The emergence of knowledge-based economies has placed an importance on effective management of knowledge. The effective management of knowledge has been described as a critical ingredient for organization seeking to ensure sustainable strategic competitive advantage. Knowledge management allows organizations to get the right information to the right people at the right time. The right strategy sustains organizational objectives as technologies evolve, keeps companies on the bleeding edge of industry trends, and pushing one step ahead of the competition at all times. This paper reviews literature in the area of knowledge management to bring out the importance of knowledge management in organization. The paper is able to demonstrate that knowledge management is a key driver of organizational performance and a critical tool for organizational survival, competitiveness and profitability. Therefore creating, managing, sharing and utilizing knowledge effectively is vital for organizations to take full advantage of the value of knowledge. The paper also contributes that, in order for organizations to manage knowledge effectively, attention must be paid on three key components - people, processes and technology. In essence, to ensure organization?s success, the focus should be to connect people, processes, and technology for the purpose of leveraging knowledge.
Knowledge, Management, Organization, Tool, Literature
ARUN RAGHU BABU "Knowledge Management- A Competitive Advantage In Today's Corporate World" Iconic Research And Engineering Journals Volume 3 Issue 4 2019 Page 155-159
ARUN RAGHU BABU "Knowledge Management- A Competitive Advantage In Today's Corporate World" Iconic Research And Engineering Journals, 3(4)