Â In the twenty first century landscape with all its uncertainty and dynamism, many firms are competing in a complex andÂ challenging environment which is being transformed by many factors ranging from globalization, technologicalÂ development and increasingly rapid diffusion of technology, to the development and use of knowledge (Hitt, Keats, andÂ DeMarie, 1998).Â As such, the foundation of organizational competitiveness has shifted from an emphasis on physical and tangibleÂ resources to knowledge (Wong and Aspinwall, 2005) and managing knowledge-based resources has become the key forÂ sustaining competitive advantage (CA) and superior performance (Grant, 1996b; Grover and Davenport, 2001; Jackson,Â Hitt, and DeNisi, 2003; Sharkie, 2003; and Teece, Pisano, and Shuen, 1997). To deal with this enhancedÂ dynamism and uncertainty of the business environment, one of the current strategic philosophies assisting firms to develop strategic capabilities is the knowledge management. It helps the organizations to systematically acquire,Â create, share, and use knowledge so as to develop, renew, and exploit theirÂ knowledge-based resources, thereby allowing them to be proactive and adaptable to externalÂ changes and attain competitive success.Â
Review literature:- Under the light of the previous researches, some researchersÂ (Davenport and Prusak, 1998; (Zack, 1999) (Alavi & Leidner, 2001) noted that competitive advantage isÂ realized only when the organization's tracking methodsÂ and ways are efficient and distinctive and one of thoseÂ ways is through the knowledge management of the organizationÂ that have achieved competitive advantage not forÂ a specific period, but a long term.Â (Gupta & Mcdaniel, 2002) studied knowledge managementÂ and competitive advantage by examining theÂ vital link between the management of knowledge inÂ contemporary organizations and the development of aÂ sustainable competitive advantage. The used variablesÂ are conceptualized in terms of organizational effectiveness,Â efficiency, core competency, costs; knowledgeÂ acquirement, knowledge filtering, knowledge configuration,Â knowledge dissemination and knowledge application. (Goh, 2005) also identified that the field of knowledgeÂ management has emerged strongly as the next source ofÂ competitive advantage. (Ismail & Ong, 2008). Emphasized that firms canÂ achieve the sustainable competitive advantage by informationÂ technology facilities. He sees that even if a firmÂ owned the most sophisticated information technologyÂ facilities which are impossible for the competitors toÂ imitate or substitute, and for sure it is rare, but if there isÂ no knowledgeable personnel in the organization, or the knowledgeable personnel in the organization is not willingÂ to utilize these facilities, these facilities would not generateÂ any value to the organization. Obviously, to achieveÂ sustainable competitive advantage, knowledge, willingnessÂ to use operations and availability of facilities mustÂ co-exist.Â Hence, the question before the organizations is "how should theyÂ develop a knowledge management system to coordinateÂ people, technology and infra-structure to createÂ advantages competitiveness and sustainability inÂ business environments?
Knowledge:- Knowledge is a different term from data and information. Data is simply raw facts, measurements etc. Information is organized or processed data that is timely and accurate. Knowledge as defined by (Tiwana, 2000) is the actionable (relevant) information available in the right format, at the right time, and at the right place for decision making. For example, sales of a particular year will be simply data, if we process the sales data and find sales in the north region is more, it will be information. By applying our experience we can conclude that south region requires more marketing efforts than north, it is knowledge. Knowledge is a valuable source for the organization because it helps the organization in taking important decisions in the rapid changing business environment. Knowledge is dynamic in nature. This implies that today's knowledge may well become tomorrow's ignorance if an organization fails to update knowledge as environmental conditions change.
Definition of Knowledge Management:- Knowledge management is an emerging concept and has got many different definitions. The term knowledge management was first introduced in a 1986 in a European management conference. Alternative definitions have been proposed since that attempt to capture the complexities of knowledge management. The 20Â American Productivity and Quality Center defined knowledge management as "the strategies and processes of identifying, capturing and leveraging knowledge". (knapp, 1998) defined knowledge management as "the art of transforming information and intellectual assets into enduring value for an organization's clients and its people". Darroch also defined knowledge management as "the process that creates or locates knowledge and manages the sharing, dissemination, and use of knowledge within the organization". Â The traditional definitions of knowledge management focused only on the knowledge that is recognized and already articulated in some form. However, increasingly, knowledge management is also incorporating the managing of important tacit knowledge (Sabherwal Â & Becerra-Fernandez, 2003). Davenport and Prusak (1998) defined knowledge Â management as the management of a corporation's knowledge through a systematic and Â organizational specified process for acquiring, organizing, sustaining, applying, sharing, Â and renewing both tacit and explicit knowledge from employees to improve Â organizational performance and to create value. Â Wiig (1994) suggested that knowledge management in an organization must be Â considered from three perspectives, each with different scopes and purposes: (a) aÂ business perspective - focusing on why, where, and to what extent the organization must Â invest in or exploit knowledge, and which strategies, products and services, alliances, Â acquisitions, or divestments should be considered from a knowledge-related point of view; Â (b) a management perspective - focusing on determining, organizing, directing, and Â monitoring knowledge-related activities required to achieve the desired business strategies and objectives; and (c) a hands-on operational perspective - focusing on Â applying the professional skill to conduct explicit knowledge-related work and tasks. Â In fact, knowledge management is a principle that is aimed at satisfying and exceeding the customer's expectations (Keskin, 2005). Knowledge management is a relatively new business philosophy. The goal of knowledge management is to identify, capture, store, maintain, and deliver useful knowledge in a meaningful form to anyone who needs it, anyplace and anytime, within an organization. Knowledge management is about sharing and collaborating at the organizational level. Knowledge management has the potential to revolutionize the way we share expertise, make decisions, and conduct business.
History of knowledge management:- Knowledge management era started with the use of different programs which include on-the-job discussions, formal apprenticeship,Â discussion forums, corporate libraries, professional training and mentoring programs. The use of computers in the second half of 20th century brought a revolution in the knowledge management field. It resulted in the specificÂ adaptationsÂ of technologies such asÂ knowledge bases,Â expert systems,Â knowledge repositories,Â group decision support systems,Â intranets, andÂ computer-supported cooperative workÂ which developed the emerging knowledge management field to a large extent. In 1999, the termÂ personal knowledge managementÂ was introduced which refers to the management of knowledge at the individual level (Wright, 2005). In terms of the enterprise, early collections of case studies recognized the importance of knowledge management dimensions of strategy, process, and measurement (Morey, Maybury & Thuraisingham 2002. Recently with the use of theÂ Web 2.0, the concept of Knowledge Management has taken into consideration the participation of people andÂ emergence. This line of evolution is termedÂ Enterprise 2.0Â (McAfee 2006). However, there is an ongoing debate and discussions (Lakhani & McAfee 2007) as to whetherÂ Enterprise 2.0Â is just a fad that does not bring anything new or useful or whether it is, indeed, the future of knowledge management (Davenport T. , 2008)
Knowledge management cycle:- TheÂ knowledgeÂ managementÂ cycleÂ asÂ givenÂ byÂ 'Turban'Â involvesÂ sixÂ steps.Â ToÂ keepÂ theÂ knowledgeÂ managementÂ systemÂ effective,Â theÂ knowledgeÂ hasÂ toÂ beÂ updatedÂ withÂ time.Â TheÂ knowledgeÂ managementÂ cycleÂ worksÂ asÂ follows:- CreateÂ knowledge:Â Â knowledgeÂ creationÂ isÂ theÂ generationÂ ofÂ newÂ ideas,Â insightsÂ orÂ routin.Â ItÂ involvesÂ developingÂ newÂ waysÂ ofÂ doingÂ thingsÂ orÂ developsÂ knowhow.Â SometimesÂ newÂ knowledgeÂ isÂ broughtÂ inÂ orÂ sometimesÂ ownÂ knowledgeÂ isÂ improved. CaptureÂ knowledge:Â Â newÂ knowledgeÂ mustÂ beÂ identifiedÂ asÂ valuableÂ andÂ beÂ representedÂ inÂ aÂ reasonableÂ way. RefineÂ knowledge:Â Â newÂ knowledgeÂ mustÂ beÂ placedÂ inÂ contextÂ soÂ thatÂ itÂ isÂ reused.Â ThatÂ isÂ whereÂ humanÂ insightsÂ mustÂ beÂ capturedÂ alongÂ withÂ explicitÂ facts. StoreÂ knowledge usefulÂ knowledgeÂ mustÂ beÂ storedÂ inÂ knowledgeÂ repositoryÂ soÂ thatÂ others inÂ anÂ organizationÂ canÂ accessÂ it. ManageÂ knowledge:Â Â aÂ knowledgeÂ repositoryÂ mustÂ beÂ updatedÂ soÂ thatÂ itÂ holdsÂ theÂ currentÂ dataÂ thatÂ isÂ relevantÂ andÂ accurate. Create knowledge Capture knowledge Refine knowledge Store knowledge Manage knowledge Disseminate knowledge DisseminateÂ knowledge: knowledgeÂ mustÂ beÂ madeÂ availableÂ inÂ aÂ rightÂ formatÂ toÂ anyoneÂ inÂ theÂ organizationÂ whoÂ needsÂ it,Â anywhereÂ andÂ anytime. Â (turban, sharda, & delen)
BenefitsÂ ofÂ knowledgeÂ management:- WithinÂ theÂ usageÂ ofÂ KnowledgeÂ Management,Â theÂ companyÂ canÂ haveÂ followingÂ advantages:- InnovationÂ withÂ theÂ helpÂ ofÂ flowÂ ofÂ ideas:Â TheÂ knowledgeÂ managementÂ programsÂ canÂ allowÂ employeesÂ andÂ departmentsÂ toÂ seeÂ theÂ overall statusÂ ofÂ theÂ companyÂ aboutÂ aÂ specificÂ developmentÂ field.Â WithÂ theÂ helpÂ ofÂ thisÂ ability,Â newÂ ideasÂ andÂ innovativeÂ techniquesÂ canÂ beÂ emergedÂ withÂ respectÂ toÂ theÂ existingÂ knowledge. ImprovingÂ theÂ customerÂ satisfactionÂ byÂ reducingÂ theÂ responseÂ time: WithÂ theÂ helpÂ ofÂ theÂ KnowledgeÂ ManagementÂ usage,Â theÂ employeesÂ ofÂ theÂ companyÂ willÂ beÂ ableÂ toÂ findÂ theÂ opportunityÂ ofÂ appropriateÂ solutionsÂ toÂ customersÂ withÂ anÂ acceptableÂ responseÂ timeÂ becauseÂ KMÂ willÂ allowÂ themÂ toÂ findÂ theÂ necessaryÂ informationÂ aboutÂ theÂ demandÂ ofÂ theÂ customerÂ moreÂ relativelyÂ andÂ rapidly. IncreasingÂ theÂ revenues: WithÂ theÂ helpÂ ofÂ theÂ KM,Â theÂ necessaryÂ productÂ andÂ serviceÂ thatÂ theÂ companyÂ providesÂ willÂ beÂ locatedÂ inÂ theÂ market,Â withÂ theÂ helpÂ ofÂ theÂ rapidÂ interdepartmentalÂ communicationÂ toÂ useÂ theÂ rightÂ informationÂ atÂ theÂ rightÂ time. KeepingÂ employeeÂ dynamic:Â TheÂ employeesÂ areÂ importantÂ toÂ beÂ keptÂ "alive"Â duringÂ criticalÂ transactions.Â WithÂ theÂ helpÂ ofÂ KnowledgeÂ Management,Â theÂ informationÂ systemÂ thatÂ containsÂ theÂ functionsÂ ofÂ KMÂ canÂ recordÂ theÂ valueÂ ofÂ everyÂ employeeÂ andÂ allowsÂ managersÂ toÂ rewardÂ themÂ ifÂ theyÂ haveÂ criticalÂ additionsÂ toÂ theÂ businessÂ processÂ transactionsÂ ofÂ theÂ company. ProcessÂ reduction:Â WithÂ theÂ helpÂ ofÂ KM,Â theÂ costsÂ andÂ amountÂ operationsÂ canÂ beÂ reducedÂ byÂ eliminatingÂ theÂ redundancyÂ ofÂ processÂ phasesÂ andÂ unnecessaryÂ ones. SustainedÂ competitiveÂ advantage: Â KMÂ canÂ allowÂ companiesÂ toÂ increaseÂ theÂ importanceÂ ofÂ intellectualÂ propertiesÂ andÂ knowledge-basedÂ assetsÂ thatÂ canÂ beÂ costlyÂ toÂ imitateÂ nÂ theÂ marketÂ thatÂ theÂ companyÂ locatesÂ in.Â ThisÂ canÂ helpÂ theÂ companyÂ toÂ haveÂ aÂ competitiveÂ advantageÂ inÂ aÂ long-termÂ period. KnowledgeÂ managementÂ canÂ improveÂ theÂ totalÂ efficiency,Â productivityÂ andÂ revenuesÂ inÂ anyÂ businessÂ transactionÂ ifÂ itÂ canÂ beÂ usedÂ well.
CompetitiveÂ advantage:- Â AsÂ theÂ globalÂ competitionÂ becomesÂ increasinglyÂ fierce,Â howÂ toÂ achieveÂ competitiveÂ advantageÂ startsÂ obtainingÂ moreÂ attention. (Barney J. , 1991) notedÂ thatÂ whenÂ anÂ organizationÂ isÂ implementingÂ aÂ valueÂ creatingÂ strategyÂ notÂ simultaneouslyÂ beingÂ implementedÂ byÂ anyÂ currentÂ orÂ potentialÂ rivals,Â thenÂ theÂ organizationÂ hasÂ aÂ competitiveÂ advantage.Â AndÂ whenÂ otherÂ organizationsÂ areÂ unableÂ toÂ copyÂ theÂ benefitsÂ ofÂ thisÂ strategy,Â itÂ confirmsÂ thatÂ theÂ organizationÂ hasÂ aÂ sustainableÂ competitiveÂ advantage.Â InÂ 2008,Â BarneyÂ distinguishedÂ twoÂ typesÂ ofÂ competitiveÂ advantage:Â temporaryÂ andÂ sustainableÂ competitiveÂ advantage.Â AccordingÂ toÂ him,Â competitiveÂ advantageÂ typicallyÂ resultsÂ inÂ highÂ profits,Â butÂ theseÂ profitsÂ attractÂ competition,Â andÂ competitionÂ limitsÂ theÂ durationÂ ofÂ competitiveÂ advantageÂ inÂ mostÂ cases,Â therefore,Â mostÂ competitiveÂ advantageÂ isÂ temporary.Â OnÂ theÂ otherÂ hand,Â someÂ competitiveÂ advantagesÂ areÂ sustainableÂ ifÂ competitorsÂ areÂ unableÂ toÂ imitateÂ theÂ sourceÂ ofÂ advantageÂ orÂ ifÂ noÂ oneÂ conceivesÂ aÂ betterÂ offering.Â Furthermore,Â refers (Al-hawary & hani, 2009) toÂ competitiveÂ advantageÂ as,Â toÂ createÂ someÂ barriersÂ thatÂ makeÂ firm'sÂ performanceÂ imitationÂ difficult.Â ThatÂ is,Â sinceÂ theÂ competitiveÂ advantageÂ isÂ atÂ theÂ heartÂ ofÂ firm'sÂ performance,Â itÂ shouldÂ protectÂ itselfÂ fromÂ beingÂ despoiledÂ andÂ assimilateÂ newÂ sourcesÂ ofÂ technologies,Â skills,Â andÂ coreÂ competencies.
MichaelÂ porter'sÂ conceptÂ ofÂ competitiveÂ advantage:- AccordingÂ toÂ porter,Â whenÂ aÂ firm'sÂ profitsÂ areÂ moreÂ thanÂ theÂ industry,Â it'sÂ saidÂ toÂ haveÂ aÂ competitiveÂ advantage.Â MichaelÂ porterÂ identifiedÂ twoÂ typesÂ ofÂ competitiveÂ advantage:- costÂ advantage differentiationÂ advantage CostÂ advantageÂ isÂ enjoyedÂ byÂ theÂ firmÂ whenÂ itÂ producesÂ theÂ sameÂ productÂ asÂ itsÂ competitorsÂ butÂ atÂ aÂ lowerÂ cost.Â DifferentiationÂ advantageÂ resultsÂ whenÂ aÂ firmÂ deliversÂ benefitsÂ thatÂ exceedÂ thoseÂ ofÂ competingÂ products.Â ThusÂ aÂ competitiveÂ advantageÂ enablesÂ theÂ firmsÂ toÂ deliverÂ superiorÂ valueÂ toÂ customersÂ andÂ superiorÂ profitsÂ forÂ itself.
KnowledgeÂ managementÂ aÂ competitiveÂ advantage:-Â KnowledgeÂ managementÂ helpsÂ inÂ gainingÂ competitiveÂ advantageÂ inÂ theÂ followingÂ ways:- KnowledgeÂ managementÂ canÂ IncreaseÂ productivityÂ ofÂ anÂ organizationÂ byÂ applyingÂ effectiveÂ organizationalÂ knowledgeÂ management.Â ByÂ havingÂ yourÂ knowledgeÂ processesÂ inÂ aÂ structure,Â itÂ willÂ allowÂ thoseÂ withÂ theÂ necessaryÂ knowledgeÂ toÂ quicklyÂ shareÂ orÂ applyÂ itÂ andÂ youÂ canÂ reduceÂ wastefulÂ meetingsÂ andÂ inefficientÂ knowledgeÂ bottlenecks.Â ThisÂ willÂ helpÂ youÂ getÂ moreÂ workÂ hoursÂ fromÂ yourÂ employeesÂ andÂ createÂ aÂ costÂ advantage. TheÂ technologicalÂ solutionsÂ canÂ beÂ appliedÂ inÂ anÂ organizationÂ forÂ knowledgeÂ dispersalÂ withinÂ anÂ organization.Â ByÂ offeringÂ easier,Â moreÂ intuitiveÂ waysÂ forÂ yourÂ employeesÂ toÂ createÂ andÂ shareÂ knowledge,Â yourÂ companyÂ canÂ produceÂ moreÂ andÂ betterÂ knowledgeÂ thanÂ yourÂ competitors,Â thusÂ gainingÂ aÂ qualityÂ advantage. FosterÂ andÂ rewardÂ theÂ sharingÂ ofÂ knowledge.Â WhetherÂ creatingÂ master/apprenticeÂ relationshipsÂ orÂ monetarilyÂ rewardingÂ thoseÂ whoÂ shareÂ knowledgeÂ withinÂ yourÂ company,Â takeÂ stepsÂ toÂ ensureÂ thatÂ everyÂ employeeÂ isÂ tryingÂ toÂ shareÂ usefulÂ knowledge. It'sÂ theÂ knowledgeÂ managementÂ toolsÂ thatÂ helpÂ theÂ organizationÂ inÂ identifyingÂ theÂ unmetÂ needs.Â HavingÂ aÂ proactiveÂ approachÂ toÂ satisfyÂ thoseÂ needsÂ isÂ definitivelyÂ goingÂ toÂ provideÂ anÂ organizationÂ aÂ competitiveÂ advantage.Â GoodÂ knowledgeÂ managementÂ alsoÂ allowsÂ inÂ identifyingÂ theÂ nicheÂ marketsÂ andÂ byÂ addressingÂ theÂ needsÂ inÂ theseÂ nicheÂ marketsÂ isÂ going Â toÂ proveÂ oneÂ ofÂ theÂ attributeÂ ofÂ yourÂ organizationÂ success. AlmostÂ allÂ organizationsÂ areÂ usingÂ theÂ knowledgeÂ managementÂ toÂ remainÂ competitiveÂ inÂ market.Â TakingÂ theÂ exampleÂ ofÂ WallMart,Â theÂ world'sÂ largestÂ retailÂ corporationÂ ,Â itÂ viewsÂ theÂ knowledgeÂ managementÂ notÂ onlyÂ asÂ aÂ wayÂ ofÂ enhancingÂ profitabilityÂ andÂ financialÂ growthÂ butÂ alsoÂ asÂ aÂ wayÂ ofÂ remainingÂ competitiveÂ inÂ aÂ turbulentÂ worldÂ ofÂ businesses.Â ItÂ hasÂ investedÂ aÂ largeÂ amountÂ ofÂ moneyÂ inÂ buildingÂ aÂ strongÂ knowledgeÂ managementÂ system.Â ItÂ isÂ becauseÂ ofÂ theÂ effectiveÂ kmÂ systemÂ thatÂ itÂ hasÂ emergedÂ asÂ theÂ world'sÂ largestÂ corporation.Â WallMartÂ employsÂ differentÂ toolsÂ ofÂ knowledgeÂ managementÂ toÂ remainÂ competitiveÂ inÂ market.Â StartingÂ fromÂ theÂ simpleÂ toolsÂ ofÂ knowledgeÂ managementÂ likeÂ onthejobÂ discussions,Â formalÂ apprenticeship,Â discussionÂ forums,Â corporateÂ libraries,Â professionalÂ trainingÂ andÂ mentoringÂ programsÂ toÂ theÂ advancedÂ technologiesÂ likeÂ knowledgeÂ bases,Â expertÂ systems,Â knowledgeÂ repositories,Â groupÂ decisionÂ supportÂ systems,Â intranets,Â andÂ computersupportedÂ cooperativeÂ work,Â itÂ usesÂ eachÂ andÂ everyÂ technologyÂ ofÂ knowledgeÂ managementÂ toÂ haveÂ aÂ competitiveÂ edgeÂ inÂ theÂ market.Â TheÂ knowledgeÂ managementÂ helpedÂ theÂ WallMartÂ inÂ cuttingÂ operationalÂ costsÂ andÂ buildingÂ upÂ aÂ valueÂ forÂ itsÂ shareholders.Â TheÂ employeesÂ inÂ WallMartÂ areÂ veryÂ muchÂ satisfiedÂ withÂ theÂ knowledgeÂ managementÂ systemÂ functionalÂ inÂ almostÂ allÂ units.Â WithÂ theÂ toolsÂ ofÂ knowledgeÂ managementÂ theÂ bestÂ employeesÂ inÂ WallMartÂ areÂ chosenÂ andÂ accordinglyÂ rewardsÂ areÂ given.Â TheWallMartÂ storesÂ reliableÂ knowledgeÂ managementÂ skillsÂ haveÂ resultedÂ inÂ enhancedÂ efficiencyÂ inÂ serviceÂ deliveryÂ andÂ customerÂ careÂ asÂ wellÂ asÂ developmentÂ ofÂ greatÂ competition.Hence,Â anÂ effectiveÂ knowledgeÂ managementÂ systemÂ isÂ oneÂ ofÂ theÂ drivingÂ forcesÂ forÂ WallMartÂ forÂ itsÂ greatÂ success.Â TheÂ otherÂ examplesÂ thatÂ provedÂ thatÂ effectiveÂ knowledgeÂ managementÂ canÂ helpÂ achieveÂ organizationÂ goalsÂ andÂ helpÂ inÂ remainingÂ competitiveÂ inÂ marketÂ areÂ sportswearÂ giantsÂ AdidasÂ andÂ Nike. (KNOWLEDGE-MANAGEMENT-A-CASE-STUDY-OF-WALLMART)
Conclusion:- CompetitiveÂ advantageÂ isÂ atÂ theÂ heartÂ ofÂ aÂ firm'sÂ performanceÂ inÂ today'sÂ challengingÂ andÂ rapidlyÂ changingÂ environment.Â ToÂ secureÂ theÂ competitiveÂ advantage,Â firmsÂ shouldÂ beÂ ableÂ toÂ continuouslyÂ acquire,Â createÂ andÂ disseminateÂ knowledgeÂ acrossÂ variousÂ levelsÂ ofÂ theÂ organization.Â KnowledgeÂ isÂ centralÂ toÂ strategyÂ formulationÂ andÂ Implementation,Â knowledgeÂ managementÂ hasÂ becomeÂ aÂ keyÂ strategicÂ taskÂ facingÂ managersÂ forÂ achievingÂ successÂ inÂ today'sÂ complexÂ andÂ dynamicÂ environmentsÂ (MuthusamyandÂ Palanisamy,Â 2004).Â TheÂ shiftingÂ windsÂ ofÂ changeÂ inÂ today'sÂ businessÂ environment,Â whereÂ theÂ MarketÂ placeÂ isÂ increasinglyÂ competitiveÂ andÂ theÂ rateÂ ofÂ innovationÂ isÂ rising,Â haveÂ madeÂ EnterprisesÂ realizeÂ thatÂ knowledgeÂ isÂ theirÂ keyÂ asset.Â ItÂ isÂ pointedÂ outÂ thatÂ theÂ mostÂ valuableÂ AssetsÂ ofÂ theÂ 21stÂ CenturyÂ enterpriseÂ isÂ itsÂ knowledgeÂ andÂ knowledgeÂ workers(SunmanÂ andÂ Kruger,Â 2004).Â ItÂ isÂ arguedÂ thatÂ knowledgeÂ isÂ displacingÂ naturalÂ resources,Â capitalÂ andÂ laborÂ asÂ theÂ basicÂ EconomicÂ resourceÂ inÂ theÂ "newÂ economy.Â KnowledgeÂ mostlyÂ theÂ tacitÂ knowledgeÂ isÂ hardÂ toÂ imitateÂ soÂ effectivelyÂ managingÂ suchÂ typeÂ ofÂ knowledgeÂ inÂ anÂ organizationÂ isÂ definitelyÂ goingÂ toÂ leadÂ theÂ organizationÂ toÂ aÂ placeÂ whichÂ forÂ othersÂ willÂ beÂ difficultÂ toÂ achieve.Â KnowledgeÂ managementÂ helpsÂ usÂ inÂ identifyingÂ unmetÂ needsÂ inÂ theÂ market.Â HavingÂ aÂ proactiveÂ approachÂ toÂ satisfyÂ theseÂ needsÂ isÂ goingÂ toÂ placeÂ yourÂ organizationÂ aboveÂ allÂ inÂ theÂ turbulentÂ competitiveÂ businessÂ environment.Â So,Â everyÂ OrganizationÂ shouldÂ startÂ thinkingÂ ofÂ aÂ soundÂ knowledgeÂ management,Â becauseÂ inÂ aÂ knowledge-drivenÂ economyÂ it'sÂ theÂ onlyÂ sourceÂ ofÂ achievingÂ successÂ overÂ others.