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Circulating the knowledge and information to the right person at the right time can be challenging for the business organizations.Therefore, the business organization requires an effective knowledge management strategy which can enable the company to create, apply and share the right kind of information and increase the usage of the valuable data.
The traditional workplace is diversifying in today’s scenario and getting more digitally connected with the external and internal work environments.
Knowledge, talents and skills are considered to be the greatest assets in the organization.
Moreover, the company needs o have a right culture and advanced tools and techniques to circulate the information to all levels of the company and enable it to gain strategic advantage. Knowledge management: an enduring but confusing fashion.
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The Techworld Australia is implementing knowledge management initiative in an effective manner to maintain its competitiveness in the Australian market.
Effective knowledge management includes vast and varied knowledge and resources in the company along with the use of sophisticated tools required to curate and communicate the flow of information in every level of the organization.The effective strategic for knowledge management in the organization involves breaking down the information and increase the value of the data (Kupczyk 2014) .They can sustain the objectives of the organization while implementing the right strategy along with the advancements of technologies and enable the company to keep up with the changing market and industry trends.Therefore, they will have to adopt various learning criterions for their employees so that they can enhance their lifelong learning (Zack, 2009).It is important for the modern businesses to focus on organization's intellectual capital.In the year 1998, Patrick Dixon in the book Future wise: six faces of global change, predicts that the organizations can cope up with the change only through advanced learning.Learning can be referred to as a phenomenon of acquiring or modifying existing knowledge, skills or value so that an individual can develop their personality with respect to that learning area (Holsapple, 2013).Intellectual capital determines the collective resources of the organization that helps them to achieve competitive advantage.Intellectual capital can include the knowledge and capital the organization have developed to make their goods and services (Dalkir, 2013).Knowledge management is highly important factor for the success of any busness organization.The business organizations that efficiently share the internal knowledge and information ensure a long term success in the organization.