The commonly employed strategy is to design and develop systems and practices to obtain, organize, restructure, warehouse or memorize and distribute knowledge. This strategy enables organizations to dramatically reduce cycle time and costs, increase sales and effectively bring the knowledge of the organization to bear on customer needs.
An approach, based on this strategy, results in improvement in operations or to develop and deliver products and services tailored to the market requirements. Building of teams, relationships and networks forms the basis for effective transfer, besides approaches of encouraging collaborative knowledge transfer.
Many organizations especially those in die service industry adopt a strategy with a strong focus on their customer. This customer-focused knowledge strategy is directed towards capturing, developing and transferring knowledge and understanding of customers’ diverse needs, preferences, and businesses. These efforts bring about a significant improvement in sales and use the collective knowledge of the organization to solve customer problems. This strategy recognizes and facilitates learning from customers and understand their needs better and development of effective solutions to take them.
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By establishing personal responsibility for knowledge, organizations are recognizing that individuals must be supported and made accountable for identifying, maintaining, and expanding their own knowledge as well as renewing and sharing their knowledge assets.
Companies are now realizing the value of each knowledgeable and capable employee and recognize the key fact that the development of their skills lay with employee themselves and not with the organization. Some firms are building incentives into their appraisal system and offering other motivators to encourage the development of a knowledge-intensive culture.
Another important strategy revolves around leveraging assets such as patents, technologies, operational and management practices, customer relations, organizational arrangements, and other structural knowledge assets and concentrates on renewing, organizing, valuing, safekeeping, increasing availability of, and marketing these assets.
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The final strategy, innovation and knowledge creation emphasizes the creation of new knowledge through basic and applied research and development. Organizations adopting these strategies need to ascend the knowledge spiral and continually discover new and better ways of functioning and innovating. They recognize that innovation is central to growth and that unique knowledge and expertise enhanced their comparative value in market price.