Developing and Sustaining Organizational Strategies
Knowledge management is crucial in developing and sustaining organizational strategies. Knowledge management involves the collection, analysis, classification, dissemination, and reuse of data to bolster business activities (Jones & Shideh, 2021). Organizations use knowledge management systems for various reasons. Some purposes of knowledge management are increasing revenues, expanding market shares, creating customer-specific products, targeting messaging and advertisements.
Many large corporate organizations have successfully installed knowledge management systems within their operations and gained a competitive advantage within their specialization areas (Hussain et al., 2021). On the contrary, Medium-Sized enterprises continue to experience challenges of installing knowledge management systems to gain a competitive advantage, meet their strategies, and stay at the top of the pyramid (Mazorodze & Buckley, 2021).
Knowledge management is fundamental to all organizations regardless of the product or industry. These organizations rely on the knowledge and expertise of their employees and stakeholders for them to be successful (Mazorodze & Buckley, 2021). Knowledge is an essential asset for organizations. Organizations need to incorporate processes that grow, store, and share the knowledge between stakeholders to increase effective use of knowledge and stakeholder efficiency.
According to Priya et al. (2019) an effective knowledge management system is dependent on employees and what they choose to share. Employees ensure a lasting benefit to the organization by implementing efficient knowledge management strategies. Knowledge management can present challenges to the business if the employees are not able to adequately apply knowledge management strategies. These challenges can be highlighted if the search mechanisms of knowledge management within the organization are not powerful and produce inaccurate results or the organization does not have up to date information (Priya et al., 2019).
Medium-Sized Enterprises encounter resource challenges as opposed to large organizations. These resource constraints hinder Medium-Sized Enterprises from implementing knowledge management strategies in their business operations. Limited finances, human resources, infrastructure, and time characterize resource constraints for Medium-Sized Enterprises (Schropfer et al., 2017).
This generally leads to knowledge loss and mismanagement of organizational information (Wei et al., 2017). These outcomes generate loopholes for Medium-Sized Enterprises and the inability to take advantage of information retention and analysis. Failure to implement organizational cultural norms that encourage knowledge management efficacy for Medium-Sized Enterprises minimizes their competitive advantage in the market.
This research topic is relevant because investment in knowledge management is an emergent business tactic that improves the competitive advantage of organizations in their respective industries (Rialti et al., 2020). This research will also help develop a detailed analysis of knowledge management, Medium-Sized Enterprises, and organizational culture.
This research will enhance scholar knowledge on the benefits of knowledge management in Medium-Sized Enterprises. Knowledge management allows organizational stakeholders to stimulate cultural changes and innovation which helps the organization to evolve to the dynamic business need in their market.
The study of knowledge management impact on Medium-Sized Enterprises is crucial because there is an increasing number of Medium-Sized Enterprises embracing knowledge management strategies in their business operations.
This study will provide information that can be used to assess the positive and negative impact of applying certain knowledge management strategies in Medium-Sized Enterprises. Additionally, scholars and researchers can utilize this study as a knowledge base for future research. This research is aimed at contributing to the field of business and organizational leadership that can be referenced by future scholars
There has been various research conducted on knowledge management. A study conducted on the impact of knowledge management in improving organizational effectiveness determined the link between organizational effectiveness and knowledge management and how competitive advantage is generated in the business world (Finn, 2013).
Ngulube (2019) maps the methodological issues that arise during knowledge management research. Researchers have conducted studies to determine the factors that influence knowledge management in practice. Existent research by previous researchers will help to create a balance between individual work and collaborative work from the scholar community.