed from outside. Additionally, companies have long employed numerous knowledge management techniques. Knowledge has grown into such a valuable asset that lack of it means little to no growth for a particular enterprise. This is the reason why managers have put emphasis on knowledge management (Wroblowska, 2019). This is because the process not only helps assess the current state of a company and its position in the industry, it also provides guidance on what a company requires to do in order to establish pace to continue growing in future. This is where innovation comes in. Innovation highlights the current problems being experienced in an economy and provides optimized solutions that jot only solve current challenges but propels them to provide sustainable solutions for the future.
Singapore has had significant growth in the last century. Most of its development can be associated with innovation. The country has not only grown on the basis of innovation. Still, it has implement knowledge management as a technology through which it has established a competitive advantage among Asian countries to emerge as one of the top growing states in the continent. The government of Singapore has heavily invested in the use of knowledge management in both small and medium-sized companies in order to come up with competitive strategies that allow the growth and innovation taking place in the country. The study focuses on the small nation of Singapore and how it has transformed human skills as well as knowledge in its growth. The research aims to study the application of knowledge management in the main economic sectors in the country and how this has influenced the growth experienced in the country (Chua and Goh, 2008). It looks into the real estate sector as well as education. It makes comparisons of the strategies that the country implemented in order to experience the current rate of growth that is being established in the current era.
The main aim of the research conducted is to establish the influence of knowledge management on competitive advantage and how this focuses on innovation. The research looks into the ways through which Singapore has utilized knowledge management to establish sustainable competitiveness and how this has fostered innovation in the country. The research also analyses the use of knowledge management in the growth of the economy in both small, medium-sized, and significant companies. It looks into how each of these businesses invests in knowledge management and how this has fostered growth in each of these enterprises. It looks into how each of these companies has contributed to the innovation by creating a competitive environment where each of them has to implement knowledge management in order to gain an advantage over the other.
References
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