The focus has intensified and the trend is set for corporations to enhance the efficiency in which they operate in the marketplace. Years ago, organizations seemed to concentrate more on the acquisition of innovative technologies to provide the means to streamline operations, communicate with customers and more effectively compete in the new information economy. There is no doubt that these new technologies are essential components to corporate infrastructures; however, recent strategic initiatives have turned from merely acquiring these technologies to using them more intelligently in order to achieve success. A major part of this focus entails the utilization of information technologies to help organizations better identify, develop, access and apply the skills and experiences of their employees to augment business processes and drive innovation. This is called knowledge management.
Firm-level productivity or efficiency has largely been attributed to technological capital within corporations; but, in reality, productivity comes from the strategic use of a combination of an organization's entire resource base which includes capital, IT capital, labor, etc. Knowledge management addresses this concept as it involves the incorporation of management policies including strategic decision making, technological implementations and firm- level cultural issues with the intent to identify, develop, communicate and utilize the skills and talents of the employee base within the firm. Organizations are increasingly realizing that one of the most important resources, perhaps the most important, is the people that make it tick. Each employee has a set of skills and talents that needs to be appropriately allocated within a firm's operations. Additionally, with proper training, guidance and collaboration, employee skills can be enhanced to better suit the continuously evolving corporate structure. How is this achieved? Well, it's not easy because it involves the management of complex resources (people).
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