7q2

7q2

Itis worth noting that, knowledge management is primarily themanagement of organization knowledge as well as intellectual assets,which can enhance a variety of corporate performance characteristicsas well as adding an advantage by allowing an organization to be moreintelligent (Allee, 1997). The key goals and objectives of knowledgemanagement are to incorporate a strategic commitment to enhance thecompany’s efficiency, in addition to creating its chances ofenhancement. Moreover, it assists in enhancing the company’spotential to undertake its main processes more effectively (Allee,1997).

Asnoted by Davenport et al (1998), for an organization to apply itsknowledge management effectively, there are several components ofgood management that has to be adhered. These components are soundplanning, high quality services and merchandises, savvy marketing,the proficient structuring of job and management of organizationresources as well as paying attention to the customers. However, itis worth noting that these component are not static, therefore, anorganization ought to be ready at any time to embrace changes when itis necessary required.

Forexample, Nokia, which was a phone manufacturing company, dominatedthe cell phone industry for quite a while, but the emergence of smartphone posed a great threat to Nokia Company. Instead, of Nokiaembracing the new technology, they continued with the analoguetechnology in their manufacturing (Lee,2013).This led their competitors, such as Apple and Samsung to gain a hugemarket share that Nokia used to enjoy. However, when Nokia realizedthat it lost its market share to its competitors, it was too late torecover. As a result, Nokia was sold to Microsoft Company as it wasnot a profit making company anymore. This is a very clear example ofthe significant of knowledge management and application of changeswhen it is necessary.

References

Allee,V. (1997). 12Principles Of Knowledge Management.TrainingAnd Development,Vol . 51, No. 11.

Davenport,T.H., Delong D.W., &amp Beers, M.C. (1998). SuccessfulKnowledge Management Projects.Sloan Management Review,Vol. 39, No. 2.

Lee,D. (2013). Nokia:The rise and fall of a mobile giant.Retrieved From, http://www.bbc.com/news/technology-23947212[Accessed on September 22, 2015].