Knowledge and Innovation Systems Essay Example | Topics and Well Written Essays - 3000 words

Knowledge and Innovation Systems - Essay Example The deliberations of the study seemed to concur with the view that KM does seem to have beneficial results in business especially in the areas of seeking new knowledge sure through training methods, group dynamics, use of advanced technology like intranet and centralising the knowledge asset resources like electronic archives and library sources. Studies does seem to concur that KM could increasingly be used for business needs and although in a restricted sense in today's world would definitely be very useful management tool in later years with gainful popularity and benefits through wider usage. In today's world where competition is key element, knowledge management has significant role to play in the success of an organisation. Knowledge management refers to use and mange the knowledge for accomplishing the objectives of organisation. Proper knowledge management is required for innovating new ideas and projects. Researches show that, the main reason for the failure of most of the projects of different organisation was the lack of proper knowledge management. The organizations are supposed to promote the habit of knowledge management as it can contribute much for new innovations. ... Knowledge management can help in the introduction of products and market expansion thereby helping the organisation to increase the revenue. Available data and information are the best of source of knowledge. Knowledge management plays key role in innovation. And also knowledge management is closely related to innovation. If the organizations failed in any area, it should be ready to accept the failure and treat the failure as the ways to success. Knowledge management helps failed organizations to make changes and be successful. Knowledge management and innovation can improve the overall performance of the organisation. The relationship between Knowledge and Innovation: Knowledge refers to what a person knows or understands about a particular subject. A person can improve his knowledge by reading and experience. The term innovation refers to introducing new ideas or thing keeping invention as a base. Before discussing the relationship between knowledge and innovation, it is important know the difference between innovation and invention. The word invention refers to finding or discovering a new idea or thing which nobody has discovered yet. Burt innovation refers to introducing something in a different way which has been invented by some others. In other words, innovation refers to bringing into existence or practically implementing the ideas of some others. For example Charles Babbage was the real idea behind the invention of computer. But he did not create a computer. It was designed or created later by some others. Without knowledge innovation is impossible. Because for innovation a foundation called knowledge is required. If anyone is analysing the background of any