The Role of Entrepreneurs in the Economies of Nations
Introduction Entrepreneurs have a critical role to play in shaping the futures of the economies of nations. By creating value through starting businesses and ventures, they ensure that the wealth of the nations increases. Similarly, by exporting goods and services, they ensure that the economies earn valuable foreign exchange that is vital for the countries […]
Role of Leadership in Knowing Employees
Employees are the backbone of an organization who play a crucial role in its success and failure. Employees need to feel comfortable at workplace and work should never be a mere source of burden for them. Employees ought to be valued if you want them to deliver their level best. They need to be appreciated […]
In House learning and Development Unit
The learning and development centers in an organization are not a small part of the bigger HR department, handled by people with generic skills, anymore. They have expanded and become important departments in their own rights, adding tangible values to the growth of the organization. Companies have long realized the need to manage and build […]
Industry Academia Collaborations Add Value to Corporates and Universities
The Need for Industry Academia Collaborations Industry and Academia cannot exist independently of each other. Just as the education system prepares students for their future careers, it also has to collaborate closely with industry to try to understand the needs of the industry so that they can prepare the students accordingly. If there is no […]
Relationship Building Strategies with Customers
As they say “Customers are Gods”. For long term growth and success, one really needs to build a great rapport with customers and also maintain healthy relationship with them. You really do not have to try too hard to build and maintain healthy relationship with clients. It just happens. Be honest with your clients. Never […]
Knowledge is power. This saying more than anything else captures the importance of knowledge in the contemporary digital economy and the knowledge economy. It is no longer enough to be the most strongest when the lubricant and catalyst of success is knowledge. This is the reason why organizations emphasize the fact that they need to build learning organizations where knowledge is shared and produced for mutual benefit. The reason for mentioning sharing of knowledge is that since knowledge is at a premium, many organizations find it difficult to make the employees who are the most knowledgeable to partake of their insights.
Closely tied to knowledge is the role of innovation in building a learning organization. As recent years have shown how once well established companies have fallen by the wayside to be replaced with those who are the most innovative, it is clear that unless an organization creates a culture of innovation and incubates and ideates the ideas, and it cannot hope to succeed in the present economy.
Indeed, as the success of Apple, Google, and Facebook shows, organizations that promote innovation and reward employees with breakthrough ideas are the ones that are the most capable of thriving now.
We have discussed knowledge and innovation. As mentioned briefly earlier, for organizations that strive to be industry leaders, it is imperative that they create an environment that encourages learning and free flow of ideas, information, and knowledge. Indeed, these terms are important as data is distinct from information which in turn is different from knowledge. Data is the basic unit here and only when organizations and individuals transform it into information would it be of any use.
Similarly, information must be transmitted, enhanced, and enriched by collaboration which would then make it knowledge. For all this to happen, there must be a working environment that supports such learning and hence, learning organizations are those that harness the power of ideas, transform them into innovations, produce inventions, and share the results throughout the organization so that others can learn and improve on their skills.
Apart from this, the present competitive landscape is such that organizations must leverage knowledge as a source of sustainable competitive advantage. In earlier decades, the Research and Development Department or the R&D Function used to take care of knowledge and idea generation.
In the present competitive landscape, such silo based approaches do not work as knowledge is too valuable to be left to one department or function. Of course, we are not downplaying the importance of a dedicated R&D unit. Rather our point here is that to succeed in the present times, there must be a symbiotic exchange of information and knowledge across the organization irrespective of who is generating it or who is taking the effort to leverage it.
Finally, the three elements of knowledge, innovation, and learning together should be interwoven into the organizational DNA so that it permeates through the organization and actualizes a deep and meaningful exchange of ideas, innovations, and inventions.
To conclude this article, think of how many times a day do you use Google to search for information. The fact that most of us cannot visualize a day without Google shows the power of knowledge in the contemporary landscape and indicates the extent to which knowledge has become the new currency of power.
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