New technolgy work and the economy Essay Example | Topics and Well Written Essays - 2000 words

New technolgy work and the economy - Essay Example It complements other organizational management indicatives in providing a focus on the sustenance of competitive advantage. Every company has its own unique knowledge management strategy. To understand how knowledge management affects work and the economy, it is important to understand what it is in all aspects (Christensen, 2003). There is no universal definition of knowledge management, but a few experts have tried to put to words what this kind of management entails. Knowledge management is the term used to refer to the â€Å"collection of processes that govern the creation, dissemination, and utilization of knowledge† (Newman, 2002). It can also be said to be the systematic process by which information is found, selected, organized, distilled and presented. This systematic process is carried out in a way that serves to improve the employees’ understanding of a particular area of interest. In other words knowledge management is a process that should be used to enhance the objectives and goals of the organization (Nonaka, 2002). Knowledge management allows an organization to achieve its goals and objectives. This means that knowledge management is an important factor that contributes to the organization’s long term success without putting too much strain on the existing resources. All the different definitions are similar in that they emphasize the importance of the organization as a whole in the process of knowledge management. Most of the definitions point out that knowledge emanates from individuals and that not a single one of them knows everything. It is therefore important to manage all this knowledge so that everyone on the organization can gain something from one another (Christensen, 2003). The aim of any organization is to ensure that it is as profitable as possible. Mnprofitability can be achieved through many ways, including proper knowledge management. Effective knowledge management makes it possible for a company to serve customers to