Theories of Management Module
Majority of business organizations around the globe are currently facing diverse challenges such stiff competition, changes in products, the short lifecycle of products, technological advancement and many more. It is now becoming very important for business organizations to have competitive advantages through promoting creativity and innovation, developing and investing in learning as well as proper management of knowledge. With the increasing globalization, it is thus difficult for most business organizations to maintain their profit margins as well as achieving other objectives. To overcome these challenges, most business organization have channeled their resources into innovation. This is because creativity and innovation are the most crucial sources of competitive advantages that enhance the sustainability of any business organization. Other factors that are considered include constant monitoring of the business environment, exploring new technologies as well as evaluating the general performance of the organization.
In achieving the objective of innovation with improved performance, most business organizations are channeling different resources, but the most valuable resource an organization can have is their employees (the human resource) and the implicit knowledge they have. Knowledge diversity is very crucial resources for any successful business organization. This is because in e…
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