Running Head:KNOWLEDGE

Knowledge Management

[Name of the University}

Executive Summary

In the contemporary global business environment, the concept of knowledge management has become a significant factor. The consumer market has become highly value and brand sensitive and their brand loyalties have now become highly volatile in nature. In this scenario the current organizations have to develop comprehensive knowledge management infrastructures, to ensure that they are able to effectively identify the consumer behaviors and have the ability to implement strategic management policies. This paper will seek to identify the significant developments in the current global business sector, and the influence of the knowledge management factor. This management principle can enable the current organizations to develop a substantial strategic advantage in the context of the global competitive forces. The knowledge based management policies can help the organization attain the adequate blue ocean strategies, which will enable them to cope with the excessive competitive forces of the global business sector. Considering the significance of the principle of knowledge management, this paper will seek to identify the important factors and the benefits that the modern organizations can achieve from the development of the adequate knowledge oriented infrastructure.



Contents

1.Introduction1

2.Discussion2

2.1 Significance of Knowledge Management: In the Contemporary Business Environment2

2.2 Application of Knowledge Management: Internal & External Perspective2

2.3 Knowledge Management: Impact of Global Business Environment4

2.4 Significant Component of Knowledge Management5

2.4.1 The Technological Factor: The Implementation of an ERP system5

2.5 Knowledge Management: Misconceptions8

2.5.1 Lack of Short-Term Effectiveness8

2.5.2 Knowledge Management: The Blue Ocean Strategy10

2.6 Company Case Study: Facebook's Knowledge Management Dilemmas10

3.Conclusion11

References13

Knowledge Management

Introduction

In the context of the contemporary global business environment knowledge management has become a very crucial strategic factor. The organizations have realized that they require a centralized and highly efficient knowledge management system, to be able to critically analyze their respective consumer markets and take strategic actions. The phenomenon of globalization has critically enhanced the role of knowledge management, as it has highlighted the significance of information distribution. The contemporary business environment can ideally be defined as a value centric and conceptual entity, rather than the traditional physical and product related entities. The reason why the role of the modern companies has shifted so drastically in the recent society is the role of the consumers and their respective behaviors.

The technology has enabled the modern day consumers to become highly empowered and gain access to almost limitless informational resources (Gold et Al, 2001). The competition between the organizations has shifted from the traditional product based factors, to the modern branding wars. The modern consumer demand products and services which hare highly customized to their individual perspectives, and enable them to reflect their personalized choices. Hence the organizations have to become highly sensitive of the volatile global consumers markets and attain the necessary resources which will helps them adopt to the drastically changing business environments.

Discussion

2.1 Significance of Knowledge Management: In the Contemporary Business Environment

The contemporary changes in the global business environment have caused the modern organizations to attribute credible significance to the knowledge management fact of business operations. This attribute allows the ...