How to Leverage Data and Knowledge to Fuel Competitive Advantage?

Executives know that discontinuity exists at all levels of product and services and they do not want to find themselves caught off guard and become obsolete. To remain competitive, executives realize that they have to quickly create and share new ideas and knowledge to be more responsive to market changes. Importantly, knowledge held by organizational members is the most strategic resource for competitive advantage, and also through the way it is managed by executives.

Executives can enhance knowledge accumulation which is associated with coaching and mentoring activities by sharing experiences gained by imitating, observing and practicing. Executives can, in fact, help followers add meaningfulness to their work in ways enhancing a shared understanding among members to enhance engagement.

In the integration process, organizational knowledge is articulated into formal language that represents official statements. Organizational knowledge is incorporated into formal language and subsequently becomes available to be shared within organizations.

Executives have their internet technology departments to create a combination which reshapes existing organizational knowledge to more systematic and complex forms by, for example, using internal databases. Organizing knowledge using databases and archives can make knowledge available throughout the organization—–organized knowledge can be disseminated and searched by others.

Most importantly, in knowledge integration, organizational knowledge is internalized through learning by doing which is more engaging. It is important to note that executives have found that shared mental models and technical know-how become valuable assets.

Organizational knowledge, which is reflected in moral and ethical standards and the degree of awareness about organizational visions and missions can in-turn be used in strategic decision making. Organizational knowledge can be, therefore, converted to create new knowledge that executives can view and implement immediately in managerial decision making.

Applying knowledge aimed at providing better decision-making and work related practices and creating new knowledge through innovation.

Finally, when executives agree to share knowledge with other organizations in the environment, studies have shown that that knowledge is often difficult to share externally.5&6 One reason is that other organizations have too much pride to accept knowledge or are apprehensive to expose themselves to the competition. Therefore, executives may lack the required capabilities to interact with other organizations.

Learning in organizations is the ultimate outcome of knowledge reconfiguration by which organizational knowledge is created and acquired by connecting knowledge with other companies that want to share successes and failures. This leads to converting acquired knowledge into organizational processes and activities to improve processes that contribute success.

Executives can now see that a company’s capability to manage organizational knowledge cycle is the most crucial factor in a sustainable competitive advantage. This core-competitive advantage relies within and among people.

Written by Mostafa Sayyadi. Have you read?
# Best (and worst) countries in the world for old people to live in, 2020
# Countries with the highest life expectancy in the world, 2020
# Most expensive countries in the world to live in, 2020
# Most Popular Places To Birdwatch In Each US State
# Best Countries For Investment In Ecommerce And Digital Sector, 2020