Knowledge management to achieve a strategic advantage
Knowledge management is highly important factor for the success of any busness organization. The business organizations that efficiently share the internal knowledge and information ensure a long term success in the organization. The Techworld Australia is implementing knowledge management initiative in an effective manner to maintain its competitiveness in the Australian market. Effective knowledge management includes vast and varied knowledge and resources in the company along with the use of sophisticated tools required to curate and communicate the flow of information in every level of the organization. The tools and services are implemented in order to increase the ability of the company to eliminate departmentalization and initiate innovation in every levels of the organization and respond to the changing external business environment (Grant 2015). The importance of knowledge management in an organization is to allow the company to acquire the right kind of information at the right time to all the departments of the organization. Specifically, in the Australian market, the customer needs and requirements are increasing at a rapid rate and are changing at a continuous rate. These expectations are changing the landscapes of the industry. Circulating the knowledge and information to the right person at the right time can be challenging for the business organizations. Therefore, the business organization requires an effective knowledge management strategy which can enable the company to create, apply and share the right kind of information and increase the usage of the valuable data. The effective strategic for knowledge management in the organization involves breaking down the information and increase the value of the data (Kupczyk 2014) . They can sustain the objectives of the organization while implementing the right strategy along with the advancements of technologies and enable the company to keep up with the changing market and industry trends. This in turn helps the business organization to gain competitive advantage and ensure long term success of the organization.
The company contains wide range of talents and skills, therefore having the right knowledge management solution will enable the company to allow the teams to communicate and share the information in all the levels of the departments. The traditional workplace is diversifying in today’s scenario and getting more digitally connected with the external and internal work environments. Knowledge, talents and skills are considered to be the greatest assets in the organization. The management of the organization needs to take initiative to share the right knowledge to the right people and at the right time. Ensuring this will enable the company to maintain its competitiveness in the market and utilize the knowledge and resources of the organization in the right time (Litvaj and Stancekova 2015). For undertaking flattening communication and for ensuring that the information is accessed by all, the organization needs to eliminate the tall organization structure and hierarchies. The employees of the organization and the team members can share knowledge from the seniors and expertise in the company. Moreover, the company needs o have a right culture and advanced tools and techniques to circulate the information to all levels of the company and enable it to gain strategic advantage.
References
Grant, K., 2015. Knowledge management: an enduring but confusing fashion. Leading Issues in Knowledge Management, 2, pp.1-26.
Kupczyk, T., 2014. Competencies of Managment Staff in the Knowledge-Based Economy. Wyższa Szkoła Handlowa we Wrocławiu.
Litvaj, I. and Stancekova, D., 2015. Decision-making, and their relation to the knowledge management, use of knowledge management in decision-making. Procedia economics and finance, 23, pp.467-472.
Nasiruzzaman, H.A., Qudaih, R. and Ahmad, D., 2013. Project success and knowledge management (km) practices in Malaysian institution of higher learning (IHL). Journal of Education and Vocational Research, 4(5), pp.159-164.
