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Knowledge and Value Creation in the New Economy

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How can organizational knowledge contribute to value creation for an organization in the new economy?

How can the processes and systems of the organizations be effectively utilized to support the sharing and creating of knowledge?

Explain the answers with real life examples.

With references and citations.

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This solution discusses how organizational knowledge can contribute to value creation and how processes and systems can be used to support the sharing of knowledge in 590 words.

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How can organizational knowledge contribute to value creation for an organization in the new economy?

The organizational knowledge can contribute to value creating for an organization in the new economy. The new economy is marked by industries that use cutting edge technology and high growth. For achieving high growth these industries need to leverage the organizational knowledge so that the firm gets a clear competitive advantage. One of the greatest assets of the new economy companies is their personnel. The people have a wealth of knowledge and that is applied in the company and if need be can be stored in a computer system (1). This knowledge can be leveraged to achieve either cost leadership or competitive advantage through differentiation. This knowledge is not limited to one function but is related to every function of the new economy business. For, instance knowledge relating to an iron forging unit can reduce time taken as well as reduce the number of breakages.

In production, the organizational knowledge can be used to improve quality and /or to reduce costs. In addition, the organizational ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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