The Importance Of Knowledge Management And Innovation

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1. Introduction
Knowledge management and innovation are interconnected. Good knowledge must be codified, combined and shared in order to achieve innovation. “Innovation distinguishes between a leader and a follower”, a quote made by Steve Job. Indeed, successful and unique innovation allows organization to stay ahead of competition, and allow them to be the market leader to shape the future of the industry. However, organization that fail to innovate will lose ground to competitors and can only be a follower in the industry trend. Innovation allows organization to discover existing and future opportunities that meet current customer’s need and future demand rapidly and effectively as technologies, markets or trends shift. Innovation focus on …show more content…

Usually, people within the same department have the same specialist, hence, they tend to have the same way of thinking and solutions. Also, when innovation is kept within an isolated group, they will no longer listen to employees from other departments, neglecting that the knowledge within other departments can be critical in successful innovation as well. It is said that innovative team do not need people who will “fit in”, but individual who will challenge the team in a constructive way. Indeed, everyone having the same thinking, it is difficult for the organization to come up with new innovation as exchanging of knowledge and perspective are being restricted. This narrow down the supply of innovation ideas within the group (Wents, …show more content…

Love and Roper (2009) discussed that cross-functional teams plays an important part in innovation process because it enables knowledge sharing, overcome organization barriers and development of trust. Communication and information flow between functional departments are key factors in determining successful innovation. As the market move towards knowledge-based competition based on innovation and product quality, firm’s strategy space have been redefined to focus on organizational learning, knowledge sharing and process

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