Annotated Bibliography Pasher, E., & Ronen, T. (2011). The complete guide to knowledge management: A strategic plan to leverage your company 's intellectual capital. Hoboken, N.J: John Wiley & Sons. This is an excellent and thorough research on innovation and strategic management. The book has clearly outlined the management strategies that should be put in place for a smooth running of business. The authors of this book went forward and gave detailed information on innovative ideas that should be used in the modern businesses. The book has not only given out the management strategies and innovative ideas but also how both can be integrated to develop business organizations. In the book, authors have indicated that managerial strategies …show more content…
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business …show more content…
Sometimes people invest in businesses, but they are unable to thrive through financial crisis when they arise. The book has used several examples to helps business managers to see through their institutions during financial depression periods. When business management uses various innovative ideas, it can be able to defeat market inflations that affect the business. Investing in many innovative ideas helps business to ship in profit from different sources. The sources of income mutually benefit from each other. Therefore, should one source fail it can be supported by others. The book has given various concepts in business management. These concepts help managers in collective decision making that propel business towards goals achievement. The concepts in the book also help managers and entrepreneurs in managing the workforce in an organization. The book has also given the concepts that help business stakeholders in investing in innovative ideas that can be well integrated with modern business. It has also given case studies that help the readers to have a deeper understanding of the management
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Since market and profit advantages are continuously eroding by time, company has to be innovative and should be continuously competitive.
Many have said we moving from a post of industrial to knowledge based economy (Drucker, 1993). To be profitable, successful and be ahead of competitors it is critical for a business to look past is physical assets and recognise the value of knowledge and strive for better ways of managing this asset. Today, knowledge management is recognised as one of the key drivers of how organisations do business, develop new product, process and measure their return of investment. Knowledge has a significant impact in the success of an organisation, a survey conducted by Covin et al (1997) shows evidence that companies on top of Fortune 500 list are ones already practicing knowledge management.
Innovation is the process of generating and translating thoughts, invention or an idea into physically services or goods that creates values. Innovation must be at an economical cost, replicable and also need to satisfy and completing a specific need. Innovation is a process of deliberating application of imaginations, information and initiative in deriving greater of different values from resources which includes all process by which new ideas are generated and converted into useful goods of products. That is the general means of innovation and as in business, an innovation often and always results when ideas are applied by the company in order to satisfy the further expectations and needs of customers while in socially perspectives, innovation will helps create new methods of alliance creation, joint venturing, flexible work hours and the creation of buyer’s purchasing power.
Introduction With today’s rate of development in technology, there has also been an immense increase in global information sharing. Innovations in technology and design seem to be emerging in the market almost every month. One of the key aspects of any business is to gather, organize and efficiently apply this information. According to Antonic (2005), economic assets are fast becoming of secondary importance in the market as companies ascribe more importance to intellectual capital. With the right application of knowledge management methods, companies can achieve a competitive advantage by managing the immense amount of information available (Balanced Scorecard Institute, 2002).
Knowledge management (KM) is extolled by some as being an important intangible asset that enhances an organization’s ability to innovate (Chea, 2009). Broadly defined, KM involves a company’s process of obtaining, consolidating, and communicating knowledge to various members of the firm, in which those individuals use the knowledge acquired to make the organization more productive, efficient, and competitive (Mousavizadeh, Harden, Ryan, & Windsor, 2015). The use of knowledge to create innovations involves having an effective KM strategy. Irizar, a company who at one point faced insolvency, represents a firm whose exemplarily knowledge management strategy led to the organization’s innovation and competitive advantage (Forcadell & Guadamillas,
though there remain differing viewpoints to this depending upon the nature of the knowledge being collected. First, there are a number of organizational factors which determine the approach toward knowledge management while also helping to identify the obstacles that may be in the organizations path. Hislop (2013) sited specific considerations for the cultivation of an strategy including, knowledge demands on the organization as determined by the markets in which it competes, organizational culture, workforce diversity, organizational size, work type, product or service characteristics, technology, and any specialized processes which might exist within the organization. In light of these elements, “it should be obvious that there is not one single way for an organization to manage knowledge”(Hislop., 2013, p.55). Additional challenges are brought to bear on the organization based upon the type of knowledge being
Knowledge management is the main element of a business strategy that will allow an organization to increase the rate that it is able to handle new market challenges and opportunities. It does this by leverag...
1).Innovation Management:Innovation Management is the form of looking into future, of being creative, imaginative .It is used in the growth of product and also organizational innovation. It also includes tools which allows higher management & engineers to communicate with basic understanding of goals and its processes .Its main focus is to allow the organization to react quickly occurring within an organization, using its efforts to implement new ideas or its products. It also involves persons in contributing to the development of the companies manufacturing and also its marketing. Through development also innovation process can be done. There are two types of process involved in innovation management one is pulled and the other is pushed. Pushed process is the one in which the organization uses its technology to discover profitable applications. Pulled process is the one in which the focus is mainly in developing the efforts to find the solutions. There are two phases in innovation management .First phase includes design of the innovation and second phase includes the implementation. Internal bench marking can be established to measure the innovation. Managers should focus on ones attention on innovation cause to be necessary to infer something from information received on the complexity.
First let’s talk about knowledge management (KM), and define what it is? I had the opportunity to talk with three coworkers and for them to give me a definition that I myself had no idea about until I decided to do some research. Well, my first interview went with Tasha who’s a Supply person. She had no idea; she thought it could not be such a thing as KM.
(106) 'Knowledge management means using the ideas and experience of employees, customers and suppliers to improve the organisation’s performance. ' (5) Knowledge management (KM) is best when 'it is in alignment with organizational culture, structure and strategy ' (5). For this reason, the aim of this briefing document is to advise Santander on solutions to potential KM barriers employees may face by discussing three key barriers- culture, technology and leadership.
The execution and success of any plan, strategy or thought either at an organizational or single individual level depends completely on the level of creativity and innovation involved in the implementation process. The terms innovation and creativity have been incorrectly used interchangeably for a long time because most people lack awareness of their exact meanings, which to confusion in their use. Organizations or individuals that use innovative ideas rather than imitating the actions and strategies of others usually stand out from the rest and remain competitive because they are able to produce unique and quality brands, services and applications, which their competitors can only imagine. Combined with invention, creativity and innovation
Therefore it was necessary to analyse the need for innovation, identify types of innovations, give documented examples, and discuss the importance that each type play in developing an organisation’s strategic competitive advantage. Various literature have been reviewed for this purpose.
Some companies may disagree that guide that developed knowledge management is to replace because it may decline revenues. Many others may feel that knowledge management is just a another system the comes from earlier information and data management methods. To the companies knowledge management is like any other system it has great value, is both old and new, and it’s a mixture of new ideas with ideas that everyone has known of before. The idea of advisor looks for cost-effective new focus to replace an expiring one has some credibility; the fact is that knowledge management is not just a mentor development but a response to real social and economic trends. The three practices that have bring the most satisfied and energy to knowledge management are information management, the excellence movement, and the human issue and human capital movement. Information management developed during the earlier age and is usually understood as a separation of the larger information technology and information in the business world. Information management is a body of consideration and cases that focus on how information manages it. Information management is independent of the technologies that influence it. It
During the inception of any business, an entrepreneur has to face risk, perils which may arise from the market environment. In fact, while an entrepreneur tries to get into a new business, he or she cannot be assured that whether his business plan is effective and potential enough to gain profit or not or whether he or she may end up his business by losing all personal equity. So, innovation, creation in business strategy and execution of plan in an effect manner is important and essential for an entrepreneur through which he or she can earn business success and profit by avoiding any kind of potential business challenges (Carland et al 2015). Development of new business ideas and business strategy on the basis of a through market survey and based on the market demand, modification of the existing business ideas can be a best possible way for an entrepreneur to gain ultimate business success and competitive advantages in market (Frow et al