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Learning From Failure: Knowledge and Innovation Management - Term Paper Example

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This paper "Learning From Failure: Knowledge and Innovation Management" will discuss various perspectives associated with knowledge and innovation management. The paper examines effective management practices that are commonly used in successful organizations…
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Learning From Failure: Knowledge and Innovation Management
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Download file to see previous pages Knowledge management entails, capturing, disseminating, developing, sharing, and using the organization knowledge. Managing knowledge in an organization is very critical in achieving the set goals and objectives. In addition, it improves the competitiveness of the business in the market. This plays a significant role in maintaining a constant flow of revenue. In addition, it motivates the employees to aim high, an aspect that is replicated in the overall performance of the business (Malhotra 2000).
Innovation management is the practice of managing the processes involved in innovation. Most organizations anticipate the future based on their experiences. When the past is suspended, and the future is envisioned, it becomes easy to recognize the forces of growth and change (Pauleen 2007). A holistic view of the anticipated future experiences has a better impact on innovation than placing emphasis on the past. It is crucial to develop a hypothesis for the future rather than predicting it. Breakthroughs rarely survive without a strong and working decision-making model. This model should differ from the model used in incremental innovation. It has become increasingly clear that old models rarely work (Dess 2012). Technology dependent decision-making systems have the weakness of failing to engage the vital stakeholders. Automation in decision making causes consensus to be hard to obtain. Therefore, a health decision-making system seldom works without a champion who can engage teams and make decisions to enhance mutual progress.
The products life cycle is drastically becoming smaller with time in comparison to the past. It is quite notable that in the technical evaluation of the products is moving at a high speed especially in the information technology industry.  ...Download file to see next pagesRead More
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