Knowledge is a resource called knowledge capital or intellectual capital in a company. It is the essential element that allows companies to operate in the market sector. The knowledge of the organization is within the human capital of the organization. Despite rapid global changes, knowledge addresses key issues that can lead to successful management within organizations and can be used as a lever to collectively bargain existing knowledge and create new ones.
Understanding customer needs and the business environment is a great information interface. If market research is carried out, market knowledge can be integrated to target customers specifically in developing new products/services and improving existing ones.
Having trained staff puts the business at a competitive advantage because it helps the business run more smoothly and efficiently. For example, learning about customer needs and feedback to develop products or services to ensure that their needs are met.
In addition, it is also necessary to monitor and report changes in the business world. Networking knowledge from professional associations and trade partners can provide an easy way to find out what competitors are doing and see the latest innovations in the market sector. Doing product research and development is a vital source of knowledge that can help maintain competitive advantage.
Furthermore, using knowledge more effectively can improve the goods/services offered. It can increase customer satisfaction. Market knowledge can result in a better awareness of what customers want and what staff require. Sharing knowledge or information can also improve staff productivity.
To manage the use of knowledge, it is necessary to create a culture in which knowledge is valued throughout the company in order to maintain competitive advantage and understand the characteristics of the target market.
Business knowledge can help entrepreneurs to assess and understand the needs of potential customers and develop products/services that meet customer satisfaction as potential customers show different behavior patterns and preferences such as brand loyalty and the like.
Through the acquisition of knowledge, enterprise supply chain management is visible everywhere and anywhere. Leads to faster growth and development. It also impacts competitive advantage and becomes strategically important to understand knowledge transfer in a more predetermined way. The sustainability of the organization depends to a large extent on the acquisition of knowledge through a continuous learning process.
Therefore, knowledge is vital for any organization because it enables entrepreneurs to make informed decisions, improve services, produce better marketing decisions, and increase profitability.
