Knowledge management and organizational competitiveness

More that 20 years ago, Drucker promoted knowledge as the 'basic economic resource'; he furthermore argued that it (knowledge) has become the only resource for competitive advantage. It could be said that organization's capability to initiate and implement actions and processes of exploiting existing and creating new knowledge is among key-factors in creating competitive advantage. Aiming to unique knowledge creation would certainly differentiate a company from others, but recognizing both tacit and explicit knowledge, and establishing proper organizational infrastructure are as important aspects. Concept of Knowledge Management, recognized as one of the most important management tools, is widely used, although new technologies and changing business environment require continual adjustments. Neverthless, knowledge is considered valuable and even critical success factor of companies. The purpose of this paper is to examine the value of knowledge management for companies and the influence of KM practice on company competitiveness.

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