Research and academic review related to the strategic importance of Essay

Research and academic review related to the strategic importance of knowledge and the different approaches organisations take to - Essay Example Knowledge and Information Knowledge generally refers to the practical use of information. On the other hand, information refers to the general data expresses by words, images, sounds and number. Information can be shared, stored or transported. On the other hand, knowledge does not have these characteristics. Global retail industry has been considered for the study in order to determine the importance of knowledge in the business process of several organizations within the industry. Only gathering information about advanced process or a new process cannot help an individual or an organization to get success through it. The organizations need to significant level of expertise and knowledge how to implement these applications or tools (Schnedlitz, Morschett and Rudolph, 2010, p.109). It is true that knowledge as opposed to information has become the competitive driver over recent years. Global retail industry has become highly competitive due to the presence of several leading organiza tions. Organizations like Tesco, Walmart, Morrison’s, Sainsbury and others are trying to implement significant strategies in the business process to ensure positive business growth. ... It is true that information about some business tools and strategies help the organizations to think about further strategy development process. But, knowledge about these tools and achieved information can help the organization to make effective decisions that will ensure organizational goal. Knowledge as key source of wealth Earlier, capital, land and labour were considered as the source of wealth and business profit. Now-a-days, knowledge is considered as source of wealth for several business organizations. The major challenge of the knowledge based economy is to ensure and foster innovation. Several leading organizations within the retail industry are trying to capitalize on the potential opportunities that have been created due to globalization and technological revolution (Varley, 2013, p.19). It is true that organizations can adopt and implement advanced technological process in business operation but, cannot get success without effective knowledge about the implementation pro cess. Several leading and popular retail chains around the globe are trying to implement advanced technology in each and every business function, such as manufacturing, logistics and supply chain, finance and human resource management. Competitive success is based on how strategically the organizations intellectually manage the capital. Effective knowledge management is considered as an important strategic instrument. The organizations within the retail industry are implementing differentiated technical instruments to enhance business process. It is true that implementation of advanced technology in logistics and supply chain management helps the leading retail chains to reduce business operation time and cost